Assenagon Asset Management S.A. Buys Shares of 57,058 Cognex Co. (NASDAQ:CGNX)

Posted by Defense World Staff on Jul 6th, 2023

Assenagon Asset Management S.A. bought a new stake in Cognex Co. (NASDAQ:CGNX – Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 57,058 shares of the scientific and technical instruments company’s stock, valued at approximately $2,827,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. First Horizon Advisors Inc. raised its position in Cognex by 9.7% in the fourth quarter. First Horizon Advisors Inc. now owns 2,144 shares of the scientific and technical instruments company’s stock valued at $101,000 after purchasing an additional 189 shares during the period. BI Asset Management Fondsmaeglerselskab A S raised its position in Cognex by 4.2% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 4,681 shares of the scientific and technical instruments company’s stock valued at $221,000 after purchasing an additional 189 shares during the period. Utah Retirement Systems raised its position in Cognex by 0.7% in the third quarter. Utah Retirement Systems now owns 30,695 shares of the scientific and technical instruments company’s stock valued at $1,272,000 after purchasing an additional 200 shares during the period. Louisiana State Employees Retirement System raised its position in Cognex by 0.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 46,300 shares of the scientific and technical instruments company’s stock valued at $2,181,000 after purchasing an additional 200 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Cognex by 0.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,321 shares of the scientific and technical instruments company’s stock valued at $1,617,000 after purchasing an additional 201 shares during the period. Hedge funds and other institutional investors own 89.97% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on CGNX. StockNews.com began coverage on Cognex in a report on Thursday, May 18th. They issued a “hold” rating on the stock. TheStreet downgraded Cognex from a “b-” rating to a “c” rating in a report on Friday, May 5th. CL King began coverage on Cognex in a report on Friday, June 23rd. They issued a “neutral” rating on the stock. Finally, UBS Group boosted their price objective on Cognex from $48.00 to $52.00 in a report on Friday, May 5th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $51.00.

Cognex Stock Performance

CGNX opened at $55.05 on Thursday. Cognex Co. has a one year low of $40.21 and a one year high of $58.12. The company has a market cap of $9.50 billion, a P/E ratio of 55.05 and a beta of 1.57. The business’s 50-day simple moving average is $53.22 and its 200-day simple moving average is $50.98.

Cognex (NASDAQ:CGNX – Free Report) last released its quarterly earnings data on Thursday, May 4th. The scientific and technical instruments company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.03. Cognex had a return on equity of 11.59% and a net margin of 18.79%. The business had revenue of $201.12 million for the quarter, compared to the consensus estimate of $193.40 million. As a group, analysts predict that Cognex Co. will post 0.68 earnings per share for the current fiscal year.

Cognex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 2nd. Stockholders of record on Friday, May 19th were issued a $0.07 dividend. The ex-dividend date was Thursday, May 18th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.51%. Cognex’s payout ratio is currently 28.00%.

Cognex Company Profile

(Free Report)

Cognex Corporation provides machine vision products that capture and analyze visual information to automate manufacturing and distribution tasks worldwide. Its machine vision products are used to automate the manufacturing and tracking of discrete items, including mobile phones, electric vehicle batteries, and e-commerce packages by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.