FARO Technologies, Inc. (NASDAQ:FARO) Rating Lowered to Strong Sell at Zacks Investment Research
FARO Technologies, Inc. (NASDAQ:FARO) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Monday.
According to Zacks, “FARO Technologies, Inc. and its international subsidiaries are pioneers and market leaders in the computer-aided manufacturing measurement market, which is the final frontier of the computer-aided design and computer-aided manufacturing revolution. FARO’s product line includes portable, 3D measurement equipment, computer-aided design-based inspection software for portable and fixed-base coordinate measurement machines, as well as factory-level statistical process control, and manufacturing quality consulting services. (Company Press Release) “
A number of other analysts also recently issued reports on the stock. Craig Hallum initiated coverage on shares of FARO Technologies in a report on Tuesday, June 27th. They set a “buy” rating and a $45.00 price target on the stock. ValuEngine downgraded shares of FARO Technologies from a “hold” rating to a “sell” rating in a report on Tuesday, May 16th. Canaccord Genuity reissued a “buy” rating on shares of FARO Technologies in a report on Thursday, May 11th. Needham & Company LLC lowered their price target on shares of FARO Technologies from $38.00 to $37.00 and set a “buy” rating on the stock in a report on Thursday, May 11th. Finally, Gabelli downgraded shares of FARO Technologies from a “buy” rating to a “hold” rating and set a $38.00 price target on the stock. in a report on Thursday. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. FARO Technologies currently has a consensus rating of “Hold” and an average target price of $40.60.
FARO Technologies (FARO) traded up 1.47% on Monday, hitting $34.55. 165,670 shares of the company were exchanged. The firm’s 50 day moving average is $38.04 and its 200 day moving average is $36.26. FARO Technologies has a 52 week low of $29.00 and a 52 week high of $40.60. The company’s market capitalization is $577.26 million.
FARO Technologies (NASDAQ:FARO) last announced its quarterly earnings results on Tuesday, August 1st. The scientific and technical instruments company reported ($0.22) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.12 by $0.34. FARO Technologies had a negative return on equity of 0.13% and a negative net margin of 0.13%. The firm had revenue of $82.68 million for the quarter, compared to analysts’ expectations of $87.65 million. During the same period last year, the company posted $0.20 earnings per share. The business’s quarterly revenue was up 5.3% on a year-over-year basis. On average, equities research analysts forecast that FARO Technologies will post $0.20 earnings per share for the current fiscal year.
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A number of institutional investors have recently bought and sold shares of FARO. State of Tennessee Treasury Department increased its position in FARO Technologies by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 16,283 shares of the scientific and technical instruments company’s stock valued at $582,000 after buying an additional 2,457 shares during the last quarter. Hodges Capital Management Inc. increased its position in FARO Technologies by 5.6% in the first quarter. Hodges Capital Management Inc. now owns 504,624 shares of the scientific and technical instruments company’s stock valued at $18,040,000 after buying an additional 26,835 shares during the last quarter. Karp Capital Management Corp bought a new position in FARO Technologies during the first quarter valued at about $207,000. Comerica Bank increased its position in FARO Technologies by 3.7% in the first quarter. Comerica Bank now owns 18,419 shares of the scientific and technical instruments company’s stock valued at $689,000 after buying an additional 664 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in FARO Technologies by 9.3% in the first quarter. Bank of New York Mellon Corp now owns 521,458 shares of the scientific and technical instruments company’s stock valued at $18,642,000 after buying an additional 44,526 shares during the last quarter. 93.21% of the stock is currently owned by institutional investors and hedge funds.
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 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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