Engineers Gate Manager LP Purchases New Stake in Fabrinet $FN

Engineers Gate Manager LP acquired a new position in Fabrinet (NYSE:FN) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 4,431 shares of the technology company’s stock, valued at approximately $2,491,000.

A number of other institutional investors have also recently bought and sold shares of the business. Integrated Wealth Concepts LLC increased its holdings in shares of Fabrinet by 8.7% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 551 shares of the technology company’s stock valued at $310,000 after purchasing an additional 44 shares during the period. NewEdge Advisors LLC grew its position in Fabrinet by 44.3% during the second quarter. NewEdge Advisors LLC now owns 1,003 shares of the technology company’s stock valued at $564,000 after purchasing an additional 308 shares in the last quarter. Allworth Financial LP increased its stake in Fabrinet by 22.9% in the 2nd quarter. Allworth Financial LP now owns 537 shares of the technology company’s stock valued at $302,000 after buying an additional 100 shares during the period. Arizona State Retirement System lifted its position in Fabrinet by 4.5% in the 2nd quarter. Arizona State Retirement System now owns 10,272 shares of the technology company’s stock worth $5,774,000 after buying an additional 440 shares in the last quarter. Finally, Waverly Advisors LLC lifted its position in Fabrinet by 4.5% in the 2nd quarter. Waverly Advisors LLC now owns 841 shares of the technology company’s stock worth $473,000 after buying an additional 36 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Fabrinet Stock Down 7.6%

NYSE FN opened at $383.26 on Tuesday. The stock has a market capitalization of $13.73 billion, a PE ratio of 29.37 and a beta of 1.21. Fabrinet has a 12-month low of $348.01 and a 12-month high of $748.89. The company has a 50 day moving average price of $468.29 and a two-hundred day moving average price of $558.73.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Tuesday, August 18th. The technology company reported $4.10 earnings per share for the quarter, beating analysts’ consensus estimates of $3.81 by $0.29. Fabrinet had a net margin of 10.19% and a return on equity of 21.23%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the firm earned $2.65 EPS. Fabrinet’s revenue for the quarter was up 44.6% on a year-over-year basis. As a group, equities analysts anticipate that Fabrinet will post 17.5 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their target price on shares of Fabrinet from $680.00 to $695.00 and gave the company a “neutral” rating in a research note on Tuesday, August 18th. Weiss Ratings downgraded shares of Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 9th. Barclays increased their price objective on Fabrinet from $702.00 to $739.00 and gave the stock an “overweight” rating in a report on Tuesday, August 18th. Needham & Company LLC reissued a “buy” rating and set a $650.00 price objective on shares of Fabrinet in a research report on Tuesday, August 18th. Finally, Fox Advisors upgraded Fabrinet from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, August 19th. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $649.50.

Insider Buying and Selling

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the transaction, the executive vice president directly owned 7,007 shares in the company, valued at $2,704,071.37. This trade represents a 26.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.24% of the stock is owned by insiders.

Fabrinet Profile

Fabrinet (NYSE: FN) is a provider of advanced manufacturing services for original equipment manufacturers and other technology companies. The company specializes in precision optical, electromechanical and electronic manufacturing, helping customers design, assemble, test and package complex products.

Its capabilities support products used in optical communications, including components, modules and transceivers for telecommunications and data-center networks. Fabrinet also provides manufacturing services for industrial lasers, medical devices, automotive applications, and aerospace and defense products.