AlphaOne Investment Services LLC Buys New Position in Fabrinet (FN)

AlphaOne Investment Services LLC bought a new position in shares of Fabrinet (NYSE:FN) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 49,800 shares of the technology company’s stock, valued at approximately $2,125,000. AlphaOne Investment Services LLC owned about 0.13% of Fabrinet as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of FN. BlackRock Inc. lifted its stake in Fabrinet by 60,498.5% during the first quarter. BlackRock Inc. now owns 4,311,581 shares of the technology company’s stock worth $181,218,000 after purchasing an additional 4,304,466 shares during the last quarter. BT Investment Management Ltd purchased a new stake in Fabrinet during the second quarter worth approximately $38,212,000. Royce & Associates LP lifted its stake in Fabrinet by 372.7% during the first quarter. Royce & Associates LP now owns 997,915 shares of the technology company’s stock worth $41,942,000 after purchasing an additional 786,799 shares during the last quarter. Congress Asset Management Co. MA lifted its stake in Fabrinet by 23.6% during the second quarter. Congress Asset Management Co. MA now owns 1,727,179 shares of the technology company’s stock worth $73,681,000 after purchasing an additional 330,178 shares during the last quarter. Finally, Whale Rock Capital Management LLC lifted its stake in Fabrinet by 48.7% during the first quarter. Whale Rock Capital Management LLC now owns 915,836 shares of the technology company’s stock worth $38,493,000 after purchasing an additional 300,081 shares during the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.

In other Fabrinet news, COO Harpal Gill sold 50,000 shares of the stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $39.07, for a total transaction of $1,953,500.00. Following the transaction, the chief operating officer now owns 194,193 shares of the company’s stock, valued at approximately $7,587,120.51. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO David T. Mitchell sold 52,500 shares of the stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $41.22, for a total value 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. 4.30% of the stock is currently owned by company insiders.

Shares of Fabrinet (NYSE:FN) traded down 2.56% during midday trading on Thursday, reaching $35.85. The company’s stock had a trading volume of 200,687 shares. The firm has a market capitalization of $1.34 billion, a PE ratio of 13.95 and a beta of 1.14. The company’s 50-day moving average price is $39.82 and its 200 day moving average price is $39.83. Fabrinet has a 1-year low of $31.97 and a 1-year high of $49.63.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, August 21st. The technology company reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.11). Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. The business had revenue of $370.50 million for the quarter, compared to analyst estimates of $363.41 million. During the same quarter last year, the business earned $0.60 EPS. Fabrinet’s revenue for the quarter was up 34.0% compared to the same quarter last year. On average, equities research analysts forecast that Fabrinet will post $3.46 earnings per share for the current year.

Fabrinet declared that its board has approved a share repurchase program on Monday, August 21st that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 21% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Several equities research analysts recently weighed in on FN shares. Needham & Company LLC boosted their target price on Fabrinet from $56.00 to $60.00 and gave the stock a “strong-buy” rating in a research note on Monday, June 26th. Zacks Investment Research upgraded Fabrinet from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. ValuEngine cut Fabrinet from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Stifel Nicolaus restated a “buy” rating on shares of Fabrinet in a research note on Tuesday, August 22nd. Finally, BidaskClub cut Fabrinet from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $50.93.

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Fabrinet 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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Institutional Ownership by Quarter for Fabrinet (NYSE:FN)

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