Cognex (NASDAQ:CGNX) Lifted to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Cognex (NASDAQ:CGNXGet Rating) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday morning, Zacks.com reports. They currently have $83.00 target price on the scientific and technical instruments company’s stock.

According to Zacks, “Cognex Corporation designs, develops, manufactures, and markets machine vision systems, or computers that can see. Cognex is the world’s leader in the machine vision industry, having shipped more than 200,000 vision systems, representing nearly $1.5 billion in cumulative revenue, since the company’s founding time. Cognex’s Modular Vision Systems Division, headquartered in Natick, Massachusetts, specializes in machine vision systems that are used for automating the manufacture of a wide range of discrete items and for assuring their quality. Cognex’s Surface Inspection Systems Division, headquartered in Alameda, California, specializes in machine vision systems that are used for inspecting the surfaces of products manufactured in a continuous fashion, such as metals, papers and plastics. “

Other equities research analysts have also issued research reports about the stock. Cowen cut their price target on shares of Cognex from $100.00 to $95.00 in a report on Friday, January 14th. TheStreet lowered shares of Cognex from a b rating to a c+ rating in a report on Tuesday, February 22nd. The Goldman Sachs Group lowered their target price on shares of Cognex from $77.00 to $67.00 and set a sell rating on the stock in a research note on Monday, March 7th. JPMorgan Chase & Co. raised shares of Cognex from an underweight rating to a neutral rating and lowered their target price for the stock from $80.00 to $68.00 in a research note on Friday, February 18th. Finally, Daiwa Capital Markets raised shares of Cognex from a neutral rating to a buy rating and lowered their target price for the stock from $81.00 to $75.00 in a research note on Tuesday, January 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of Buy and an average price target of $84.50.

NASDAQ:CGNX opened at $69.18 on Wednesday. The firm has a market cap of $12.03 billion, a price-to-earnings ratio of 44.35 and a beta of 1.65. The company has a 50 day moving average price of $70.21 and a 200-day moving average price of $74.33. Cognex has a 1-year low of $61.51 and a 1-year high of $92.17.

Cognex (NASDAQ:CGNXGet Rating) last issued its quarterly earnings results on Thursday, February 17th. The scientific and technical instruments company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.18 by $0.12. The company had revenue of $244.07 million during the quarter, compared to analyst estimates of $224.48 million. Cognex had a net margin of 26.99% and a return on equity of 19.22%. During the same quarter in the previous year, the firm earned $0.39 EPS. As a group, equities research analysts forecast that Cognex will post 1.53 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, March 18th. Stockholders of record on Friday, March 4th were given a dividend of $0.065 per share. The ex-dividend date was Thursday, March 3rd. This represents a $0.26 annualized dividend and a dividend yield of 0.38%. Cognex’s payout ratio is 16.67%.

Hedge funds have recently made changes to their positions in the company. Spire Wealth Management boosted its position in shares of Cognex by 81.0% during the 4th quarter. Spire Wealth Management now owns 333 shares of the scientific and technical instruments company’s stock valued at $26,000 after acquiring an additional 149 shares during the last quarter. UMB Bank N A MO acquired a new position in shares of Cognex during the 4th quarter valued at about $31,000. Huntington National Bank boosted its position in shares of Cognex by 137.0% during the 4th quarter. Huntington National Bank now owns 448 shares of the scientific and technical instruments company’s stock valued at $35,000 after acquiring an additional 259 shares during the last quarter. Sageworth Trust Co of South Dakota acquired a new position in shares of Cognex during the 4th quarter valued at about $36,000. Finally, Ceredex Value Advisors LLC purchased a new stake in Cognex in the 4th quarter valued at about $43,000. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

About Cognex (Get Rating)

Cognex Corporation provides machine vision products that capture and analyze visual information in order 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, aspirin bottles, and automobile tires by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.

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