Neumeier Poma Investment Counsel LLC Trims Position in Fabrinet (FN)

Neumeier Poma Investment Counsel LLC cut its position in shares of Fabrinet (NYSE:FN) by 11.8% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 603,835 shares of the technology company’s stock after selling 81,115 shares during the quarter. Fabrinet accounts for 3.0% of Neumeier Poma Investment Counsel LLC’s investment portfolio, making the stock its 16th biggest holding. Neumeier Poma Investment Counsel LLC owned approximately 1.62% of Fabrinet worth $25,760,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of FN. State Board of Administration of Florida Retirement System raised its holdings in Fabrinet by 17.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 16,537 shares of the technology company’s stock worth $695,000 after purchasing an additional 2,404 shares during the last quarter. Suntrust Banks Inc. raised its holdings in Fabrinet by 32.3% during the first quarter. Suntrust Banks Inc. now owns 7,792 shares of the technology company’s stock worth $327,000 after purchasing an additional 1,904 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in Fabrinet by 12.5% during the first quarter. BNP Paribas Arbitrage SA now owns 6,941 shares of the technology company’s stock worth $292,000 after purchasing an additional 769 shares during the last quarter. Comerica Bank raised its holdings in Fabrinet by 9.4% during the first quarter. Comerica Bank now owns 42,784 shares of the technology company’s stock worth $1,521,000 after purchasing an additional 3,660 shares during the last quarter. Finally, LS Investment Advisors LLC raised its holdings in Fabrinet by 196.1% during the first quarter. LS Investment Advisors LLC now owns 3,903 shares of the technology company’s stock worth $164,000 after purchasing an additional 2,585 shares during the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Fabrinet (NYSE:FN) traded down 0.08% during trading on Friday, reaching $37.81. The company’s stock had a trading volume of 619,427 shares. Fabrinet has a 52 week low of $31.97 and a 52 week high of $49.63. The firm has a market capitalization of $1.41 billion, a P/E ratio of 14.71 and a beta of 1.14. The firm has a 50-day moving average price of $40.23 and a 200-day moving average price of $39.91.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, August 21st. The technology company reported $0.72 EPS 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 company had revenue of $370.50 million for the quarter, compared to analyst estimates of $363.41 million. During the same quarter last year, the company posted $0.60 EPS. Fabrinet’s revenue was up 34.0% on a year-over-year basis. On average, equities analysts anticipate that Fabrinet will post $3.46 EPS for the current fiscal year.

Fabrinet announced that its Board of Directors has approved a share repurchase plan on Monday, August 21st that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 21% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

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Several brokerages recently issued reports on FN. BidaskClub cut Fabrinet from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Stifel Nicolaus reissued a “buy” rating and set a $48.00 price target on shares of Fabrinet in a research report on Friday, July 14th. Zacks Investment Research raised Fabrinet from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. ValuEngine raised Fabrinet from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Finally, B. Riley reissued a “buy” rating and set a $44.75 price target on shares of Fabrinet in a research report on Friday, August 18th. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $50.93.

In other news, COO Harpal Gill sold 50,000 shares of the stock in a transaction 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 completion of the sale, the chief operating officer now owns 194,193 shares in the company, valued at approximately $7,587,120.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Toh-Seng Ng sold 22,500 shares of the stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $39.00, for a total value of $877,500.00. Following the sale, the chief financial officer now owns 201,749 shares of the company’s stock, valued at approximately $7,868,211. The disclosure for this sale can be found here. Insiders have sold a total of 260,000 shares of company stock valued at $10,198,400 in the last quarter. Insiders own 4.30% of the company’s stock.

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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