Mackenzie Financial Corp Increases Stock Position in Cognex Co. (NASDAQ:CGNX)

Mackenzie Financial Corp grew its holdings in Cognex Co. (NASDAQ:CGNX - Free Report) by 9.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,038,345 shares of the scientific and technical instruments company's stock after purchasing an additional 177,324 shares during the period. Mackenzie Financial Corp owned approximately 1.20% of Cognex worth $73,095,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Raymond James Financial Inc. acquired a new stake in shares of Cognex in the fourth quarter valued at about $79,797,000. Norges Bank bought a new position in shares of Cognex in the fourth quarter valued at approximately $46,299,000. William Blair Investment Management LLC raised its stake in shares of Cognex by 27.3% in the fourth quarter. William Blair Investment Management LLC now owns 5,840,117 shares of the scientific and technical instruments company's stock valued at $209,427,000 after acquiring an additional 1,253,996 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Cognex by 903.9% in the fourth quarter. Marshall Wace LLP now owns 731,232 shares of the scientific and technical instruments company's stock valued at $26,222,000 after acquiring an additional 658,394 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of Cognex by 464.6% in the fourth quarter. Millennium Management LLC now owns 782,576 shares of the scientific and technical instruments company's stock valued at $28,063,000 after acquiring an additional 643,959 shares during the last quarter. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

Cognex Stock Down 2.6%

CGNX traded down $0.80 during midday trading on Friday, hitting $29.92. The company had a trading volume of 245,773 shares, compared to its average volume of 1,572,540. Cognex Co. has a 52 week low of $22.67 and a 52 week high of $53.13. The company has a market capitalization of $5.02 billion, a price-to-earnings ratio of 49.01 and a beta of 1.45. The stock's 50 day moving average price is $27.82 and its 200 day moving average price is $33.64.

Cognex Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date of this dividend was Thursday, May 15th. Cognex's payout ratio is 47.06%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CGNX. Needham & Company LLC dropped their price objective on shares of Cognex from $41.00 to $33.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Stephens restated an "overweight" rating and issued a $55.00 price objective on shares of Cognex in a research report on Wednesday, March 12th. The Goldman Sachs Group dropped their price objective on shares of Cognex from $33.00 to $29.00 and set a "sell" rating for the company in a research report on Tuesday, May 6th. Cowen upgraded shares of Cognex from a "hold" rating to a "buy" rating in a research report on Monday, April 28th. Finally, TD Cowen upgraded shares of Cognex from a "hold" rating to a "buy" rating and set a $35.00 price objective for the company in a research report on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $39.17.

Cognex Company Profile

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.