Millennium Management LLC Grows Stock Position in FARO Technologies, Inc. (NASDAQ:FARO)

Millennium Management LLC raised its stake in shares of FARO Technologies, Inc. (NASDAQ:FARO) by 0.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 54,069 shares of the scientific and technical instruments company’s stock after buying an additional 439 shares during the period. Millennium Management LLC owned about 0.29% of FARO Technologies worth $1,371,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of FARO. Lazard Asset Management LLC purchased a new position in shares of FARO Technologies in the 4th quarter valued at about $78,000. Graham Capital Management L.P. purchased a new position in shares of FARO Technologies in the 4th quarter valued at about $386,000. Deutsche Bank AG increased its stake in shares of FARO Technologies by 84.9% in the 4th quarter. Deutsche Bank AG now owns 17,430 shares of the scientific and technical instruments company’s stock valued at $442,000 after purchasing an additional 8,001 shares in the last quarter. Driehaus Capital Management LLC purchased a new position in shares of FARO Technologies in the 4th quarter valued at about $8,990,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of FARO Technologies in the 4th quarter valued at about $1,012,000. Hedge funds and other institutional investors own 97.19% of the company’s stock.

FARO Technologies Trading Up 0.1%

FARO opened at $42.46 on Wednesday. FARO Technologies, Inc. has a one year low of $13.52 and a one year high of $42.64. The stock has a market capitalization of $816.34 million, a PE ratio of -121.31 and a beta of 1.49. The business’s 50 day moving average price is $33.21 and its 200 day moving average price is $30.00. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.83 and a current ratio of 2.17.

Insider Activity

In related news, CEO Peter James Lau sold 4,617 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $29.30, for a total transaction of $135,278.10. Following the transaction, the chief executive officer now owns 160,076 shares of the company’s stock, valued at $4,690,226.80. This trade represents a 2.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Matthew Horwath sold 1,480 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $29.30, for a total value of $43,364.00. Following the transaction, the chief financial officer now directly owns 39,430 shares in the company, valued at approximately $1,155,299. This represents a 3.62% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on FARO. Needham & Company LLC lowered FARO Technologies from a “buy” rating to a “hold” rating in a research note on Wednesday, May 7th. Craig Hallum lowered FARO Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, May 6th. Finally, Wall Street Zen began coverage on FARO Technologies in a research note on Friday, May 16th. They set a “buy” rating for the company.

FARO Technologies Company Profile

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.