Cognex (NASDAQ:CGNX) Cut to Market Perform at Cowen

Cowen downgraded shares of Cognex (NASDAQ:CGNXGet Rating) from an outperform rating to a market perform rating in a research report released on Tuesday, The Fly reports. Cowen currently has $50.00 price objective on the scientific and technical instruments company’s stock, down from their prior price objective of $55.00.

A number of other analysts have also weighed in on CGNX. Cowen reduced their price objective on shares of Cognex from $75.00 to $55.00 and set an outperform rating for the company in a research note on Wednesday, August 3rd. JPMorgan Chase & Co. downgraded shares of Cognex from a neutral rating to an underweight rating and set a $40.00 price target on the stock. in a report on Friday, August 12th. StockNews.com initiated coverage on shares of Cognex in a report on Wednesday, October 12th. They set a hold rating on the stock. Raymond James dropped their price target on shares of Cognex from $75.00 to $65.00 in a report on Sunday, November 6th. Finally, Needham & Company LLC raised their price target on shares of Cognex from $52.00 to $54.00 and gave the company a buy rating in a report on Friday, November 4th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $52.92.

Cognex Stock Performance

NASDAQ:CGNX opened at $49.17 on Tuesday. The firm has a market cap of $8.50 billion, a P/E ratio of 40.64 and a beta of 1.59. Cognex has a fifty-two week low of $40.21 and a fifty-two week high of $80.30. The firm has a 50-day simple moving average of $45.09 and a two-hundred day simple moving average of $45.65.

Cognex Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Friday, November 18th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, November 17th. This represents a $0.28 annualized dividend and a yield of 0.57%. This is an increase from Cognex’s previous quarterly dividend of $0.07. Cognex’s payout ratio is currently 23.14%.

Hedge Funds Weigh In On Cognex

Several large investors have recently added to or reduced their stakes in CGNX. Tobam purchased a new position in Cognex during the second quarter valued at approximately $30,000. Pinnacle Financial Partners Inc. purchased a new position in Cognex during the third quarter valued at approximately $48,000. Wipfli Financial Advisors LLC purchased a new position in Cognex during the third quarter valued at approximately $48,000. Meeder Asset Management Inc. purchased a new position in Cognex during the first quarter valued at approximately $51,000. Finally, Quadrant Capital Group LLC lifted its holdings in Cognex by 136.4% during the third quarter. Quadrant Capital Group LLC now owns 1,248 shares of the scientific and technical instruments company’s stock valued at $52,000 after purchasing an additional 720 shares in the last quarter. Hedge funds and other institutional investors own 90.15% of the company’s stock.

Cognex Company Profile

(Get Rating)

Cognex Corporation provides machine vision products that capture and analyze visual information in order 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, aspirin bottles, and automobile tires by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.

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