Intrust Bank NA lifted its holdings in Fabrinet (NYSE:FN) by 77.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,781 shares of the technology company’s stock after acquiring an additional 3,822 shares during the period. Intrust Bank NA’s holdings in Fabrinet were worth $325,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in FN. YorkBridge Wealth Partners LLC lifted its holdings in shares of Fabrinet by 14.1% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 2,727 shares of the technology company’s stock valued at $117,000 after acquiring an additional 338 shares during the last quarter. Riverhead Capital Management LLC lifted its holdings in shares of Fabrinet by 68.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,864 shares of the technology company’s stock valued at $122,000 after acquiring an additional 1,164 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Fabrinet by 63.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,038 shares of the technology company’s stock valued at $129,000 after acquiring an additional 1,178 shares during the last quarter. Flinton Capital Management LLC lifted its holdings in shares of Fabrinet by 62.7% in the 2nd quarter. Flinton Capital Management LLC now owns 3,706 shares of the technology company’s stock valued at $158,000 after acquiring an additional 1,428 shares during the last quarter. Finally, Pinebridge Investments L.P. lifted its holdings in shares of Fabrinet by 2.0% in the 2nd quarter. Pinebridge Investments L.P. now owns 4,918 shares of the technology company’s stock valued at $210,000 after acquiring an additional 98 shares during the last quarter. 94.37% of the stock is owned by hedge funds and other institutional investors.
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Shares of Fabrinet (FN) opened at $31.14 on Tuesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.70 and a quick ratio of 1.85. Fabrinet has a 1 year low of $28.60 and a 1 year high of $49.63. The firm has a market cap of $1,169.38, a PE ratio of 12.39, a P/E/G ratio of 1.17 and a beta of 1.03.
Fabrinet (NYSE:FN) last issued its earnings results on Monday, August 21st. The technology company reported $0.72 EPS for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.11). The company had revenue of $370.50 million for the quarter, compared to analysts’ expectations of $363.41 million. Fabrinet had a return on equity of 14.35% and a net margin of 6.60%. The business’s revenue was up 34.0% compared to the same quarter last year. During the same period last year, the business posted $0.60 earnings per share. equities research analysts predict that Fabrinet will post 2.22 earnings per share for the current fiscal year.
Fabrinet declared that its Board of Directors has initiated a stock buyback plan on Monday, August 21st that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 21% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, insider David T. Mitchell sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $30.03, for a total transaction of $1,501,500.00. Following the transaction, the insider now directly owns 111,057 shares of the company’s stock, valued at $3,335,041.71. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Toh-Seng Ng sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $39.00, for a total transaction of $877,500.00. Following the transaction, the chief financial officer now directly owns 201,749 shares in the company, valued at $7,868,211. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 257,500 shares of company stock worth $9,535,850. Corporate insiders own 3.30% of the company’s stock.
FN has been the subject of a number of analyst reports. B. Riley reaffirmed a “buy” rating and issued a $46.50 price target on shares of Fabrinet in a report on Monday, August 28th. Piper Jaffray Companies reissued a “buy” rating on shares of Fabrinet in a research report on Friday. Needham & Company LLC reissued a “strong-buy” rating and issued a $60.00 price objective on shares of Fabrinet in a research report on Tuesday, August 22nd. BidaskClub lowered shares of Fabrinet from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, J P Morgan Chase & Co lowered shares of Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 price objective on the stock. in a research report on Tuesday, November 7th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $46.42.
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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