Cognex Corp (CGNX) Announces $100M Common Stock Buyback Plan
Cognex Corp (NASDAQ: CGNX) announced that its Board of Directors authorized the purchase of up to $100 million of Cognex common stock in open market transactions. The new authorization is in addition to Cognex’s existing $50 million stock purchase program, of which $6.5 million remains available. Purchases under this new authorization can commence once Cognex completes the existing program, and will be subject to market conditions and other relevant factors.
“I am pleased that our Board of Directors has authorized this substantial stock purchase program,” said Dr. Robert J. Shillman, Founder and Chairman of Cognex. “This program reflects the confidence that our board has in the company’s ability to generate cash while making significant investments in growth initiatives.”