Bank of New York Mellon Corp Trims Position in FARO Technologies, Inc. (FARO)

Bank of New York Mellon Corp lessened its stake in shares of FARO Technologies, Inc. (NASDAQ:FARO) by 19.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 351,017 shares of the scientific and technical instruments company’s stock after selling 87,362 shares during the period. Bank of New York Mellon Corp owned 2.10% of FARO Technologies worth $13,427,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Royce & Associates LP grew its holdings in FARO Technologies by 1.7% during the second quarter. Royce & Associates LP now owns 701,900 shares of the scientific and technical instruments company’s stock valued at $26,532,000 after purchasing an additional 11,500 shares during the period. Ameriprise Financial Inc. grew its holdings in FARO Technologies by 3.7% during the second quarter. Ameriprise Financial Inc. now owns 195,157 shares of the scientific and technical instruments company’s stock valued at $7,377,000 after purchasing an additional 6,955 shares during the period. Dimensional Fund Advisors LP grew its holdings in FARO Technologies by 6.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,036,966 shares of the scientific and technical instruments company’s stock valued at $39,198,000 after purchasing an additional 59,018 shares during the period. Baillie Gifford & Co. grew its holdings in FARO Technologies by 25.2% during the second quarter. Baillie Gifford & Co. now owns 217,980 shares of the scientific and technical instruments company’s stock valued at $8,239,000 after purchasing an additional 43,900 shares during the period. Finally, Princeton Capital Management Inc. grew its holdings in FARO Technologies by 12.4% during the third quarter. Princeton Capital Management Inc. now owns 48,909 shares of the scientific and technical instruments company’s stock valued at $1,871,000 after purchasing an additional 5,389 shares during the period. 97.56% of the stock is owned by institutional investors and hedge funds.

FARO Technologies, Inc. (FARO) opened at $47.60 on Friday. FARO Technologies, Inc. has a one year low of $31.90 and a one year high of $54.40.

FARO Technologies (NASDAQ:FARO) last issued its quarterly earnings data on Thursday, October 26th. The scientific and technical instruments company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.14. FARO Technologies had a return on equity of 0.03% and a net margin of 0.03%. The business had revenue of $90.25 million for the quarter, compared to the consensus estimate of $89.34 million. During the same period in the prior year, the business posted $0.07 earnings per share. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. sell-side analysts expect that FARO Technologies, Inc. will post 0.1 EPS for the current year.

A number of research firms have recently weighed in on FARO. BidaskClub lowered FARO Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, December 16th. Craig Hallum set a $60.00 price objective on FARO Technologies and gave the stock a “buy” rating in a research note on Monday, November 27th. Zacks Investment Research raised FARO Technologies from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Tuesday, November 14th. Noble Financial reissued a “buy” rating on shares of FARO Technologies in a research note on Friday, November 3rd. Finally, Canaccord Genuity reissued a “buy” rating and set a $52.00 price target (up from $42.00) on shares of FARO Technologies in a research note on Monday, October 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $51.17.

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FARO Technologies Profile

FARO Technologies, Inc designs, develops, manufactures, markets and supports software driven, three-dimensional (3D) measurement, imaging and realization systems. The Company operates in three segments: Factory Metrology, Construction BIM-CIM and Other. It sells its products through a direct sales force across customers in a range of manufacturing, industrial, architecture, surveying, building construction and law enforcement applications.

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

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