FARO Technologies (NASDAQ:FARO) Lowered to “Sell” at Zacks Investment Research

FARO Technologies (NASDAQ:FARO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday, Zacks.com reports.

According to Zacks, “FARO Technologies, Inc. is the world’s most trusted source for 3D measurement technology. The Company develops and markets computer-aided measurement and imaging devices and software. Technology from FARO permits high-precision 3D measurement, imaging and comparison of parts and complex structures within production and quality assurance processes. The devices are used for inspecting components and assemblies, rapid prototyping, documenting large volume spaces or structures in 3D, surveying and construction, as well as for investigation and reconstruction of accident sites or crime scenes. FARO Technologies capture and analysis of on-site real world data to investigate crash, crime and fire, plan security activities and provide virtual reality training for public safety personnel, and also Capture detailed and precise 3D data from existing products permitting CAD analysis and redesign, after market design and legacy part replication. “

A number of other brokerages have also recently issued reports on FARO. ValuEngine upgraded shares of FARO Technologies from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. BidaskClub upgraded shares of FARO Technologies from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Finally, Needham & Company LLC cut shares of FARO Technologies from a “buy” rating to a “hold” rating in a research note on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $56.95.

Shares of FARO stock traded down $1.00 during mid-day trading on Monday, reaching $49.07. The company’s stock had a trading volume of 54,900 shares, compared to its average volume of 96,140. FARO Technologies has a 1-year low of $37.58 and a 1-year high of $69.00. The company has a market capitalization of $877.70 million, a P/E ratio of 106.67 and a beta of 1.79. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.45 and a current ratio of 3.16. The firm’s 50-day moving average is $50.10.

FARO Technologies (NASDAQ:FARO) last announced its quarterly earnings data on Wednesday, July 24th. The scientific and technical instruments company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.27. FARO Technologies had a negative net margin of 0.75% and a positive return on equity of 3.42%. The company had revenue of $93.50 million during the quarter, compared to analysts’ expectations of $96.32 million. During the same quarter in the prior year, the company posted $0.07 EPS. The business’s revenue was down 4.8% on a year-over-year basis. On average, analysts forecast that FARO Technologies will post 0.33 EPS for the current fiscal year.

In related news, Director John Donofrio sold 2,873 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $52.43, for a total transaction of $150,631.39. Following the completion of the sale, the director now owns 21,075 shares in the company, valued at approximately $1,104,962.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.10% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its holdings in FARO Technologies by 9.9% in the fourth quarter. Geode Capital Management LLC now owns 189,202 shares of the scientific and technical instruments company’s stock valued at $7,689,000 after buying an additional 17,035 shares during the last quarter. Bank of America Corp DE boosted its stake in FARO Technologies by 258.3% in the fourth quarter. Bank of America Corp DE now owns 20,093 shares of the scientific and technical instruments company’s stock valued at $816,000 after acquiring an additional 14,485 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in FARO Technologies by 360.9% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 5,429 shares of the scientific and technical instruments company’s stock valued at $221,000 after acquiring an additional 4,251 shares in the last quarter. Municipal Employees Retirement System of Michigan acquired a new position in FARO Technologies in the fourth quarter valued at $200,000. Finally, Thrivent Financial for Lutherans boosted its stake in FARO Technologies by 2.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 12,101 shares of the scientific and technical instruments company’s stock valued at $492,000 after acquiring an additional 266 shares in the last quarter. Institutional investors and hedge funds own 95.68% of the company’s stock.

FARO Technologies Company Profile

FARO Technologies, Inc designs, develops, manufactures, markets, and supports software driven three-dimensional (3D) measurement and imaging solutions. It operates through three segments: 3D Manufacturing, Construction BIM, and Emerging Verticals. The company offers FaroArm, a combination of a portable articulated measurement arm, a computer, and CAM2 software programs; and FARO ScanArm, a FaroArm equipped with a hard probe and non-contact laser line probe to measure products.

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