Nuveen Asset Management LLC Lowers Stake in FARO Technologies, Inc. (NASDAQ:FARO)


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Nuveen Asset Management LLC lowered its stake in shares of FARO Technologies, Inc. (NASDAQ:FARO) by 11.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 93,480 shares of the scientific and technical instruments company’s stock after selling 11,983 shares during the period. Nuveen Asset Management LLC’s holdings in FARO Technologies were worth $6,602,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of FARO. Vantage Consulting Group Inc purchased a new position in shares of FARO Technologies during the 4th quarter worth approximately $44,000. Veriti Management LLC purchased a new position in FARO Technologies in the 4th quarter valued at approximately $57,000. Captrust Financial Advisors boosted its position in FARO Technologies by 6.1% in the 4th quarter. Captrust Financial Advisors now owns 2,770 shares of the scientific and technical instruments company’s stock valued at $196,000 after buying an additional 160 shares during the period. Amalgamated Bank purchased a new position in FARO Technologies in the 4th quarter valued at approximately $201,000. Finally, Jefferies Group LLC purchased a new position in FARO Technologies in the 4th quarter valued at approximately $204,000. 95.06% of the stock is owned by hedge funds and other institutional investors.

Shares of FARO opened at $86.23 on Friday. FARO Technologies, Inc. has a twelve month low of $43.36 and a twelve month high of $97.88. The firm’s fifty day simple moving average is $89.45 and its 200-day simple moving average is $74.90. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of -19.78 and a beta of 1.41.

FARO Technologies (NASDAQ:FARO) last announced its quarterly earnings data on Tuesday, February 16th. The scientific and technical instruments company reported $0.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.20. FARO Technologies had a negative net margin of 24.28% and a negative return on equity of 1.58%. The business had revenue of $92.95 million for the quarter, compared to analyst estimates of $79.45 million. Equities research analysts expect that FARO Technologies, Inc. will post -0.31 EPS for the current year.

Several brokerages have commented on FARO. Robert W. Baird reissued a “hold” rating on shares of FARO Technologies in a research report on Sunday, February 21st. TheStreet raised shares of FARO Technologies from a “c” rating to a “b-” rating in a research report on Thursday, February 18th. Zacks Investment Research lowered shares of FARO Technologies from a “hold” rating to a “sell” rating in a report on Wednesday, February 24th. Finally, Craig Hallum raised their price objective on shares of FARO Technologies from $70.00 to $117.00 and gave the company a “buy” rating in a report on Friday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. FARO Technologies presently has a consensus rating of “Hold” and a consensus target price of $99.00.

About FARO Technologies

FARO Technologies, Inc engages in the design, development, manufacture, marketing and support of three-dimensional (3D) measurement, imaging, and realization systems. It operates through the following segments: 3D Manufacturing, Construction BIM, and Emerging Verticals. The 3D Manufacturing segment provides solutions for manual & automated measurement and inspection in an industrial or manufacturing environment.

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Institutional Ownership by Quarter for FARO Technologies (NASDAQ:FARO)

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