Cognex (NASDAQ:CGNX) Announces Earnings Results, Beats Estimates By $0.03 EPS

Cognex (NASDAQ:CGNX) announced its earnings results on Wednesday. The scientific and technical instruments company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.03, Zacks reports. The company had revenue of $239.00 million for the quarter, compared to analysts’ expectations of $240.33 million. Cognex had a return on equity of 4.97% and a net margin of 9.29%. Cognex’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the firm earned $0.32 EPS. Cognex updated its Q3 2024 guidance to EPS.

Cognex Stock Down 2.2 %

CGNX traded down $0.86 on Friday, hitting $38.22. The company had a trading volume of 2,322,887 shares, compared to its average volume of 1,376,943. The company has a market cap of $6.56 billion, a PE ratio of 65.90 and a beta of 1.42. Cognex has a 12-month low of $34.28 and a 12-month high of $53.13. The business’s fifty day simple moving average is $47.12 and its 200 day simple moving average is $42.95.

Cognex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Investors of record on Thursday, August 15th will be given a $0.075 dividend. The ex-dividend date is Thursday, August 15th. This represents a $0.30 annualized dividend and a yield of 0.78%. Cognex’s dividend payout ratio is currently 51.72%.

Wall Street Analyst Weigh In

CGNX has been the topic of a number of recent analyst reports. Stephens raised their price target on Cognex from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Friday, May 3rd. StockNews.com cut Cognex from a “hold” rating to a “sell” rating in a report on Thursday. Sanford C. Bernstein raised their price target on Cognex from $52.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Robert W. Baird raised their price target on Cognex from $40.00 to $44.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. Finally, The Goldman Sachs Group decreased their price target on Cognex from $45.00 to $39.00 and set a “sell” rating on the stock in a report on Friday. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $50.00.

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.