FARO Technologies (FARO) Cut to “Strong Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of FARO Technologies (NASDAQ:FARO) from a hold rating to a strong sell rating in a research note published on Wednesday morning, 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. “

Other research analysts have also issued research reports about the company. Needham & Company LLC lowered FARO Technologies from a buy rating to a hold rating in a research report on Friday, May 3rd. BidaskClub upgraded FARO Technologies from a hold rating to a buy rating in a research report on Thursday, April 18th. Craig Hallum lowered FARO Technologies from a buy rating to a hold rating in a research report on Thursday, February 21st. Gabelli lowered FARO Technologies from a buy rating to a hold rating and set a $43.77 price target for the company. in a research report on Thursday, February 21st. Finally, ValuEngine upgraded FARO Technologies from a sell rating to a hold rating in a research report on Wednesday, February 20th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $56.95.

NASDAQ:FARO traded up $0.08 during midday trading on Wednesday, reaching $52.70. 72,684 shares of the company traded hands, compared to its average volume of 105,505. FARO Technologies has a twelve month low of $37.58 and a twelve month high of $70.20. The firm has a market capitalization of $911.32 million, a P/E ratio of 114.57 and a beta of 1.61. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.34 and a quick ratio of 2.54.

FARO Technologies (NASDAQ:FARO) last announced its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $0.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.14 by ($0.13). FARO Technologies had a return on equity of 3.11% and a net margin of 1.14%. The business had revenue of $93.61 million for the quarter, compared to analyst estimates of $101.85 million. During the same quarter last year, the firm posted $0.03 EPS. The company’s revenue was up .8% compared to the same quarter last year. Research analysts anticipate that FARO Technologies will post 0.95 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp raised its stake in shares of FARO Technologies by 3.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 192,290 shares of the scientific and technical instruments company’s stock worth $12,373,000 after buying an additional 6,421 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of FARO Technologies by 43.1% in the 3rd quarter. Renaissance Technologies LLC now owns 100,242 shares of the scientific and technical instruments company’s stock worth $6,451,000 after buying an additional 30,200 shares in the last quarter. MetLife Investment Advisors LLC raised its stake in shares of FARO Technologies by 54.2% in the 3rd quarter. MetLife Investment Advisors LLC now owns 12,092 shares of the scientific and technical instruments company’s stock worth $778,000 after buying an additional 4,251 shares in the last quarter. Morgan Stanley raised its stake in shares of FARO Technologies by 64.3% in the 3rd quarter. Morgan Stanley now owns 87,469 shares of the scientific and technical instruments company’s stock worth $5,627,000 after buying an additional 34,229 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of FARO Technologies by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 1,728,790 shares of the scientific and technical instruments company’s stock worth $111,248,000 after buying an additional 43,084 shares in the last quarter. Institutional investors own 96.37% of the company’s stock.

About FARO Technologies

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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