Mitsubishi UFJ Asset Management Co. Ltd. Sells 61,989 Shares of FARO Technologies, Inc. (NASDAQ:FARO)

Mitsubishi UFJ Asset Management Co. Ltd. cut its holdings in FARO Technologies, Inc. (NASDAQ:FARO - Free Report) by 50.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,085 shares of the scientific and technical instruments company's stock after selling 61,989 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.32% of FARO Technologies worth $1,622,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its stake in FARO Technologies by 4.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 222,559 shares of the scientific and technical instruments company's stock worth $4,260,000 after acquiring an additional 10,228 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of FARO Technologies in the 3rd quarter worth approximately $213,000. Harvey Partners LLC grew its stake in shares of FARO Technologies by 17.8% in the 3rd quarter. Harvey Partners LLC now owns 1,006,000 shares of the scientific and technical instruments company's stock worth $19,255,000 after buying an additional 152,000 shares during the last quarter. Invenomic Capital Management LP increased its position in FARO Technologies by 23.2% during the 3rd quarter. Invenomic Capital Management LP now owns 396,830 shares of the scientific and technical instruments company's stock valued at $7,595,000 after buying an additional 74,631 shares in the last quarter. Finally, Needham Investment Management LLC increased its position in FARO Technologies by 20.0% during the 3rd quarter. Needham Investment Management LLC now owns 1,029,250 shares of the scientific and technical instruments company's stock valued at $19,700,000 after buying an additional 171,300 shares in the last quarter. 97.19% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Insider Activity

In related news, CFO Matthew Horwath sold 1,480 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $29.30, for a total transaction of $43,364.00. Following the transaction, the chief financial officer now owns 39,430 shares in the company, valued at $1,155,299. This represents a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Yuval Wasserman sold 5,658 shares of FARO Technologies stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $31.35, for a total transaction of $177,378.30. Following the completion of the sale, the director now directly owns 153,512 shares of the company's stock, valued at approximately $4,812,601.20. This trade represents a 3.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,755 shares of company stock valued at $356,020 in the last 90 days. 2.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FARO has been the topic of a number of recent research reports. Needham & Company LLC increased their target price on FARO Technologies from $34.00 to $37.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. StockNews.com downgraded shares of FARO Technologies from a "strong-buy" rating to a "buy" rating in a research report on Sunday, March 16th. Finally, Craig Hallum raised their price objective on shares of FARO Technologies from $30.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, December 12th.

FARO Technologies Stock Down 3.7 %

FARO stock traded down $0.92 during midday trading on Friday, hitting $23.89. The company's stock had a trading volume of 425,163 shares, compared to its average volume of 176,411. The company has a market cap of $453.48 million, a PE ratio of -68.26 and a beta of 1.54. The firm's 50-day moving average is $29.44 and its 200-day moving average is $25.48. FARO Technologies, Inc. has a 12 month low of $13.52 and a 12 month high of $33.13. The company has a current ratio of 2.17, a quick ratio of 1.83 and a debt-to-equity ratio of 0.27.

FARO Technologies (NASDAQ:FARO - Get Free Report) last released its quarterly earnings data on Monday, February 24th. The scientific and technical instruments company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.40 by $0.10. FARO Technologies had a negative return on equity of 2.49% and a negative net margin of 1.87%. The company had revenue of $93.54 million for the quarter, compared to analysts' expectations of $91.40 million. During the same period last year, the firm posted $0.36 earnings per share.

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.