April 30, 2014
Cognex to buy back more stock
By Rick Saia
Machine-sensor manufacturer Cognex Corp. of Natick will buy back another $50 million of its stock, following its launch of an existing $80-million repurchase program, the company announced.
Cognex said the company is buying back stock to offset the anticipated dilution of shares stemming from the exercising of stock options by employees. The company said the employee stock options are instrumental in its ability to recruit, retain and motivate its employees.
About $38 million of the original $80 million remains available for repurchase, the company said in a statement.
Cognex reported record revenue and profits for 2013, with $354 million in revenue and $73.6 million in net income.
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