Cantor Fitzgerald Weighs in on Cognex FY2024 Earnings

Cognex Co. (NASDAQ:CGNX) – Analysts at Cantor Fitzgerald issued their FY2024 earnings estimates for Cognex in a report released on Thursday, December 19th. Cantor Fitzgerald analyst T. Jensen anticipates that the scientific and technical instruments company will post earnings of $0.38 per share for the year. Cantor Fitzgerald currently has a “Overweight” rating and a $49.00 price target on the stock. The consensus estimate for Cognex’s current full-year earnings is $0.39 per share.

Other equities research analysts have also issued reports about the company. Needham & Company LLC reduced their price objective on Cognex from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Truist Financial dropped their price objective on shares of Cognex from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Thursday. Finally, Stephens upgraded Cognex from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $45.00 to $55.00 in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Cognex presently has a consensus rating of “Hold” and a consensus target price of $47.92.

Cognex Stock Down 0.8 %

NASDAQ:CGNX opened at $35.77 on Monday. The company’s 50 day moving average price is $39.51 and its 200-day moving average price is $41.71. Cognex has a 52 week low of $34.79 and a 52 week high of $53.13. The stock has a market cap of $6.14 billion, a price-to-earnings ratio of 68.79 and a beta of 1.39.

Cognex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Thursday, November 14th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, November 14th. This is an increase from Cognex’s previous quarterly dividend of $0.08. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.89%. Cognex’s dividend payout ratio is presently 61.54%.

Insider Activity

In other Cognex news, Director Anthony Sun sold 26,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $40.03, for a total transaction of $1,040,780.00. Following the sale, the director now owns 26,608 shares of the company’s stock, valued at approximately $1,065,118.24. The trade was a 49.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Joerg Kuechen sold 2,934 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $37.75, for a total transaction of $110,758.50. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Cognex

A number of large investors have recently made changes to their positions in CGNX. Tidal Investments LLC grew its stake in Cognex by 10.0% during the 3rd quarter. Tidal Investments LLC now owns 33,657 shares of the scientific and technical instruments company’s stock valued at $1,363,000 after purchasing an additional 3,068 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Cognex during the third quarter worth about $40,000. Sanctuary Advisors LLC purchased a new stake in Cognex in the third quarter valued at approximately $463,000. Virtu Financial LLC acquired a new position in Cognex in the 3rd quarter worth approximately $790,000. Finally, TCW Group Inc. raised its position in Cognex by 19.8% during the 3rd quarter. TCW Group Inc. now owns 583,150 shares of the scientific and technical instruments company’s stock worth $23,618,000 after buying an additional 96,330 shares during 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.