Ameriprise Financial Inc. decreased its stake in Faro Technologies Inc. (NASDAQ:FARO) by 10.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 192,488 shares of the company’s stock after selling 23,514 shares during the period. Ameriprise Financial Inc. owned approximately 1.15% of Faro Technologies worth $6,512,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in FARO. Louisiana State Employees Retirement System increased its position in Faro Technologies by 1.4% in the second quarter. Louisiana State Employees Retirement System now owns 7,400 shares of the company’s stock valued at $250,000 after buying an additional 100 shares during the period. Neuberger Berman Group LLC increased its position in Faro Technologies by 2.3% in the second quarter. Neuberger Berman Group LLC now owns 9,925 shares of the company’s stock valued at $336,000 after buying an additional 225 shares during the period. Princeton Capital Management Inc. increased its position in Faro Technologies by 1.3% in the second quarter. Princeton Capital Management Inc. now owns 47,872 shares of the company’s stock valued at $1,620,000 after buying an additional 594 shares during the period. State Board of Administration of Florida Retirement System increased its position in Faro Technologies by 11.9% in the second quarter. State Board of Administration of Florida Retirement System now owns 12,960 shares of the company’s stock valued at $438,000 after buying an additional 1,375 shares during the period. Finally, BlackRock Group LTD increased its position in Faro Technologies by 7.5% in the first quarter. BlackRock Group LTD now owns 24,962 shares of the company’s stock valued at $804,000 after buying an additional 1,743 shares during the period. Hedge funds and other institutional investors own 92.55% of the company’s stock.
Faro Technologies Inc. (NASDAQ:FARO) traded up 1.26% during midday trading on Monday, hitting $36.14. The stock had a trading volume of 6,915 shares. Faro Technologies Inc. has a 12-month low of $20.72 and a 12-month high of $38.83. The company’s 50-day moving average price is $34.27 and its 200 day moving average price is $33.48. The stock has a market cap of $602.60 million, a P/E ratio of 42.27 and a beta of 1.71.
Faro Technologies (NASDAQ:FARO) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by $0.08. Faro Technologies had a net margin of 4.55% and a return on equity of 4.86%. The business had revenue of $78.50 million for the quarter, compared to analysts’ expectations of $84.38 million. During the same quarter in the prior year, the firm posted $0.32 EPS. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, equities research analysts predict that Faro Technologies Inc. will post $1.05 earnings per share for the current fiscal year.
Several equities analysts recently weighed in on the company. Needham & Company LLC reiterated a “buy” rating and set a $39.00 target price on shares of Faro Technologies in a research report on Friday, July 15th. Canaccord Genuity restated a “buy” rating and issued a $38.00 price objective on shares of Faro Technologies in a report on Thursday, August 4th. Finally, Zacks Investment Research upgraded Faro Technologies from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 4th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Faro Technologies currently has an average rating of “Buy” and a consensus target price of $36.17.
About Faro Technologies
FARO Technologies, Inc designs, develops, manufactures, markets and supports software driven, three-dimensional (3-D) measurement, imaging and realization systems. The Company operates in three segments: Americas, Europe/Africa and Asia-Pacific. The Company sells its products through a direct sales force across a number of customers in a range of manufacturing, industrial, architecture, surveying, building construction and law enforcement applications.
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