Hillcrest Asset Management LLC acquired a new position in shares of Fabrinet (NYSE:FN) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 201,164 shares of the technology company’s stock, valued at approximately $6,419,000.
Several other large investors also recently bought and sold shares of the company. California Public Employees Retirement System lifted its position in Fabrinet by 1.2% during the fourth quarter. California Public Employees Retirement System now owns 138,678 shares of the technology company’s stock valued at $3,980,000 after purchasing an additional 1,700 shares during the period. Rhumbline Advisers lifted its position in Fabrinet by 2.6% during the third quarter. Rhumbline Advisers now owns 69,542 shares of the technology company’s stock valued at $2,577,000 after purchasing an additional 1,768 shares during the period. Oppenheimer Asset Management Inc. lifted its position in Fabrinet by 7.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 25,287 shares of the technology company’s stock valued at $937,000 after purchasing an additional 1,804 shares during the period. Jefferies Group LLC lifted its position in Fabrinet by 34.3% during the fourth quarter. Jefferies Group LLC now owns 7,661 shares of the technology company’s stock valued at $220,000 after purchasing an additional 1,958 shares during the period. Finally, Russell Investments Group Ltd. lifted its position in Fabrinet by 139.7% during the third quarter. Russell Investments Group Ltd. now owns 4,821 shares of the technology company’s stock valued at $179,000 after purchasing an additional 2,810 shares during the period. Institutional investors and hedge funds own 94.61% of the company’s stock.
A number of research firms recently issued reports on FN. ValuEngine downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Needham & Company LLC restated a “strong-buy” rating and set a $40.00 target price (down from $45.00) on shares of Fabrinet in a research report on Tuesday, February 6th. Northland Securities set a $37.00 target price on shares of Fabrinet and gave the company a “buy” rating in a research report on Monday, January 29th. Finally, Stifel Nicolaus decreased their target price on shares of Fabrinet from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, January 24th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $41.25.
Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, February 5th. The technology company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. The business had revenue of $337.10 million during the quarter, compared to the consensus estimate of $329.41 million. Fabrinet had a net margin of 6.24% and a return on equity of 12.96%. The company’s revenue was down 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.91 earnings per share. sell-side analysts expect that Fabrinet will post 2.12 EPS for the current year.
Fabrinet announced that its board has approved a share repurchase program on Monday, February 5th that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
In other news, insider David T. Mitchell sold 90,020 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $29.29, for a total transaction of $2,636,685.80. Following the completion of the sale, the insider now owns 111,057 shares of the company’s stock, valued at $3,252,859.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank H. Levinson bought 10,000 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were bought at an average cost of $28.33 per share, with a total value of $283,300.00. Following the purchase, the director now directly owns 72,361 shares of the company’s stock, valued at $2,049,987.13. The disclosure for this purchase can be found here. In the last quarter, insiders sold 240,442 shares of company stock valued at $7,130,099. Insiders own 3.30% of the company’s stock.
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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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