Heartland Advisors Inc. Acquires 20,300 Shares of Fabrinet (FN)

Heartland Advisors Inc. lifted its position in shares of Fabrinet (NYSE:FN) by 3.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 546,300 shares of the technology company’s stock after purchasing an additional 20,300 shares during the quarter. Fabrinet accounts for approximately 1.1% of Heartland Advisors Inc.’s portfolio, making the stock its 11th largest holding. Heartland Advisors Inc. owned 1.47% of Fabrinet worth $17,143,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Optimum Investment Advisors acquired a new stake in shares of Fabrinet during the 1st quarter worth approximately $115,000. First Mercantile Trust Co. acquired a new stake in shares of Fabrinet during the 1st quarter worth approximately $134,000. Elkfork Partners LLC acquired a new stake in shares of Fabrinet during the 4th quarter worth approximately $131,000. 6 Meridian acquired a new stake in shares of Fabrinet during the 1st quarter worth approximately $203,000. Finally, Invictus RG acquired a new stake in shares of Fabrinet during the 4th quarter worth approximately $194,000. 97.84% of the stock is currently owned by institutional investors and hedge funds.

In other Fabrinet news, insider David T. Mitchell sold 40,000 shares of Fabrinet stock in a transaction on Wednesday, May 2nd. The shares were sold at an average price of $30.05, for a total transaction of $1,202,000.00. Following the sale, the insider now owns 111,057 shares of the company’s stock, valued at approximately $3,337,262.85. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Harpal Gill sold 21,457 shares of Fabrinet stock in a transaction on Monday, May 21st. The stock was sold at an average price of $37.06, for a total transaction of $795,196.42. Following the sale, the chief operating officer now directly owns 130,506 shares in the company, valued at approximately $4,836,552.36. The disclosure for this sale can be found here. Insiders sold a total of 231,477 shares of company stock worth $7,066,282 in the last three months. 3.30% of the stock is owned by corporate insiders.

Fabrinet opened at $36.45 on Friday, MarketBeat Ratings reports. Fabrinet has a 1 year low of $24.02 and a 1 year high of $47.02. The firm has a market capitalization of $1.36 billion, a P/E ratio of 14.18, a P/E/G ratio of 1.21 and a beta of 0.58. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.01 and a current ratio of 2.84.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, May 7th. The technology company reported $0.71 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.71. Fabrinet had a net margin of 6.36% and a return on equity of 12.48%. The firm had revenue of $332.20 million for the quarter, compared to analysts’ expectations of $319.17 million. During the same quarter last year, the company earned $0.80 EPS. The firm’s revenue for the quarter was down 9.4% compared to the same quarter last year. analysts forecast that Fabrinet will post 2.53 EPS for the current year.

Fabrinet announced that its Board of Directors has initiated a stock repurchase program on Monday, February 5th that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

A number of brokerages have recently commented on FN. B. Riley raised their price objective on shares of Fabrinet to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, May 8th. Needham & Company LLC reissued a “strong-buy” rating and issued a $40.00 price target (down previously from $45.00) on shares of Fabrinet in a research note on Tuesday, February 6th. ValuEngine raised shares of Fabrinet from a “hold” rating to a “buy” rating in a research note on Thursday, February 8th. Finally, Northland Securities reissued a “buy” rating and issued a $35.00 price target on shares of Fabrinet in a research note on Tuesday, April 17th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $40.17.

Fabrinet Company Profile

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of optical communication components, modules and sub-systems, industrial lasers, medical devices, and sensors. It offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.

Institutional Ownership by Quarter for Fabrinet (NYSE:FN)

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