Fabrinet (FN) Shares Bought by HighTower Advisors LLC
HighTower Advisors LLC grew its stake in shares of Fabrinet (NYSE:FN) by 27.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 12,686 shares of the technology company’s stock after purchasing an additional 2,755 shares during the period. HighTower Advisors LLC’s holdings in Fabrinet were worth $536,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of FN. State Board of Administration of Florida Retirement System boosted its position in shares of Fabrinet by 17.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 16,537 shares of the technology company’s stock worth $695,000 after purchasing an additional 2,404 shares in the last quarter. Swiss National Bank boosted its position in shares of Fabrinet by 2.0% in the 1st quarter. Swiss National Bank now owns 51,640 shares of the technology company’s stock worth $2,170,000 after buying an additional 1,000 shares in the last quarter. Karp Capital Management Corp purchased a new stake in shares of Fabrinet in the 1st quarter worth about $237,000. Parametric Portfolio Associates LLC boosted its position in shares of Fabrinet by 9.6% in the 1st quarter. Parametric Portfolio Associates LLC now owns 42,081 shares of the technology company’s stock worth $1,769,000 after buying an additional 3,699 shares in the last quarter. Finally, Ameritas Investment Partners Inc. purchased a new stake in shares of Fabrinet in the 1st quarter worth about $127,000. Institutional investors own 93.84% of the company’s stock.
In related news, CEO David T. Mitchell sold 105,000 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now owns 111,057 shares in the company, valued at approximately $4,290,131.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Toh-Seng Ng sold 22,500 shares of the stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $39.00, for a total value of $877,500.00. Following the completion of the transaction, the chief financial officer now owns 201,749 shares of the company’s stock, valued at approximately $7,868,211. The disclosure for this sale can be found here. Insiders sold a total of 207,500 shares of company stock valued at $8,034,350 in the last quarter. 4.30% of the stock is currently owned by corporate insiders.
Several equities research analysts recently commented on the stock. BidaskClub lowered shares of Fabrinet from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Stifel Nicolaus reiterated a “buy” rating and issued a $48.00 price objective on shares of Fabrinet in a research report on Friday, July 14th. Zacks Investment Research upgraded shares of Fabrinet from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. ValuEngine upgraded shares of Fabrinet from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Finally, B. Riley reiterated a “buy” rating and issued a $44.75 price objective on shares of Fabrinet in a research report on Friday, August 18th. Two 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 company has an average rating of “Hold” and a consensus target price of $51.58.
Shares of Fabrinet (NYSE FN) opened at 36.49 on Wednesday. Fabrinet has a 52-week low of $31.97 and a 52-week high of $49.63. The company has a 50 day moving average of $37.50 and a 200 day moving average of $39.20. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of 14.20 and a beta of 1.15.
Fabrinet (NYSE:FN) last announced its earnings results on Monday, August 21st. The technology company reported $0.72 earnings per share 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 for the quarter, compared to the consensus estimate of $363.41 million. During the same period in the prior year, the business earned $0.60 EPS. The company’s quarterly revenue was up 34.0% compared to the same quarter last year. Analysts predict that Fabrinet will post $3.46 EPS for the current fiscal year.
Fabrinet declared that its board has authorized a share buyback plan on Monday, August 21st that authorizes the company to repurchase $30.00 million in shares. This repurchase authorization authorizes the technology company to buy up to 21% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
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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