Cognex (NASDAQ:CGNX) Downgraded by HSBC to “Hold”

HSBC lowered shares of Cognex (NASDAQ:CGNX) from a buy rating to a hold rating in a report issued on Friday morning, Marketbeat reports. The brokerage currently has $33.00 price target on the scientific and technical instruments company’s stock.

Several other brokerages also recently issued reports on CGNX. Citigroup reduced their price target on shares of Cognex from $44.00 to $42.00 and set a “neutral” rating on the stock in a report on Monday, January 13th. UBS Group reduced their price objective on shares of Cognex from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Tuesday. Cantor Fitzgerald raised shares of Cognex to a “strong-buy” rating in a research note on Friday, December 20th. Robert W. Baird reduced their price objective on shares of Cognex from $42.00 to $38.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Truist Financial reissued a “hold” rating and set a $37.00 price objective (down previously from $43.00) on shares of Cognex in a research note on Friday, February 14th. One analyst has rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $44.83.

Cognex Price Performance

Shares of NASDAQ CGNX opened at $32.80 on Friday. Cognex has a 12-month low of $32.35 and a 12-month high of $53.13. The company has a market capitalization of $5.57 billion, a PE ratio of 53.77 and a beta of 1.40. The firm’s 50-day moving average is $37.35 and its two-hundred day moving average is $38.74.

Cognex (NASDAQ:CGNX) last announced its quarterly earnings results on Wednesday, February 12th. The scientific and technical instruments company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.01). Cognex had a net margin of 11.61% and a return on equity of 5.65%. On average, analysts forecast that Cognex will post 0.62 EPS for the current fiscal year.

Cognex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Thursday, February 27th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.98%. The ex-dividend date is Thursday, February 27th. Cognex’s payout ratio is currently 52.46%.

Insider Transactions at Cognex

In related news, CTO Joerg Kuechen sold 2,934 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $37.75, for a total transaction of $110,758.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Cognex

A number of large investors have recently added to or reduced their stakes in CGNX. Raymond James Financial Inc. acquired a new stake in Cognex during the 4th quarter valued at $79,797,000. Point72 Asset Management L.P. boosted its stake in Cognex by 122.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,834,755 shares of the scientific and technical instruments company’s stock valued at $114,808,000 after acquiring an additional 1,562,115 shares during the last quarter. Norges Bank bought a new position in Cognex during the 4th quarter valued at $46,299,000. William Blair Investment Management LLC boosted its stake in Cognex by 27.3% during the 4th quarter. William Blair Investment Management LLC now owns 5,840,117 shares of the scientific and technical instruments company’s stock valued at $209,427,000 after acquiring an additional 1,253,996 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in Cognex by 903.9% during the 4th quarter. Marshall Wace LLP now owns 731,232 shares of the scientific and technical instruments company’s stock valued at $26,222,000 after acquiring an additional 658,394 shares during the last quarter. 88.12% of the stock is owned by institutional investors and hedge funds.

Cognex Company Profile

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.