Mckinley Capital Management LLC Delaware Has $255,000 Position in Fabrinet (FN)
Mckinley Capital Management LLC Delaware lowered its position in shares of Fabrinet (NYSE:FN) by 96.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,973 shares of the technology company’s stock after selling 166,914 shares during the quarter. Mckinley Capital Management LLC Delaware’s holdings in Fabrinet were worth $255,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in Fabrinet by 0.4% during the second quarter. BlackRock Inc. now owns 4,328,966 shares of the technology company’s stock worth $184,673,000 after purchasing an additional 17,385 shares during the last quarter. FMR LLC raised its stake in Fabrinet by 31.8% during the second quarter. FMR LLC now owns 2,772,212 shares of the technology company’s stock worth $118,262,000 after purchasing an additional 669,201 shares during the period. Dimensional Fund Advisors LP raised its stake in Fabrinet by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,027,764 shares of the technology company’s stock worth $86,506,000 after purchasing an additional 5,583 shares during the period. Vanguard Group Inc. raised its stake in Fabrinet by 4.8% during the second quarter. Vanguard Group Inc. now owns 1,984,041 shares of the technology company’s stock worth $84,640,000 after purchasing an additional 90,477 shares during the period. Finally, Congress Asset Management Co. MA raised its stake in Fabrinet by 23.6% during the second quarter. Congress Asset Management Co. MA now owns 1,727,179 shares of the technology company’s stock worth $73,681,000 after purchasing an additional 330,178 shares during the period. 93.93% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on FN. Needham & Company LLC boosted their price objective on shares of Fabrinet from $56.00 to $60.00 and gave the company a “strong-buy” rating in a research note on Monday, June 26th. Zacks Investment Research raised Fabrinet from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. ValuEngine raised Fabrinet from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Stifel Nicolaus reiterated a “buy” rating on shares of Fabrinet in a report on Tuesday, August 22nd. Finally, BidaskClub cut Fabrinet from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. Fabrinet presently has a consensus rating of “Hold” and an average price target of $50.93.
Fabrinet (NYSE:FN) opened at 37.06 on Monday. Fabrinet has a 52 week low of $31.97 and a 52 week high of $49.63. The stock has a 50 day moving average of $39.82 and a 200-day moving average of $39.83. The stock has a market cap of $1.38 billion, a P/E ratio of 14.42 and a beta of 1.15.
Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, August 21st. The technology company reported $0.72 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.11). Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. The firm had revenue of $370.50 million during the quarter, compared to the consensus estimate of $363.41 million. During the same period in the previous year, the firm posted $0.60 EPS. The company’s quarterly revenue was up 34.0% compared to the same quarter last year. Analysts forecast that Fabrinet will post $3.46 earnings per share for the current year.
Fabrinet declared that its board has authorized a stock buyback plan on Monday, August 21st that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 21% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
In other news, CEO David T. Mitchell sold 105,000 shares of the stock in a transaction on Friday, August 25th. The shares were sold at an average price of $38.63, for a total transaction of $4,056,150.00. Following the transaction, the chief executive officer now owns 111,057 shares in the company, valued at approximately $4,290,131.91. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Toh-Seng Ng sold 22,500 shares of the stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $39.00, for a total transaction of $877,500.00. Following the transaction, the chief financial officer now owns 201,749 shares in the company, valued at approximately $7,868,211. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 207,500 shares of company stock worth $8,034,350. Insiders own 4.30% of the company’s stock.
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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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