Voya Investment Management LLC raised its position in Fabrinet (NYSE:FN) by 7.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,572 shares of the technology company’s stock after purchasing an additional 1,169 shares during the period. Voya Investment Management LLC’s holdings in Fabrinet were worth $707,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. Riverhead Capital Management LLC lifted its holdings in shares of Fabrinet by 68.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,864 shares of the technology company’s stock worth $122,000 after acquiring an additional 1,164 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Fabrinet by 63.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,038 shares of the technology company’s stock worth $129,000 after acquiring an additional 1,178 shares during the period. Independence Advisors LLC purchased a new position in shares of Fabrinet during the 2nd quarter worth about $440,000. Pinebridge Investments L.P. lifted its holdings in shares of Fabrinet by 2.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 4,918 shares of the technology company’s stock worth $210,000 after acquiring an additional 98 shares during the period. Finally, Intrust Bank NA purchased a new position in shares of Fabrinet during the 2nd quarter worth about $211,000. Institutional investors own 93.71% of the company’s stock.
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In other news, CEO David T. Mitchell sold 105,000 shares of Fabrinet stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $38.63, for a total transaction of $4,056,150.00. Following the completion of the sale, the chief executive officer now directly owns 111,057 shares in the company, valued at approximately $4,290,131.91. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Harpal Gill sold 50,000 shares of Fabrinet stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $39.07, for a total value of $1,953,500.00. Following the sale, the chief operating officer now owns 194,193 shares of the company’s stock, valued at $7,587,120.51. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 207,500 shares of company stock valued at $8,034,350. 3.30% of the stock is owned by corporate insiders.
Several research analysts have recently weighed in on FN shares. B. Riley reiterated a “buy” rating and set a $46.50 price objective on shares of Fabrinet in a report on Monday, August 28th. BidaskClub upgraded shares of Fabrinet from a “sell” rating to a “hold” rating in a report on Sunday, July 16th. Needham & Company LLC reiterated a “strong-buy” rating and set a $60.00 price objective on shares of Fabrinet in a report on Tuesday, August 22nd. Piper Jaffray Companies reiterated an “overweight” rating and set a $51.00 price objective (down from $55.00) on shares of Fabrinet in a report on Tuesday, August 22nd. Finally, Zacks Investment Research lowered shares of Fabrinet from a “hold” rating to a “sell” rating in a report on Thursday, August 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $51.58.
Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, August 21st. The technology company reported $0.72 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.11). The firm had revenue of $370.50 million for the quarter, compared to analyst estimates of $363.41 million. Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. The firm’s quarterly revenue was up 34.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.60 earnings per share.
Fabrinet announced that its Board of Directors has initiated a stock buyback plan on Monday, August 21st that permits the company to buyback $30.00 million in shares. This buyback authorization permits the technology company to repurchase up to 21% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are 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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