Bank of New York Mellon Corp Purchases 4,174 Shares of FARO Technologies, Inc. (NASDAQ:FARO)

Bank of New York Mellon Corp grew its holdings in shares of FARO Technologies, Inc. (NASDAQ:FARO) by 5.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 76,337 shares of the scientific and technical instruments company’s stock after acquiring an additional 4,174 shares during the period. Bank of New York Mellon Corp’s holdings in FARO Technologies were worth $1,221,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in FARO Technologies by 4.2% during 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 acquiring an additional 64,095 shares in the last quarter. Pinnacle Associates Ltd. grew its stake in shares of FARO Technologies by 6.0% in the 1st quarter. Pinnacle Associates Ltd. now owns 523,118 shares of the scientific and technical instruments company’s stock valued at $11,252,000 after buying an additional 29,394 shares during the period. Kennedy Capital Management LLC increased its position in FARO Technologies by 105.1% in the 1st quarter. Kennedy Capital Management LLC now owns 437,589 shares of the scientific and technical instruments company’s stock valued at $9,413,000 after buying an additional 224,273 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in FARO Technologies by 20.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 339,506 shares of the scientific and technical instruments company’s stock worth $5,432,000 after buying an additional 57,493 shares during the period. Finally, Acadian Asset Management LLC boosted its holdings in FARO Technologies by 136.2% in the first quarter. Acadian Asset Management LLC now owns 169,882 shares of the scientific and technical instruments company’s stock worth $3,653,000 after acquiring an additional 97,969 shares in the last quarter. 97.19% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Peter James Lau sold 5,435 shares of the stock in a transaction dated Friday, September 6th. The shares were 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. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.10% of the stock is currently owned by corporate insiders.

FARO Technologies Trading Down 0.9 %

NASDAQ FARO opened at $18.05 on Friday. The company has a current ratio of 2.33, a quick ratio of 2.01 and a debt-to-equity ratio of 0.27. The business has a fifty day simple moving average of $16.76 and a 200 day simple moving average of $18.09. FARO Technologies, Inc. has a 12 month low of $12.34 and a 12 month high of $24.80. The firm has a market capitalization of $346.67 million, a P/E ratio of -8.02 and a beta of 1.25.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Needham & Company LLC decreased their price objective on FARO Technologies from $27.00 to $24.00 and set a “buy” rating for the company in a report on Friday, August 9th. Craig Hallum decreased their price target on shares of FARO Technologies from $29.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, August 9th.

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.