Sonora Investment Management Lowers stake in Cognex Corporation (CGNX)

Cognex Corporation (CGNX) : Sonora Investment Management reduced its stake in Cognex Corporation by 21.25% during the most recent quarter end. The investment management company now holds a total of 48,406 shares of Cognex Corporation which is valued at $2,496,781 after selling 13,062 shares in Cognex Corporation , the firm said in a disclosure report filed with the SEC on Oct 17, 2016.Cognex Corporation makes up approximately 1.30% of Sonora Investment Management’s portfolio.

Other Hedge Funds, Including , Weaver C. Barksdale Associates reduced its stake in CGNX by selling 14 shares or 25.0% in the most recent quarter. The Hedge Fund company now holds 42 shares of CGNX which is valued at $2,161. Genesee Valley Trust Co added CGNX to its portfolio by purchasing 6,487 company shares during the most recent quarter which is valued at $333,821. Cognex Corporation makes up approx 0.22% of Genesee Valley Trust Co’s portfolio.Washington Trust Bank reduced its stake in CGNX by selling 30 shares or 68.18% in the most recent quarter. The Hedge Fund company now holds 14 shares of CGNX which is valued at $728.

Cognex Corporation closed down -0.22 points or -0.42% at $51.58 with 1,95,189 shares getting traded on Friday. Post opening the session at $52.14, the shares hit an intraday low of $51.42 and an intraday high of $52.2 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Cognex Corporation reported $0.50 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Aug 1, 2016. Analyst had a consensus of $0.44. The company had revenue of $147.30 million for the quarter, compared to analysts expectations of $138.11 million. The company’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS.

Many Wall Street Analysts have commented on Cognex Corporation. Company shares were Reiterated by Needham on Aug 2, 2016 to “Buy”, Firm has raised the Price Target to $ 55 from a previous price target of $42 .

Cognex Corporation is a provider of machine vision products that captures and analyzes visual information in order to automate tasks primarily in manufacturing processes. The Company operates in the modular vision systems division (MVSD). The Company’s products include barcode readers machine vision sensors and machine vision systems that are used in factories warehouses and distribution centers around the world. MVSD develops manufactures and markets modular vision systems and identification (ID) products that are used to automate the manufacture and tracking of discrete items such as cellular phones aspirin bottles and automobile wheels during the manufacturing or distribution process. The Company’s registered marks include Cognex VisionPro In-Sight Checker and DataMan among others.

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