Renaissance Group LLC Purchases New Stake in Fabrinet (FN)
Renaissance Group LLC purchased a new stake in shares of Fabrinet (NYSE:FN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,584 shares of the technology company’s stock, valued at approximately $494,000.
A number of other institutional investors also recently bought and sold shares of FN. Tower Research Capital LLC TRC raised its position in Fabrinet by 1.9% in the first quarter. Tower Research Capital LLC TRC now owns 2,608 shares of the technology company’s stock valued at $110,000 after buying an additional 48 shares during the last quarter. Quantbot Technologies LP increased its stake in Fabrinet by 55.0% in the first quarter. Quantbot Technologies LP now owns 2,755 shares of the technology company’s stock valued at $115,000 after buying an additional 978 shares during the period. Ameritas Investment Partners Inc. acquired a new stake in Fabrinet during the first quarter valued at approximately $127,000. PNC Financial Services Group Inc. increased its stake in Fabrinet by 63.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,038 shares of the technology company’s stock valued at $129,000 after buying an additional 1,178 shares during the period. Finally, LS Investment Advisors LLC increased its stake in Fabrinet by 196.1% in the first quarter. LS Investment Advisors LLC now owns 3,903 shares of the technology company’s stock valued at $164,000 after buying an additional 2,585 shares during the period. Institutional investors own 94.02% of the company’s stock.
Shares of Fabrinet (FN) opened at 38.57 on Wednesday. The stock has a market capitalization of $1.44 billion, a P/E ratio of 15.01 and a beta of 1.08. Fabrinet has a 12-month low of $31.97 and a 12-month high of $49.63. The firm’s 50-day moving average is $43.04 and its 200 day moving average is $40.69.
Fabrinet (NYSE:FN) last posted its earnings results on Monday, August 21st. The technology company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.83 by $0.11. The company had revenue of $370.50 million for the quarter, compared to analyst estimates of $363.41 million. Fabrinet had a return on equity of 15.32% and a net margin of 6.84%. The firm’s revenue was up 34.0% on a year-over-year basis. During the same period last year, the business earned $0.60 earnings per share. On average, equities research analysts forecast that Fabrinet will post $3.46 EPS for the current fiscal year.
Fabrinet announced that its Board of Directors has approved a stock repurchase plan on Monday, August 21st that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 21% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
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FN has been the topic of several recent research reports. Zacks Investment Research downgraded shares of Fabrinet from a “hold” rating to a “sell” rating in a report on Tuesday, May 2nd. Needham & Company LLC upped their price objective on shares of Fabrinet from $56.00 to $60.00 and gave the company a “strong-buy” rating in a report on Monday, June 26th. Piper Jaffray Companies reaffirmed an “overweight” rating on shares of Fabrinet in a report on Wednesday, May 10th. ValuEngine downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, BidaskClub downgraded shares of Fabrinet from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Fabrinet has a consensus rating of “Buy” and a consensus price target of $50.93.
In other Fabrinet news, CEO David T. Mitchell sold 105,000 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $38.63, for a total value of $4,056,150.00. Following the sale, the chief executive officer now directly owns 111,057 shares of the company’s stock, valued at $4,290,131.91. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO David T. Mitchell sold 52,500 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $41.22, for a total value of $2,164,050.00. Following the completion of the sale, the chief executive officer now directly owns 42,631 shares in the company, valued at $1,757,249.82. The disclosure for this sale can be found here. Over the last three months, insiders sold 210,000 shares of company stock worth $8,163,750. 4.30% of the stock is owned by corporate insiders.
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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