Paloma Partners Management Co Takes Position in Fabrinet (FN)
Paloma Partners Management Co bought a new stake in shares of Fabrinet (NYSE:FN) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 13,306 shares of the technology company’s stock, valued at approximately $559,000.
A number of other institutional investors have also added to or reduced their stakes in FN. BlackRock Inc. boosted its stake in shares of Fabrinet by 60,498.5% in the first quarter. BlackRock Inc. now owns 4,311,581 shares of the technology company’s stock valued at $181,218,000 after buying an additional 4,304,466 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Fabrinet by 6.9% in the first quarter. Vanguard Group Inc. now owns 1,893,564 shares of the technology company’s stock valued at $79,586,000 after buying an additional 121,411 shares during the last quarter. Congress Asset Management Co. MA purchased a new stake in shares of Fabrinet during the first quarter valued at approximately $58,716,000. Royce & Associates LP boosted its stake in shares of Fabrinet by 372.7% in the first quarter. Royce & Associates LP now owns 997,915 shares of the technology company’s stock valued at $41,942,000 after buying an additional 786,799 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Fabrinet by 8.4% in the first quarter. State Street Corp now owns 812,262 shares of the technology company’s stock valued at $34,135,000 after buying an additional 63,277 shares during the last quarter. 94.22% of the stock is currently owned by institutional investors.
Shares of Fabrinet (NYSE FN) opened at 44.98 on Monday. Fabrinet has a 12 month low of $31.97 and a 12 month high of $49.63. The firm’s 50-day moving average price is $37.95 and its 200-day moving average price is $39.72. The company has a market cap of $1.68 billion, a PE ratio of 18.91 and a beta of 1.07.
Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, May 8th. The technology company reported $0.57 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.74 by $0.17. The company had revenue of $366.80 million during the quarter, compared to the consensus estimate of $362.07 million. Fabrinet had a net margin of 6.74% and a return on equity of 14.95%. The firm’s revenue for the quarter was up 46.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.56 earnings per share. Equities analysts predict that Fabrinet will post $3.36 EPS for the current fiscal year.
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Several equities research analysts recently commented on the company. B. Riley reissued a “buy” rating and issued a $44.75 price target on shares of Fabrinet in a research note on Thursday, May 4th. Stifel Nicolaus reissued a “buy” rating and issued a $48.00 price target on shares of Fabrinet in a research note on Friday. BidaskClub raised Fabrinet from a “sell” rating to a “hold” rating in a research note on Sunday. J P Morgan Chase & Co set a $57.00 price target on Fabrinet and gave the company a “buy” rating in a research note on Thursday, June 1st. Finally, Needham & Company LLC boosted their price target on Fabrinet from $56.00 to $60.00 and gave the company a “strong-buy” rating in a research note on Monday, June 26th. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $52.46.
In other news, CEO David T. Mitchell sold 75,000 shares of Fabrinet stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $34.73, for a total transaction of $2,604,750.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David T. Mitchell sold 52,500 shares of Fabrinet stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $41.22, for a total value of $2,164,050.00. Following the transaction, the chief executive officer now owns 42,631 shares of the company’s stock, valued at $1,757,249.82. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 180,000 shares of company stock valued at $6,712,350. Corporate insiders own 4.30% of the company’s stock.
Fabrinet Company 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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