Bastion Asset Management Inc. Raises Stock Position in FARO Technologies, Inc. (NASDAQ:FARO)

Key Points

• Bastion Asset Management Inc. increased its stake in FARO Technologies by 50%, acquiring an additional 115,740 shares, making FARO the firm's second largest position.
• Institutional investors own 97.19% of FARO's stock, with several hedge funds recently increasing their holdings.
• FARO Technologies opened at $43.99 with a market cap of about $849.89 million, experiencing a wide range in stock price over the past year.

Bastion Asset Management Inc. lifted its position in shares of FARO Technologies, Inc. (NASDAQ:FARO - Free Report) by 50.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 347,263 shares of the scientific and technical instruments company's stock after purchasing an additional 115,740 shares during the period. FARO Technologies accounts for approximately 5.2% of Bastion Asset Management Inc.'s portfolio, making the stock its 2nd largest position. Bastion Asset Management Inc. owned 1.81% of FARO Technologies worth $9,470,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of FARO. Dimensional Fund Advisors LP raised its holdings in FARO Technologies by 9.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 744,222 shares of the scientific and technical instruments company's stock worth $18,874,000 after acquiring an additional 62,305 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new position in shares of FARO Technologies during the 4th quarter valued at about $10,849,000. Driehaus Capital Management LLC bought a new position in shares of FARO Technologies in the 4th quarter valued at about $8,990,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of FARO Technologies by 244.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 213,423 shares of the scientific and technical instruments company's stock valued at $5,412,000 after acquiring an additional 151,382 shares during the last quarter. Finally, Northern Trust Corp raised its position in FARO Technologies by 3.1% in the 4th quarter. Northern Trust Corp now owns 171,210 shares of the scientific and technical instruments company's stock worth $4,342,000 after purchasing an additional 5,095 shares during the period. 97.19% of the stock is currently owned by hedge funds and other institutional investors.

FARO Technologies Price Performance

FARO stock remained flat at $43.99 on Wednesday. FARO Technologies, Inc. has a 52 week low of $13.52 and a 52 week high of $44.06. The firm has a 50 day simple moving average of $43.33 and a 200 day simple moving average of $34.80. The firm has a market cap of $849.89 million, a price-to-earnings ratio of -879.80 and a beta of 1.63. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.01 and a current ratio of 2.31.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FARO. Needham & Company LLC lowered shares of FARO Technologies from a "buy" rating to a "hold" rating in a report on Wednesday, May 7th. Wall Street Zen assumed coverage on shares of FARO Technologies in a research note on Friday, May 16th. They set a "buy" rating for the company. Finally, Craig Hallum cut shares of FARO Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th.

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.