Princeton Capital Management Inc. Purchases 594 Shares of Faro Technologies Inc. (FARO)
Princeton Capital Management Inc. boosted its stake in shares of Faro Technologies Inc. (NASDAQ:FARO) by 1.3% during the second quarter, Holdings Channel reports. The institutional investor owned 47,872 shares of the company’s stock after buying an additional 594 shares during the period. Faro Technologies comprises approximately 1.1% of Princeton Capital Management Inc.’s investment portfolio, making the stock its 28th largest position. Princeton Capital Management Inc. owned about 0.29% of Faro Technologies worth $1,620,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA increased its position in Faro Technologies by 105.1% in the second quarter. BNP Paribas Arbitrage SA now owns 5,199 shares of the company’s stock valued at $176,000 after buying an additional 2,664 shares in the last quarter. UBS Group AG increased its position in Faro Technologies by 1,303.7% in the first quarter. UBS Group AG now owns 6,429 shares of the company’s stock valued at $207,000 after buying an additional 5,971 shares in the last quarter. Louisiana State Employees Retirement System increased its position in Faro Technologies by 1.4% in the second quarter. Louisiana State Employees Retirement System now owns 7,400 shares of the company’s stock valued at $250,000 after buying an additional 100 shares in the last quarter. BlackRock Group LTD increased its position in Faro Technologies by 7.5% in the first quarter. BlackRock Group LTD now owns 24,962 shares of the company’s stock valued at $804,000 after buying an additional 1,743 shares in the last quarter. Finally, Nisa Investment Advisors L.L.C. increased its position in Faro Technologies by 56.2% in the first quarter. Nisa Investment Advisors L.L.C. now owns 25,300 shares of the company’s stock valued at $815,000 after buying an additional 9,100 shares in the last quarter. 92.55% of the stock is owned by institutional investors.
Faro Technologies Inc. (NASDAQ:FARO) traded up 5.95% during trading on Monday, hitting $35.60. The company’s stock had a trading volume of 259,674 shares. The firm has a 50 day moving average of $33.02 and a 200 day moving average of $33.20. Faro Technologies Inc. has a 12 month low of $20.72 and a 12 month high of $40.51. The firm has a market cap of $593.59 million, a P/E ratio of 41.64 and a beta of 1.78.
Faro Technologies (NASDAQ:FARO) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by $0.08. The firm earned $78.50 million during the quarter, compared to analysts’ expectations of $84.38 million. Faro Technologies had a return on equity of 4.86% and a net margin of 4.55%. Faro Technologies’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.32 earnings per share. Equities research analysts predict that Faro Technologies Inc. will post $1.05 earnings per share for the current year.
Several research firms have recently issued reports on FARO. Canaccord Genuity reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Faro Technologies in a research note on Thursday, August 4th. Needham & Company LLC reissued a “buy” rating and set a $39.00 target price on shares of Faro Technologies in a research report on Friday, July 15th. Finally, Zacks Investment Research downgraded shares of Faro Technologies from a “hold” rating to a “sell” rating in a research report on Friday, August 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $36.71.
About Faro Technologies
FARO Technologies, Inc designs, develops, manufactures, markets and supports software driven, three-dimensional (3-D) measurement, imaging and realization systems. The Company operates in three segments: Americas, Europe/Africa and Asia-Pacific. The Company sells its products through a direct sales force across a number of customers in a range of manufacturing, industrial, architecture, surveying, building construction and law enforcement applications.
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