State Board of Administration of Florida Retirement System increased its position in shares of Fabrinet (NYSE:FN) by 15.2% during the second quarter, Holdings Channel reports. The firm owned 18,777 shares of the company’s stock after buying an additional 2,475 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.05% of Fabrinet worth $697,000 as of its most recent filing with the SEC.
Several other large investors also recently added to or reduced their stakes in FN. Bank of New York Mellon Corp raised its position in Fabrinet by 144.0% in the second quarter. Bank of New York Mellon Corp now owns 1,342,278 shares of the company’s stock worth $49,827,000 after buying an additional 792,108 shares during the last quarter. Summit Partners Public Asset Management LLC acquired a new position in Fabrinet during the first quarter worth approximately $10,999,000. Eagle Asset Management Inc. acquired a new position in Fabrinet during the second quarter worth approximately $6,677,000. Friess Associates LLC acquired a new position in Fabrinet during the first quarter worth approximately $4,594,000. Finally, Insight Capital Research & Management Inc. acquired a new position in Fabrinet during the second quarter worth approximately $4,810,000. 90.88% of the stock is owned by institutional investors.
Fabrinet (NYSE:FN) traded up 1.83% during mid-day trading on Friday, hitting $44.59. The company had a trading volume of 364,433 shares. The firm has a market capitalization of $1.61 billion, a PE ratio of 26.54 and a beta of 0.48. The company has a 50 day moving average of $41.51 and a 200 day moving average of $36.31. Fabrinet has a 1-year low of $18.56 and a 1-year high of $45.01.
Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, August 15th. The company reported $0.60 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.60. The company earned $276.40 million during the quarter, compared to analyst estimates of $262.95 million. Fabrinet had a return on equity of 13.07% and a net margin of 6.34%. The firm’s revenue was up 33.8% on a year-over-year basis. During the same quarter last year, the business posted $0.40 earnings per share. Analysts predict that Fabrinet will post $2.03 earnings per share for the current fiscal year.
FN has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 price target on shares of Fabrinet in a research report on Tuesday, August 30th. JPMorgan Chase & Co. upped their price target on Fabrinet from $42.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, August 16th. Piper Jaffray Cos. reiterated an “overweight” rating and set a $50.00 target price on shares of Fabrinet in a report on Tuesday, September 6th. Zacks Investment Research downgraded Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 5th. Finally, Stifel Nicolaus upped their target price on Fabrinet from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Tuesday, August 16th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Fabrinet presently has a consensus rating of “Buy” and an average price target of $47.68.
In other Fabrinet news, CEO David T. Mitchell sold 75,000 shares of the firm’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $39.95, for a total value of $2,996,250.00. Following the completion of the sale, the chief executive officer now owns 725,533 shares of the company’s stock, valued at $28,985,043.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Rollance E. Olson sold 5,000 shares of the firm’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $40.06, for a total transaction of $200,300.00. Following the completion of the sale, the director now directly owns 44,829 shares of the company’s stock, valued at approximately $1,795,849.74. The disclosure for this sale can be found here. 5.90% of the stock is currently owned by company insiders.
Fabrinet Company Profile
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of complex 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 entire 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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