United Services Automobile Association bought a new stake in shares of Cognex Corporation (NASDAQ:CGNX) during the first quarter, according to its most recent filing with the SEC. The firm bought 4,500 shares of the scientific and technical instruments company’s stock, valued at approximately $378,000.
Several other institutional investors have also made changes to their positions in CGNX. FMR LLC boosted its stake in Cognex Corporation by 417.7% in the fourth quarter. FMR LLC now owns 834,805 shares of the scientific and technical instruments company’s stock valued at $53,110,000 after buying an additional 673,566 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Cognex Corporation during the fourth quarter worth about $218,000. First Republic Investment Management Inc. boosted its stake in Cognex Corporation by 19.9% in the fourth quarter. First Republic Investment Management Inc. now owns 6,451 shares of the scientific and technical instruments company’s stock worth $410,000 after buying an additional 1,070 shares during the period. Janus Capital Management LLC boosted its stake in Cognex Corporation by 28.0% in the fourth quarter. Janus Capital Management LLC now owns 66,700 shares of the scientific and technical instruments company’s stock worth $4,243,000 after buying an additional 14,600 shares during the period. Finally, AQR Capital Management LLC acquired a new stake in Cognex Corporation during the fourth quarter worth about $1,282,000. 88.29% of the stock is currently owned by institutional investors.
Shares of Cognex Corporation (CGNX) traded down 0.20% during mid-day trading on Friday, hitting $94.80. The stock had a trading volume of 619,044 shares. The stock’s 50-day moving average is $90.48 and its 200-day moving average is $82.95. The firm has a market capitalization of $8.21 billion, a PE ratio of 46.13 and a beta of 1.41. Cognex Corporation has a 1-year low of $44.92 and a 1-year high of $97.99.
Cognex Corporation announced that its board has authorized a stock repurchase program on Monday, May 1st that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the scientific and technical instruments company to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
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A number of equities analysts have recently commented on the stock. Zacks Investment Research lowered shares of Cognex Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 17th. Wolfe Research assumed coverage on shares of Cognex Corporation in a research report on Tuesday, July 11th. They set a “peer perform” rating on the stock. Canaccord Genuity reaffirmed a “hold” rating and set a $80.00 target price (up previously from $65.00) on shares of Cognex Corporation in a research report on Wednesday, May 3rd. Cowen and Company reaffirmed a “buy” rating and set a $100.00 target price on shares of Cognex Corporation in a research report on Tuesday, July 11th. Finally, Goldman Sachs Group, Inc. (The) assumed coverage on shares of Cognex Corporation in a report on Monday, April 3rd. They issued a “buy” rating on the stock. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $73.22.
In other Cognex Corporation news, Director Theodor Krantz sold 7,500 shares of the company’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $96.09, for a total value of $720,675.00. Following the transaction, the director now directly owns 26,250 shares in the company, valued at approximately $2,522,362.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert Willett sold 55,919 shares of the company’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $91.73, for a total value of $5,129,449.87. Following the completion of the transaction, the chief executive officer now owns 55,919 shares in the company, valued at $5,129,449.87. The disclosure for this sale can be found here. Insiders have sold a total of 107,500 shares of company stock worth $9,808,143 in the last three months. 5.60% of the stock is currently owned by insiders.
About Cognex Corporation
Cognex Corporation (Cognex) is a provider of machine vision products that capture and analyze visual information in order to automate tasks, primarily in manufacturing processes, where vision is required. The Company operates through the machine vision technology segment. The Company’s machine vision products are used to automate the manufacture and tracking of discrete items, such as mobile phones, aspirin bottles and automobile tires, by locating, identifying, inspecting and measuring them during the manufacturing or distribution process.
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