Bank of New York Mellon Corp trimmed its holdings in shares of FARO Technologies, Inc. (NASDAQ:FARO) by 45.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 190,611 shares of the scientific and technical instruments company’s stock after selling 160,406 shares during the period. Bank of New York Mellon Corp owned about 1.14% of FARO Technologies worth $8,960,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Teacher Retirement System of Texas bought a new stake in shares of FARO Technologies during the 4th quarter worth $272,000. Municipal Employees Retirement System of Michigan raised its stake in shares of FARO Technologies by 59.3% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 6,260 shares of the scientific and technical instruments company’s stock worth $239,000 after purchasing an additional 2,330 shares during the period. Advisory Research Inc. bought a new stake in shares of FARO Technologies during the 4th quarter worth $354,000. New England Investment & Retirement Group Inc. bought a new stake in shares of FARO Technologies during the 4th quarter worth $355,000. Finally, BNP Paribas Arbitrage SA raised its stake in shares of FARO Technologies by 50.4% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 8,955 shares of the scientific and technical instruments company’s stock worth $343,000 after purchasing an additional 2,999 shares during the period. Institutional investors own 93.46% of the company’s stock.
Shares of FARO Technologies stock opened at $58.40 on Monday. FARO Technologies, Inc. has a 52-week low of $31.90 and a 52-week high of $63.90. The stock has a market capitalization of $981.00, a P/E ratio of 201.38 and a beta of 1.44.
FARO has been the topic of a number of recent analyst reports. Zacks Investment Research cut FARO Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 6th. Noble Financial reiterated a “buy” rating on shares of FARO Technologies in a research note on Friday, February 23rd. Canaccord Genuity restated a “buy” rating and issued a $66.00 price objective on shares of FARO Technologies in a research note on Thursday, February 22nd. BidaskClub cut FARO Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, December 16th. Finally, Needham & Company LLC boosted their price objective on FARO Technologies to $65.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $58.67.
In related news, insider Simon Raab sold 11,700 shares of the business’s stock in a transaction dated Friday, March 16th. The stock was sold at an average price of $59.93, for a total value of $701,181.00. Following the sale, the insider now directly owns 38,478 shares in the company, valued at approximately $2,305,986.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jody Storm Gale sold 10,666 shares of FARO Technologies stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $59.77, for a total value of $637,506.82. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.
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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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