Fabrinet (FN) Shares Bought by BlackRock Inc.
BlackRock Inc. raised its stake in Fabrinet (NYSE:FN) by 0.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,328,966 shares of the technology company’s stock after purchasing an additional 17,385 shares during the period. BlackRock Inc. owned 11.60% of Fabrinet worth $184,673,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Schwab Charles Investment Management Inc. increased its position in shares of Fabrinet by 7.9% during the first quarter. Schwab Charles Investment Management Inc. now owns 200,746 shares of the technology company’s stock worth $8,438,000 after acquiring an additional 14,706 shares in the last quarter. Royce & Associates LP increased its position in shares of Fabrinet by 39.9% during the second quarter. Royce & Associates LP now owns 1,396,450 shares of the technology company’s stock worth $59,573,000 after acquiring an additional 398,535 shares in the last quarter. Karp Capital Management Corp bought a new stake in shares of Fabrinet during the first quarter worth about $237,000. Prudential Financial Inc. increased its position in shares of Fabrinet by 0.4% during the first quarter. Prudential Financial Inc. now owns 64,329 shares of the technology company’s stock worth $2,704,000 after acquiring an additional 270 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Fabrinet by 63.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,038 shares of the technology company’s stock worth $129,000 after acquiring an additional 1,178 shares in the last quarter. 93.84% of the stock is owned by hedge funds and other institutional investors.
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In other Fabrinet news, CEO David T. Mitchell sold 105,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 111,057 shares in the company, valued at approximately $4,290,131.91. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Thomas F. Kelly sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $38.24, for a total transaction of $1,147,200.00. Following the sale, the director now owns 64,635 shares of the company’s stock, valued at $2,471,642.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 207,500 shares of company stock valued at $8,034,350. 4.30% of the stock is owned by company insiders.
Several research firms have recently commented on FN. B. Riley reissued a “buy” rating and set a $46.50 target price on shares of Fabrinet in a research report on Wednesday, August 23rd. ValuEngine downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. Northland Securities set a $50.00 target price on shares of Fabrinet and gave the stock a “buy” rating in a research report on Tuesday, August 22nd. Piper Jaffray Companies reissued an “overweight” rating and set a $51.00 target price (down from $55.00) on shares of Fabrinet in a research report on Tuesday, August 22nd. Finally, J P Morgan Chase & Co reissued an “overweight” rating and set a $54.00 target price (down from $57.00) on shares of Fabrinet in a research report on Tuesday, August 22nd. Two 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. The stock has a consensus rating of “Hold” and an average target price of $51.58.
Fabrinet (NYSE FN) opened at 37.52 on Wednesday. Fabrinet has a 12-month low of $31.97 and a 12-month high of $49.63. The stock has a market capitalization of $1.40 billion, a PE ratio of 14.60 and a beta of 1.15. The company’s 50-day moving average is $37.65 and its 200 day moving average is $39.35.
Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, August 21st. The technology company reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.11). The firm had revenue of $370.50 million for the quarter, compared to the consensus estimate of $363.41 million. Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. The firm’s revenue for the quarter was up 34.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.60 earnings per share. On average, equities research analysts expect that Fabrinet will post $3.46 earnings per share for the current fiscal year.
Fabrinet announced that its board has authorized a share repurchase plan on Monday, August 21st that permits the company to buyback $30.00 million in shares. This buyback authorization permits the technology company to purchase up to 21% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
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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