Invictus RG acquired a new position in shares of Fabrinet (NYSE:FN) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 5,817 shares of the technology company’s stock, valued at approximately $269,000.
Several other institutional investors also recently made changes to their positions in FN. Systematic Financial Management LP acquired a new position in Fabrinet in the second quarter valued at about $1,434,000. Seven Eight Capital LP acquired a new position in Fabrinet in the third quarter valued at about $546,000. State Board of Administration of Florida Retirement System grew its stake in Fabrinet by 19.5% in the second quarter. State Board of Administration of Florida Retirement System now owns 17,850 shares of the technology company’s stock valued at $658,000 after acquiring an additional 2,910 shares during the period. Engineers Gate Manager LP acquired a new position in Fabrinet in the third quarter valued at about $2,232,000. Finally, Bank of New York Mellon Corp grew its stake in Fabrinet by 52.5% in the second quarter. Bank of New York Mellon Corp now owns 1,092,082 shares of the technology company’s stock valued at $40,288,000 after acquiring an additional 375,901 shares during the period. 93.50% of the stock is owned by institutional investors and hedge funds.
A number of research firms have issued reports on FN. Zacks Investment Research cut Fabrinet from a “buy” rating to a “hold” rating in a research note on Friday, August 24th. Needham & Company LLC cut Fabrinet from a “strong-buy” rating to a “buy” rating and boosted their target price for the company from $45.00 to $55.00 in a research note on Tuesday, August 21st. They noted that the move was a valuation call. Piper Jaffray Companies raised Fabrinet to an “overweight” rating and set a $56.00 target price for the company in a research note on Tuesday, November 6th. B. Riley boosted their target price on Fabrinet from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, August 16th. Finally, ValuEngine raised Fabrinet from a “hold” rating to a “buy” rating in a research note on Thursday, August 23rd. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $50.17.
In other news, Director David T. Mitchell sold 40,000 shares of the business’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $45.40, for a total value of $1,816,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Harpal Gill sold 33,479 shares of the business’s stock in a transaction dated Wednesday, November 28th. The shares were sold at an average price of $52.00, for a total value of $1,740,908.00. Following the completion of the sale, the chief operating officer now owns 51,860 shares in the company, valued at $2,696,720. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 109,560 shares of company stock worth $5,451,323. Corporate insiders own 1.90% of the company’s stock.
Shares of Fabrinet stock opened at $47.97 on Friday. The stock has a market capitalization of $1.79 billion, a PE ratio of 18.31, a PEG ratio of 1.20 and a beta of 0.65. Fabrinet has a one year low of $24.02 and a one year high of $54.70. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.09 and a current ratio of 3.00.
Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, November 5th. The technology company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.24. The company had revenue of $377.00 million for the quarter, compared to analyst estimates of $352.28 million. Fabrinet had a return on equity of 13.53% and a net margin of 6.54%. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.75 earnings per share. Analysts predict that Fabrinet will post 3.12 earnings per share for the current fiscal year.
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Fabrinet Company Profile
Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.
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