Cognex Corporation (NASDAQ:CGNX) Shares Sold by M&T Bank Corp

M&T Bank Corp reduced its stake in shares of Cognex Corporation (NASDAQ:CGNX - Free Report) by 50.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 37,878 shares of the scientific and technical instruments company's stock after selling 38,723 shares during the quarter. M&T Bank Corp's holdings in Cognex were worth $1,130,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Farther Finance Advisors LLC increased its holdings in Cognex by 439.4% during the 1st quarter. Farther Finance Advisors LLC now owns 971 shares of the scientific and technical instruments company's stock worth $29,000 after purchasing an additional 791 shares during the last quarter. CBIZ Investment Advisory Services LLC increased its position in shares of Cognex by 129.9% in the 4th quarter. CBIZ Investment Advisory Services LLC now owns 1,007 shares of the scientific and technical instruments company's stock worth $36,000 after purchasing an additional 569 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Cognex by 155.3% in the 1st quarter. GAMMA Investing LLC now owns 1,062 shares of the scientific and technical instruments company's stock worth $32,000 after purchasing an additional 646 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Cognex by 105.5% in the 1st quarter. UMB Bank n.a. now owns 1,280 shares of the scientific and technical instruments company's stock valued at $38,000 after purchasing an additional 657 shares in the last quarter. Finally, Global X Japan Co. Ltd. bought a new position in shares of Cognex during the first quarter worth about $38,000. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

Cognex Stock Up 1.5%

NASDAQ CGNX traded up $0.49 on Thursday, hitting $33.81. The stock had a trading volume of 1,090,331 shares, compared to its average volume of 1,656,006. The company's 50-day moving average is $31.26 and its two-hundred day moving average is $31.97. Cognex Corporation has a one year low of $22.67 and a one year high of $51.78. The stock has a market cap of $5.68 billion, a price-to-earnings ratio of 49.72 and a beta of 1.47.

Cognex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th were given a dividend of $0.08 per share. The ex-dividend date was Thursday, May 15th. This represents a $0.32 dividend on an annualized basis and a yield of 0.95%. Cognex's dividend payout ratio (DPR) is presently 47.06%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CGNX shares. Robert W. Baird boosted their price objective on Cognex from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Monday, June 16th. Truist Financial lowered their price target on Cognex from $37.00 to $29.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. Citigroup restated a "neutral" rating and set a $37.00 price objective (up from $30.00) on shares of Cognex in a research note on Monday. The Goldman Sachs Group boosted their target price on shares of Cognex from $29.00 to $32.00 and gave the company a "sell" rating in a research note on Thursday, June 12th. Finally, Cowen raised shares of Cognex from a "hold" rating to a "buy" rating in a report on Monday, April 28th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $41.62.

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.