Pinnacle Associates Ltd. Cuts Stock Holdings in FARO Technologies, Inc. (NASDAQ:FARO)

Pinnacle Associates Ltd. decreased its holdings in shares of FARO Technologies, Inc. (NASDAQ:FARO) by 3.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 493,724 shares of the scientific and technical instruments company’s stock after selling 20,273 shares during the quarter. Pinnacle Associates Ltd. owned 2.57% of FARO Technologies worth $9,450,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Divisar Capital Management LLC boosted its stake in FARO Technologies by 5.1% in the second quarter. Divisar Capital Management LLC now owns 1,838,777 shares of the scientific and technical instruments company’s stock worth $29,420,000 after buying an additional 90,000 shares in the last quarter. Vanguard Group Inc. boosted its stake in FARO Technologies by 4.2% in the first quarter. Vanguard Group Inc. now owns 1,589,519 shares of the scientific and technical instruments company’s stock worth $34,191,000 after buying an additional 64,095 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in FARO Technologies by 10.8% in the second quarter. Dimensional Fund Advisors LP now owns 604,432 shares of the scientific and technical instruments company’s stock worth $9,671,000 after buying an additional 59,142 shares in the last quarter. Kennedy Capital Management LLC boosted its stake in FARO Technologies by 105.1% in the first quarter. Kennedy Capital Management LLC now owns 437,589 shares of the scientific and technical instruments company’s stock worth $9,413,000 after buying an additional 224,273 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of FARO Technologies by 20.4% during the second quarter. Assenagon Asset Management S.A. now owns 339,506 shares of the scientific and technical instruments company’s stock valued at $5,432,000 after purchasing an additional 57,493 shares during the period. Hedge funds and other institutional investors own 97.19% of the company’s stock.

FARO Technologies Stock Performance

NASDAQ:FARO opened at $17.97 on Thursday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.01 and a current ratio of 2.33. The firm has a market cap of $345.13 million, a PE ratio of -7.99 and a beta of 1.25. The business has a 50 day moving average price of $17.82 and a 200-day moving average price of $17.55. FARO Technologies, Inc. has a fifty-two week low of $12.34 and a fifty-two week high of $24.80.

FARO Technologies (NASDAQ:FARO) last announced its earnings results on Thursday, August 8th. The scientific and technical instruments company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.14. The company had revenue of $82.09 million during the quarter. FARO Technologies had a negative return on equity of 5.72% and a negative net margin of 4.25%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Craig Hallum dropped their price objective on FARO Technologies from $29.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Needham & Company LLC dropped their price objective on FARO Technologies from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Friday, August 9th.

Insider Activity at FARO Technologies

In related news, CEO Peter James Lau sold 5,435 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $16.67, for a total transaction of $90,601.45. Following the completion of the transaction, the chief executive officer now owns 133,975 shares in the company, valued at $2,233,363.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.10% of the stock is owned by corporate insiders.

About FARO Technologies

FARO Technologies, Inc designs, develops, manufactures, markets, and supports software driven three-dimensional measurement, imaging, and realization solutions worldwide. The company offers FaroArm, a combination of a portable articulated measurement arm, a computer, and CAM2 software programs; FARO Laser Tracker, a combination of a portable large-volume laser measurement tool, a computer, and CAM2 software programs; FARO Laser Projector, which provides a virtual template that operators and assemblers can use to position components; FARO Laser Scanning Portfolio to measure and collect a cloud of data points for 3D rendering of an object or area; and FARO Mobile Laser Portfolio provides 3D scanning while attached to other mobile devices, such as drones for metrology, reverse engineering, factory automation, building information modeling, public safety, and other applications.