Sumitomo Mitsui Trust Group Inc. Lowers Stock Position in Cognex Corporation (NASDAQ:CGNX)

Sumitomo Mitsui Trust Group Inc. cut its position in Cognex Corporation (NASDAQ:CGNX - Free Report) by 1.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,404,758 shares of the scientific and technical instruments company's stock after selling 23,593 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.83% of Cognex worth $41,904,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SBI Securities Co. Ltd. acquired a new position in Cognex during the 4th quarter worth approximately $29,000. Farther Finance Advisors LLC increased its position 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 in the last quarter. SRS Capital Advisors Inc. grew its holdings in Cognex by 50.0% during the 4th quarter. SRS Capital Advisors Inc. now owns 885 shares of the scientific and technical instruments company's stock worth $32,000 after acquiring an additional 295 shares during the last quarter. GAMMA Investing LLC grew its holdings in Cognex by 155.3% during the 1st quarter. GAMMA Investing LLC now owns 1,062 shares of the scientific and technical instruments company's stock worth $32,000 after acquiring an additional 646 shares during the last quarter. Finally, CBIZ Investment Advisory Services LLC grew its holdings in Cognex by 129.9% during 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 acquiring an additional 569 shares during the last quarter. 88.12% of the stock is currently owned by institutional investors and hedge funds.

Cognex Stock Down 0.9%

CGNX traded down $0.28 during trading on Friday, hitting $32.50. 1,385,894 shares of the company's stock were exchanged, compared to its average volume of 1,637,251. The business's 50 day moving average is $30.23 and its two-hundred day moving average is $32.11. Cognex Corporation has a fifty-two week low of $22.67 and a fifty-two week high of $53.13. The stock has a market cap of $5.46 billion, a P/E ratio of 47.79 and a beta of 1.47.

Cognex Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.32 annualized dividend and a yield of 0.98%. Cognex's payout ratio is 47.06%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CGNX. UBS Group reduced their target price on shares of Cognex from $56.00 to $53.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Truist Financial reduced their target price on shares of Cognex from $37.00 to $29.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Robert W. Baird boosted their target price on shares of Cognex from $30.00 to $32.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Cowen raised shares of Cognex from a "hold" rating to a "buy" rating in a report on Monday, April 28th. Finally, DA Davidson reissued a "neutral" rating and set a $32.00 target price on shares of Cognex in a report on Monday, June 16th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price 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.