DA Davidson Has Bearish Estimate for Cognex FY2024 Earnings

Cognex Co. (NASDAQ:CGNX) – DA Davidson reduced their FY2024 earnings per share estimates for shares of Cognex in a report released on Tuesday, November 5th. DA Davidson analyst M. Summerville now anticipates that the scientific and technical instruments company will earn $0.39 per share for the year, down from their previous estimate of $0.47. DA Davidson currently has a “Neutral” rating and a $39.00 target price on the stock. The consensus estimate for Cognex’s current full-year earnings is $0.43 per share. DA Davidson also issued estimates for Cognex’s FY2025 earnings at $0.67 EPS.

CGNX has been the subject of several other research reports. Truist Financial lowered Cognex from a “buy” rating to a “hold” rating and decreased their target price for the stock from $46.00 to $43.00 in a research report on Tuesday. Stephens upgraded shares of Cognex from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $45.00 to $55.00 in a research note on Wednesday, October 16th. Vertical Research began coverage on shares of Cognex in a research report on Tuesday, July 23rd. They issued a “buy” rating and a $58.00 price target on the stock. The Goldman Sachs Group lowered their price objective on shares of Cognex from $45.00 to $39.00 and set a “sell” rating for the company in a research report on Friday, August 2nd. Finally, Robert W. Baird cut their target price on shares of Cognex from $46.00 to $42.00 and set a “neutral” rating on the stock in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $47.91.

Cognex Stock Performance

NASDAQ:CGNX opened at $43.05 on Thursday. The company has a market capitalization of $7.38 billion, a price-to-earnings ratio of 82.79 and a beta of 1.40. Cognex has a one year low of $34.79 and a one year high of $53.13. The stock has a 50-day simple moving average of $39.57 and a 200 day simple moving average of $42.99.

Institutional Investors Weigh In On Cognex

Several hedge funds and other institutional investors have recently bought and sold shares of CGNX. Vanguard Group Inc. raised its holdings in shares of Cognex by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 17,522,549 shares of the scientific and technical instruments company’s stock worth $743,307,000 after purchasing an additional 188,485 shares in the last quarter. Impax Asset Management Group plc increased its holdings in shares of Cognex by 2.6% in the third quarter. Impax Asset Management Group plc now owns 5,230,271 shares of the scientific and technical instruments company’s stock valued at $211,303,000 after buying an additional 131,560 shares in the last quarter. William Blair Investment Management LLC lifted its position in shares of Cognex by 8.1% during the 2nd quarter. William Blair Investment Management LLC now owns 4,018,539 shares of the scientific and technical instruments company’s stock valued at $187,907,000 after acquiring an additional 301,916 shares during the last quarter. Disciplined Growth Investors Inc. MN boosted its stake in shares of Cognex by 1.4% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 3,445,894 shares of the scientific and technical instruments company’s stock worth $161,130,000 after acquiring an additional 49,026 shares in the last quarter. Finally, Lazard Asset Management LLC grew its holdings in shares of Cognex by 2.5% in the 1st quarter. Lazard Asset Management LLC now owns 2,154,625 shares of the scientific and technical instruments company’s stock worth $91,399,000 after acquiring an additional 53,267 shares during the last quarter. 88.12% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cognex

In related news, CFO Dennis Fehr bought 6,570 shares of the stock in a transaction on Wednesday, September 4th. The shares were purchased at an average price of $38.04 per share, with a total value of $249,922.80. Following the purchase, the chief financial officer now owns 6,570 shares in the company, valued at approximately $249,922.80. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.30% of the stock is owned by company insiders.

Cognex Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Thursday, November 14th will be given a $0.08 dividend. This is a boost from Cognex’s previous quarterly dividend of $0.08. This represents a $0.32 annualized dividend and a yield of 0.74%. The ex-dividend date of this dividend is Thursday, November 14th. Cognex’s dividend payout ratio (DPR) is currently 57.69%.

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.