Ameriprise Financial Inc. Raises Stake in FARO Technologies, Inc. (FARO)

Ameriprise Financial Inc. raised its holdings in shares of FARO Technologies, Inc. (NASDAQ:FARO) by 3.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 195,157 shares of the scientific and technical instruments company’s stock after acquiring an additional 6,955 shares during the quarter. Ameriprise Financial Inc. owned approximately 1.17% of FARO Technologies worth $7,377,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Victory Capital Management Inc. bought a new position in shares of FARO Technologies during the 1st quarter worth approximately $116,000. State of Alaska Department of Revenue grew its stake in shares of FARO Technologies by 79.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 3,294 shares of the scientific and technical instruments company’s stock worth $124,000 after acquiring an additional 1,454 shares in the last quarter. Mason Street Advisors LLC grew its stake in shares of FARO Technologies by 7.1% during the 1st quarter. Mason Street Advisors LLC now owns 3,901 shares of the scientific and technical instruments company’s stock worth $139,000 after acquiring an additional 257 shares in the last quarter. Municipal Employees Retirement System of Michigan grew its stake in shares of FARO Technologies by 3.4% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 3,930 shares of the scientific and technical instruments company’s stock worth $149,000 after acquiring an additional 130 shares in the last quarter. Finally, Karp Capital Management Corp bought a new position in shares of FARO Technologies during the 1st quarter worth approximately $207,000. 94.64% of the stock is owned by institutional investors.

FARO Technologies, Inc. (FARO) opened at 39.45 on Wednesday. The company has a 50 day moving average of $36.58 and a 200 day moving average of $36.05. FARO Technologies, Inc. has a 1-year low of $29.00 and a 1-year high of $40.60. The company’s market capitalization is $659.13 million.

FARO Technologies (NASDAQ:FARO) last announced its earnings results on Tuesday, August 1st. The scientific and technical instruments company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.34). FARO Technologies had a negative net margin of 0.13% and a negative return on equity of 0.13%. The business had revenue of $82.68 million during the quarter, compared to analysts’ expectations of $87.65 million. During the same period in the previous year, the company posted $0.20 earnings per share. FARO Technologies’s quarterly revenue was up 5.3% on a year-over-year basis. On average, analysts predict that FARO Technologies, Inc. will post ($0.13) earnings per share for the current fiscal year.

FARO has been the subject of several research reports. Craig Hallum initiated coverage on shares of FARO Technologies in a research note on Tuesday, June 27th. They set a “buy” rating and a $45.00 price target for the company. Noble Financial reaffirmed a “buy” rating on shares of FARO Technologies in a research note on Thursday, August 3rd. Gabelli cut shares of FARO Technologies from a “buy” rating to a “hold” rating and set a $38.00 price target for the company. in a research note on Thursday, August 3rd. Canaccord Genuity raised their price target on shares of FARO Technologies from $38.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Finally, ValuEngine raised shares of FARO Technologies from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. FARO Technologies presently has a consensus rating of “Hold” and an average target price of $39.40.

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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 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.

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

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