Zacks: Brokerages Anticipate Cognex Co. (CGNX) to Post $0.20 Earnings Per Share

Wall Street analysts forecast that Cognex Co. (NASDAQ:CGNX) will report earnings of $0.20 per share for the current quarter, Zacks reports. Five analysts have made estimates for Cognex’s earnings, with the lowest EPS estimate coming in at $0.18 and the highest estimate coming in at $0.22. Cognex posted earnings per share of $0.26 in the same quarter last year, which would indicate a negative year over year growth rate of 23.1%. The company is scheduled to report its next quarterly earnings report after the market closes on Monday, April 30th.

According to Zacks, analysts expect that Cognex will report full-year earnings of $1.40 per share for the current financial year, with EPS estimates ranging from $1.24 to $1.56. For the next financial year, analysts forecast that the company will report earnings of $1.82 per share, with EPS estimates ranging from $1.64 to $1.95. Zacks’ EPS averages are a mean average based on a survey of sell-side research firms that cover Cognex.

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Cognex (NASDAQ:CGNX) last released its quarterly earnings results on Thursday, February 15th. The scientific and technical instruments company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.05. The business had revenue of $180.37 million during the quarter, compared to the consensus estimate of $178.75 million. Cognex had a return on equity of 24.23% and a net margin of 23.69%. The company’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.20 EPS.

Several research firms have commented on CGNX. Deutsche Bank set a $80.00 target price on shares of Cognex and gave the stock a “buy” rating in a research report on Friday, January 19th. BidaskClub raised shares of Cognex from a “hold” rating to a “buy” rating in a research report on Wednesday, January 10th. Zacks Investment Research cut shares of Cognex from a “strong-buy” rating to a “sell” rating in a research report on Tuesday, January 2nd. ValuEngine cut shares of Cognex from a “hold” rating to a “sell” rating in a research report on Thursday, March 1st. Finally, Northcoast Research raised shares of Cognex from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 4th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $65.21.

In related news, Director Anthony Sun sold 10,000 shares of Cognex stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $56.49, for a total value of $564,900.00. Following the sale, the director now owns 294,262 shares of the company’s stock, valued at approximately $16,622,860.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.40% of the company’s stock.

A number of hedge funds have recently modified their holdings of CGNX. BlackRock Inc. grew its position in shares of Cognex by 128.0% during the 4th quarter. BlackRock Inc. now owns 15,768,475 shares of the scientific and technical instruments company’s stock valued at $964,400,000 after purchasing an additional 8,852,130 shares in the last quarter. Brown Capital Management LLC grew its position in Cognex by 68.0% in the fourth quarter. Brown Capital Management LLC now owns 6,736,963 shares of the scientific and technical instruments company’s stock worth $412,033,000 after acquiring an additional 2,725,974 shares in the last quarter. OppenheimerFunds Inc. grew its position in Cognex by 63.2% in the fourth quarter. OppenheimerFunds Inc. now owns 2,914,913 shares of the scientific and technical instruments company’s stock worth $178,276,000 after acquiring an additional 1,128,402 shares in the last quarter. Eagle Asset Management Inc. grew its position in Cognex by 87.3% in the fourth quarter. Eagle Asset Management Inc. now owns 2,830,892 shares of the scientific and technical instruments company’s stock worth $172,502,000 after acquiring an additional 1,319,135 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Cognex by 75.9% in the fourth quarter. Bank of New York Mellon Corp now owns 2,245,562 shares of the scientific and technical instruments company’s stock worth $137,340,000 after acquiring an additional 968,709 shares in the last quarter. 82.13% of the stock is currently owned by institutional investors and hedge funds.

CGNX stock traded down $0.86 during mid-day trading on Wednesday, reaching $50.04. 1,251,108 shares of the company traded hands, compared to its average volume of 2,096,450. The company has a market capitalization of $8,798.48, a P/E ratio of 34.61 and a beta of 1.57. Cognex has a fifty-two week low of $41.68 and a fifty-two week high of $72.99.

Cognex announced that its board has approved a share repurchase program on Thursday, February 15th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the scientific and technical instruments company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

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About Cognex

Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. The company offers machine vision products, which are used to automate the manufacturing and tracking of discrete items, such as mobile phones, aspirin bottles, and automobile tires by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.

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Earnings History and Estimates for Cognex (NASDAQ:CGNX)

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