Bank of New York Mellon Corp Makes New Investment in Cognex Corporation $CGNX

Bank of New York Mellon Corp purchased a new stake in shares of Cognex Corporation (NASDAQ:CGNX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 1,786,081 shares of the scientific and technical instruments company's stock, valued at approximately $129,348,000. Bank of New York Mellon Corp owned about 1.07% of Cognex as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Intech Investment Management LLC raised its stake in shares of Cognex by 124.5% in the fourth quarter. Intech Investment Management LLC now owns 98,451 shares of the scientific and technical instruments company's stock valued at $3,542,000 after purchasing an additional 54,600 shares in the last quarter. One Capital Management LLC acquired a new stake in shares of Cognex during the 4th quarter valued at about $1,945,000. Handelsbanken Fonder AB boosted its position in shares of Cognex by 76.3% during the 4th quarter. Handelsbanken Fonder AB now owns 758,831 shares of the scientific and technical instruments company's stock valued at $27,303,000 after acquiring an additional 328,427 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Cognex by 11.1% during the 4th quarter. Legal & General Group Plc now owns 1,152,053 shares of the scientific and technical instruments company's stock valued at $41,451,000 after acquiring an additional 114,652 shares in the last quarter. Finally, M&T Bank Corp increased its stake in Cognex by 58.0% in the fourth quarter. M&T Bank Corp now owns 80,511 shares of the scientific and technical instruments company's stock valued at $2,897,000 after acquiring an additional 29,546 shares during the period. 88.12% of the stock is owned by institutional investors.

Cognex Stock Performance

Shares of CGNX opened at $60.54 on Monday. Cognex Corporation has a 12 month low of $34.60 and a 12 month high of $72.88. The firm has a fifty day simple moving average of $64.92 and a 200 day simple moving average of $58.89. The stock has a market capitalization of $10.18 billion, a price-to-earnings ratio of 58.78 and a beta of 1.49.

Cognex (NASDAQ:CGNX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The scientific and technical instruments company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.03. Cognex had a net margin of 16.05% and a return on equity of 13.50%. The firm had revenue of $291.26 million for the quarter, compared to analyst estimates of $292.10 million. During the same period in the previous year, the business earned $0.25 EPS. The company's revenue was up 16.9% compared to the same quarter last year. Cognex has set its FY 2026 guidance at 1.640-1.680 EPS and its Q3 2026 guidance at 0.500-0.540 EPS. As a group, research analysts predict that Cognex Corporation will post 1.68 earnings per share for the current fiscal year.

Cognex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 20th will be paid a $0.085 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $0.34 annualized dividend and a dividend yield of 0.6%. Cognex's dividend payout ratio (DPR) is currently 33.01%.

Insider Buying and Selling at Cognex

In other Cognex news, VP Darren Marc Long sold 20,252 shares of the company's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $66.34, for a total transaction of $1,343,517.68. Following the sale, the vice president directly owned 3,990 shares of the company's stock, valued at approximately $264,696.60. This represents a 83.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.70% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CGNX. Weiss Ratings raised Cognex from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. Truist Financial upped their target price on shares of Cognex from $71.00 to $78.00 and gave the stock a "hold" rating in a report on Friday, August 7th. Cantor Fitzgerald increased their target price on shares of Cognex from $76.00 to $84.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Robert W. Baird set a $72.00 target price on Cognex in a research note on Friday, May 8th. Finally, The Goldman Sachs Group reiterated a "buy" rating and issued a $91.00 target price on shares of Cognex in a report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $75.64.

About Cognex

Cognex Corporation is a leading provider of machine vision systems, software, sensors and industrial barcode readers used to automate manufacturing, logistics and distribution processes. The company designs and develops vision-based products that help manufacturers and logistics operators inspect, identify and guide parts, assemblies and packaged goods in real time. Its solutions are applied in a broad range of industries, including automotive, electronics, semiconductor, pharmaceutical, food and beverage, and general manufacturing.

The company's product portfolio includes stand-alone vision systems, vision sensors and deep learning-based software platforms that enable automated inspection, quality control and traceability.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source