By Svea Herbst-Bayliss NEW YORK (Reuters) -Activist investor Engaged Capital has built a sizable stake in Cognex and is urging the maker of machine vision systems to cut costs and use cost consultants, arguing this could help the stock price nearly double in the next two years. "This is an AI company without the AI valuation," Engaged's founder and chief investment officer Glenn Welling said on Tuesday at the 13D Monitor Active-Passive Investment Summit in New York. Welling did not disclose the size of Engaged's stake in Cognex but called it one of the hedge fund's biggest positions. A recent regulatory filing showed that Engaged had roughly $700 million in assets. Cognex's smart cameras and bar code readers are used by customers including retailer Amazon and car maker BMW for purposes suc

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