Cognex (NASDAQ:CGNX) Reaches New 52-Week Low - Here's What Happened

Cognex Co. (NASDAQ:CGNX - Get Free Report)'s stock price hit a new 52-week low on Wednesday . The stock traded as low as $31.06 and last traded at $31.20, with a volume of 1196639 shares changing hands. The stock had previously closed at $32.17.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Citigroup decreased their target price on shares of Cognex from $44.00 to $42.00 and set a "neutral" rating for the company in a research report on Monday, January 13th. Robert W. Baird lowered their target price on Cognex from $42.00 to $38.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 18th. Stephens reiterated an "overweight" rating and set a $55.00 price target on shares of Cognex in a research report on Wednesday. Cantor Fitzgerald upgraded shares of Cognex to a "strong-buy" rating in a research note on Friday, December 20th. Finally, The Goldman Sachs Group reduced their price objective on shares of Cognex from $39.00 to $35.00 and set a "sell" rating for the company in a report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $44.83.

Cognex Price Performance

The stock has a market capitalization of $5.35 billion, a P/E ratio of 51.66 and a beta of 1.43. The stock's fifty day moving average is $36.18 and its two-hundred day moving average is $38.04.

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Cognex (NASDAQ:CGNX - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The scientific and technical instruments company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). Cognex had a return on equity of 5.65% and a net margin of 11.61%. Analysts expect that Cognex Co. will post 0.61 EPS for the current year.

Cognex Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Thursday, February 27th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.02%. The ex-dividend date was Thursday, February 27th. Cognex's payout ratio is 52.46%.

Insider Activity

In other news, EVP Carl Gerst sold 6,803 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $32.73, for a total value of $222,662.19. Following the completion of the sale, the executive vice president now owns 4,566 shares in the company, valued at $149,445.18. This represents a 59.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cognex

Hedge funds have recently bought and sold shares of the business. Advisors Asset Management Inc. increased its holdings in shares of Cognex by 123.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 714 shares of the scientific and technical instruments company's stock valued at $29,000 after purchasing an additional 394 shares during the period. SBI Securities Co. Ltd. acquired a new position in Cognex in the 4th quarter valued at approximately $29,000. SRS Capital Advisors Inc. lifted its position in Cognex by 50.0% in the 4th quarter. SRS Capital Advisors Inc. now owns 885 shares of the scientific and technical instruments company's stock worth $32,000 after buying an additional 295 shares in the last quarter. Truvestments Capital LLC acquired a new stake in shares of Cognex during the 3rd quarter valued at $36,000. Finally, CBIZ Investment Advisory Services LLC grew its holdings in shares of Cognex by 129.9% during the 4th quarter. CBIZ Investment Advisory Services LLC now owns 1,007 shares of the scientific and technical instruments company's stock valued at $36,000 after acquiring an additional 569 shares in the last quarter. 88.12% of the stock is owned by hedge funds and other institutional investors.

About Cognex

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.