BlackRock Inc. increased its position in shares of Fabrinet (NYSE:FN) by 2.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,366,878 shares of the technology company’s stock after acquiring an additional 139,336 shares during the quarter. BlackRock Inc. owned about 14.54% of Fabrinet worth $275,376,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in Fabrinet by 52.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,092,082 shares of the technology company’s stock worth $40,288,000 after buying an additional 375,901 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Fabrinet by 39.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 29,767 shares of the technology company’s stock worth $1,377,000 after buying an additional 8,434 shares in the last quarter. Victory Capital Management Inc. increased its stake in Fabrinet by 298.6% during the 3rd quarter. Victory Capital Management Inc. now owns 11,146 shares of the technology company’s stock worth $516,000 after buying an additional 8,350 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Fabrinet during the 3rd quarter worth approximately $507,000. Finally, Stone Ridge Asset Management LLC increased its stake in Fabrinet by 41.4% during the 3rd quarter. Stone Ridge Asset Management LLC now owns 8,700 shares of the technology company’s stock worth $402,000 after buying an additional 2,549 shares in the last quarter. 95.97% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director David T. Mitchell sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, February 7th. The stock was sold at an average price of $52.49, for a total value of $1,574,700.00. Following the transaction, the director now directly owns 73,748 shares in the company, valued at $3,871,032.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas F. Kelly sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, February 14th. The shares were sold at an average price of $54.79, for a total value of $164,370.00. Following the completion of the transaction, the director now owns 41,323 shares in the company, valued at $2,264,087.17. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 102,518 shares of company stock worth $5,703,054. Insiders own 1.90% of the company’s stock.
Several equities research analysts have commented on the company. Zacks Investment Research lowered Fabrinet from a “buy” rating to a “hold” rating and set a $58.00 price objective for the company. in a research note on Thursday, January 24th. Piper Jaffray Companies boosted their target price on Fabrinet from $56.00 to $61.00 and gave the stock an “overweight” rating in a report on Thursday, January 24th. Finally, Needham & Company LLC restated a “buy” rating and set a $62.00 target price (up from $58.00) on shares of Fabrinet in a report on Tuesday, December 18th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $53.17.
Shares of Fabrinet stock opened at $55.12 on Friday. The company has a market cap of $2.07 billion, a PE ratio of 18.50, a P/E/G ratio of 1.33 and a beta of 0.60. Fabrinet has a 1-year low of $27.69 and a 1-year high of $59.94. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.26 and a current ratio of 3.19.
Fabrinet (NYSE:FN) last issued its earnings results on Monday, February 4th. The technology company reported $0.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.05. The business had revenue of $403.10 million for the quarter, compared to analysts’ expectations of $386.22 million. Fabrinet had a return on equity of 14.91% and a net margin of 7.08%. The business’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.72 EPS. As a group, analysts expect that Fabrinet will post 3.22 earnings per share for the current fiscal year.
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Fabrinet Company Profile
Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.
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