Bank of New York Mellon Corp increased its position in Fabrinet (NYSE:FN) by 2.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 575,295 shares of the technology company’s stock after buying an additional 14,743 shares during the period. Bank of New York Mellon Corp owned about 1.54% of Fabrinet worth $24,542,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Tower Research Capital LLC TRC raised its position in shares of Fabrinet by 1.9% in the first quarter. Tower Research Capital LLC TRC now owns 2,608 shares of the technology company’s stock valued at $110,000 after buying an additional 48 shares during the last quarter. Quantbot Technologies LP raised its position in shares of Fabrinet by 55.0% in the first quarter. Quantbot Technologies LP now owns 2,755 shares of the technology company’s stock valued at $115,000 after buying an additional 978 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of Fabrinet in the first quarter valued at approximately $127,000. PNC Financial Services Group Inc. raised its position in shares of Fabrinet by 63.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,038 shares of the technology company’s stock valued at $129,000 after buying an additional 1,178 shares during the last quarter. Finally, LS Investment Advisors LLC raised its position in shares of Fabrinet by 196.1% in the first quarter. LS Investment Advisors LLC now owns 3,903 shares of the technology company’s stock valued at $164,000 after buying an additional 2,585 shares during the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently weighed in on the stock. J P Morgan Chase & Co reissued an “overweight” rating and issued a $54.00 price objective (down previously from $57.00) on shares of Fabrinet in a research report on Tuesday, August 22nd. ValuEngine lowered shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. Stifel Nicolaus reissued a “buy” rating on shares of Fabrinet in a research report on Tuesday, August 22nd. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Fabrinet in a research report on Tuesday, September 5th. Finally, Zacks Investment Research raised shares of Fabrinet from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. Fabrinet has a consensus rating of “Hold” and an average price target of $50.93.
In related news, CEO David T. Mitchell sold 105,000 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $38.63, for a total transaction of $4,056,150.00. Following the transaction, the chief executive officer now owns 111,057 shares of the company’s stock, valued at $4,290,131.91. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO David T. Mitchell sold 52,500 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $41.22, for a total transaction of $2,164,050.00. Following the transaction, the chief executive officer now directly owns 42,631 shares in the company, valued at approximately $1,757,249.82. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 260,000 shares of company stock worth $10,198,400. Insiders own 4.30% of the company’s stock.
Shares of Fabrinet (FN) opened at 38.29 on Thursday. Fabrinet has a 52-week low of $31.97 and a 52-week high of $49.63. The stock has a 50 day moving average of $40.89 and a 200 day moving average of $39.97. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of 14.90 and a beta of 1.14.
Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, August 21st. The technology company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.11). The company had revenue of $370.50 million for the quarter, compared to analyst estimates of $363.41 million. Fabrinet had a return on equity of 15.32% and a net margin of 6.84%. The business’s revenue for the quarter was up 34.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.60 earnings per share. Equities analysts predict that Fabrinet will post $3.46 EPS for the current fiscal year.
Fabrinet declared that its board has approved a share buyback plan on Monday, August 21st that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 21% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
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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