Fabrinet (FN) CEO Sells $313,414.74 in Stock

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Fabrinet (NYSE:FN) CEO Seamus Grady sold 6,081 shares of the firm’s stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $51.54, for a total value of $313,414.74. Following the transaction, the chief executive officer now owns 67,726 shares in the company, valued at approximately $3,490,598.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Shares of NYSE:FN traded up $0.55 during trading on Friday, hitting $52.18. 318,806 shares of the company’s stock traded hands, compared to its average volume of 478,521. Fabrinet has a 52 week low of $24.02 and a 52 week high of $54.70. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.00 and a quick ratio of 2.09. The stock has a market capitalization of $1.83 billion, a PE ratio of 17.51, a price-to-earnings-growth ratio of 1.23 and a beta of 0.68.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, November 5th. The technology company reported $0.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.24. Fabrinet had a return on equity of 13.53% and a net margin of 6.54%. The business had revenue of $377.00 million for the quarter, compared to analysts’ expectations of $352.28 million. During the same quarter in the previous year, the business posted $0.75 EPS. Fabrinet’s revenue for the quarter was up 5.5% on a year-over-year basis. On average, research analysts expect that Fabrinet will post 3.12 earnings per share for the current year.

Large investors have recently added to or reduced their stakes in the company. Systematic Financial Management LP acquired a new stake in Fabrinet in the 2nd quarter valued at approximately $1,434,000. State Board of Administration of Florida Retirement System raised its position in Fabrinet by 19.5% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 17,850 shares of the technology company’s stock valued at $658,000 after buying an additional 2,910 shares during the last quarter. Bank of New York Mellon Corp raised its position in Fabrinet by 52.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,092,082 shares of the technology company’s stock valued at $40,288,000 after buying an additional 375,901 shares during the last quarter. Seven Eight Capital LP acquired a new stake in Fabrinet in the 3rd quarter valued at approximately $546,000. Finally, Engineers Gate Manager LP acquired a new stake in Fabrinet in the 3rd quarter valued at approximately $2,232,000. Institutional investors and hedge funds own 99.85% of the company’s stock.

A number of brokerages have issued reports on FN. Zacks Investment Research cut Fabrinet from a “buy” rating to a “hold” rating in a report on Friday, August 24th. Needham & Company LLC cut Fabrinet from a “strong-buy” rating to a “buy” rating and raised their target price for the stock from $45.00 to $55.00 in a report on Tuesday, August 21st. They noted that the move was a valuation call. Piper Jaffray Companies upgraded Fabrinet to an “overweight” rating and set a $56.00 target price on the stock in a report on Tuesday, November 6th. B. Riley raised their target price on Fabrinet from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, August 16th. Finally, ValuEngine upgraded Fabrinet from a “sell” rating to a “hold” rating in a report on Wednesday, August 8th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $50.17.

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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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