Renaissance Technologies LLC grew its holdings in FARO Technologies, Inc. (NASDAQ:FARO) by 105.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,042 shares of the scientific and technical instruments company’s stock after buying an additional 35,900 shares during the quarter. Renaissance Technologies LLC owned about 0.41% of FARO Technologies worth $3,807,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of FARO. BlackRock Inc. lifted its position in FARO Technologies by 8.1% during the 2nd quarter. BlackRock Inc. now owns 2,346,813 shares of the scientific and technical instruments company’s stock worth $127,551,000 after buying an additional 175,276 shares in the last quarter. Paradice Investment Management LLC boosted its holdings in FARO Technologies by 19.8% in the 2nd quarter. Paradice Investment Management LLC now owns 818,070 shares of the scientific and technical instruments company’s stock valued at $44,462,000 after purchasing an additional 135,425 shares during the period. Royce & Associates LP lifted its holdings in shares of FARO Technologies by 8.0% during the 2nd quarter. Royce & Associates LP now owns 620,243 shares of the scientific and technical instruments company’s stock worth $33,710,000 after acquiring an additional 46,200 shares during the period. Baillie Gifford & Co. lifted its holdings in shares of FARO Technologies by 2.5% during the 2nd quarter. Baillie Gifford & Co. now owns 309,600 shares of the scientific and technical instruments company’s stock worth $16,827,000 after acquiring an additional 7,467 shares during the period. Finally, Legal & General Group Plc lifted its holdings in shares of FARO Technologies by 865.1% during the 1st quarter. Legal & General Group Plc now owns 307,909 shares of the scientific and technical instruments company’s stock worth $17,970,000 after acquiring an additional 276,005 shares during the period. 93.88% of the stock is owned by institutional investors and hedge funds.
In related news, insider Simon Raab sold 700 shares of the firm’s stock in a transaction on Friday, September 28th. The shares were sold at an average price of $65.14, for a total value of $45,598.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Kathleen Hall sold 5,921 shares of the firm’s stock in a transaction on Monday, August 13th. The stock was sold at an average price of $67.54, for a total value of $399,904.34. Following the completion of the sale, the chief operating officer now owns 15,030 shares of the company’s stock, valued at $1,015,126.20. The disclosure for this sale can be found here. Insiders sold a total of 93,495 shares of company stock valued at $6,285,077 over the last three months. 3.10% of the stock is currently owned by insiders.
FARO has been the subject of several recent research reports. BidaskClub cut shares of FARO Technologies from a “hold” rating to a “sell” rating in a research report on Friday, October 5th. ValuEngine cut shares of FARO Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, September 4th. Craig Hallum set a $82.00 price objective on shares of FARO Technologies and gave the company a “buy” rating in a research note on Friday, November 2nd. Zacks Investment Research lowered shares of FARO Technologies from a “hold” rating to a “strong sell” rating in a research report on Monday, July 30th. Finally, Robert W. Baird decreased their price objective on shares of FARO Technologies from $62.00 to $45.00 and set a “neutral” rating for the company in a report on Friday, November 2nd. Three research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $64.40.
FARO Technologies stock traded down $2.32 during mid-day trading on Friday, reaching $46.56. 46,908 shares of the company traded hands, compared to its average volume of 88,837. The company has a market cap of $843.32 million, a P/E ratio of 160.55 and a beta of 1.68. FARO Technologies, Inc. has a 52-week low of $43.26 and a 52-week high of $70.20.
FARO Technologies (NASDAQ:FARO) last announced its quarterly earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $0.09 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.06). FARO Technologies had a positive return on equity of 3.18% and a negative net margin of 2.99%. The firm had revenue of $99.71 million during the quarter, compared to the consensus estimate of $102.53 million. During the same quarter in the previous year, the firm earned $0.10 EPS. The business’s revenue for the quarter was up 10.5% on a year-over-year basis. As a group, sell-side analysts expect that FARO Technologies, Inc. will post 0.6 EPS for the current fiscal year.
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FARO Technologies Company Profile
FARO Technologies, Inc designs, develops, manufactures, markets, and supports software driven, three-dimensional (3D) measurement, imaging, and realization systems. The company offers FaroArm, a combination of six or seven-axis, articulated measurement arm, a computer, and CAM2 software programs; and FARO ScanArm, a FaroArm equipped with a hard probe and non-contact laser line probe to measure products.
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