Tocqueville Asset Management L.P. boosted its holdings in Fabrinet (NYSE:FN) by 92.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 582,559 shares of the technology company’s stock after purchasing an additional 279,735 shares during the quarter. Tocqueville Asset Management L.P. owned about 1.56% of Fabrinet worth $16,719,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in FN. Vaughan Nelson Investment Management L.P. raised its position in Fabrinet by 540.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,062,930 shares of the technology company’s stock valued at $30,506,000 after purchasing an additional 896,930 shares during the last quarter. Royce & Associates LP raised its position in Fabrinet by 55.9% during the 4th quarter. Royce & Associates LP now owns 2,418,024 shares of the technology company’s stock worth $69,397,000 after buying an additional 866,564 shares during the last quarter. Schroder Investment Management Group raised its position in Fabrinet by 69.3% during the 4th quarter. Schroder Investment Management Group now owns 1,000,333 shares of the technology company’s stock worth $28,710,000 after buying an additional 409,590 shares during the last quarter. Renaissance Technologies LLC raised its position in Fabrinet by 106.7% during the 4th quarter. Renaissance Technologies LLC now owns 500,100 shares of the technology company’s stock worth $14,353,000 after buying an additional 258,100 shares during the last quarter. Finally, Legion Partners Asset Management LLC raised its position in Fabrinet by 47.1% during the 3rd quarter. Legion Partners Asset Management LLC now owns 736,709 shares of the technology company’s stock worth $27,302,000 after buying an additional 235,900 shares during the last quarter. Hedge funds and other institutional investors own 94.61% of the company’s stock.
FN has been the subject of a number of analyst reports. ValuEngine downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Northland Securities set a $37.00 price objective on shares of Fabrinet and gave the stock a “buy” rating in a research report on Monday, January 29th. Needham & Company LLC restated a “strong-buy” rating and set a $40.00 price objective (down previously from $45.00) on shares of Fabrinet in a research report on Tuesday, February 6th. Finally, Stifel Nicolaus cut their price objective on shares of Fabrinet from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, January 24th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Fabrinet has an average rating of “Buy” and a consensus target price of $41.25.
In related news, insider David T. Mitchell sold 40,000 shares of the stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $30.04, for a total value of $1,201,600.00. Following the sale, the insider now directly owns 111,057 shares of the company’s stock, valued at approximately $3,336,152.28. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider David T. Mitchell sold 90,020 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $29.29, for a total transaction of $2,636,685.80. Following the completion of the sale, the insider now directly owns 111,057 shares in the company, valued at $3,252,859.53. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 240,442 shares of company stock worth $7,130,099. Corporate insiders own 3.30% of the company’s stock.
Fabrinet (NYSE FN) traded down $0.08 during trading hours on Wednesday, hitting $32.48. 493,707 shares of the stock were exchanged, compared to its average volume of 776,437. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.99 and a current ratio of 2.84. Fabrinet has a fifty-two week low of $24.02 and a fifty-two week high of $47.02. The firm has a market cap of $1,210.00, a PE ratio of 13.82, a PEG ratio of 1.28 and a beta of 0.50.
Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, February 5th. The technology company reported $0.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.02. Fabrinet had a net margin of 6.24% and a return on equity of 12.96%. The business had revenue of $337.10 million for the quarter, compared to analysts’ expectations of $329.41 million. During the same period in the prior year, the company posted $0.91 EPS. The business’s revenue for the quarter was down 4.0% on a year-over-year basis. analysts forecast that Fabrinet will post 2.12 EPS for the current year.
Fabrinet announced that its Board of Directors has approved a share buyback plan on Monday, February 5th that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.
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Fabrinet Company Profile
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.
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