Fabrinet (FN) Holdings Raised by Tygh Capital Management Inc.
Tygh Capital Management Inc. boosted its stake in shares of Fabrinet (NYSE:FN) by 25.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 156,420 shares of the technology company’s stock after purchasing an additional 31,727 shares during the quarter. Tygh Capital Management Inc. owned about 0.42% of Fabrinet worth $5,797,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Schwab Charles Investment Management Inc. boosted its position in 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 purchasing an additional 14,706 shares during the period. Royce & Associates LP boosted its position in shares of Fabrinet by 39.9% in the second quarter. Royce & Associates LP now owns 1,396,450 shares of the technology company’s stock valued at $59,573,000 after acquiring an additional 398,535 shares during the period. BlackRock Inc. boosted its position in shares of Fabrinet by 0.4% in the second quarter. BlackRock Inc. now owns 4,328,966 shares of the technology company’s stock valued at $184,673,000 after acquiring an additional 17,385 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of 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 acquiring an additional 1,178 shares during the period. Finally, Capital Management Associates NY boosted its position in shares of Fabrinet by 63.5% in the second quarter. Capital Management Associates NY now owns 10,300 shares of the technology company’s stock valued at $439,000 after acquiring an additional 4,000 shares during the period. 94.59% of the stock is owned by hedge funds and other institutional investors.
In other Fabrinet news, Director Thomas F. Kelly sold 30,000 shares of the stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $38.24, for a total transaction of $1,147,200.00. Following the completion of the transaction, the director now directly owns 64,635 shares in the company, valued at $2,471,642.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Harpal Gill sold 50,000 shares of the stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $39.07, for a total value of $1,953,500.00. Following the transaction, the chief operating officer now owns 194,193 shares of the company’s stock, valued at $7,587,120.51. The disclosure for this sale can be found here. Insiders sold 207,500 shares of company stock valued at $8,034,350 over the last 90 days. 3.30% of the stock is currently owned by corporate insiders.
Shares of Fabrinet (NYSE:FN) traded down $0.52 during midday trading on Tuesday, hitting $31.73. The company had a trading volume of 1,181,068 shares, compared to its average volume of 429,006. The company has a quick ratio of 1.80, a current ratio of 2.57 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $1,110.00, a price-to-earnings ratio of 12.55, a price-to-earnings-growth ratio of 0.97 and a beta of 1.03. Fabrinet has a twelve month low of $28.60 and a twelve month high of $49.63.
Fabrinet (NYSE:FN) last issued its earnings results on Monday, August 21st. The technology company reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.11). The firm had revenue of $370.50 million during the quarter, compared to analyst estimates of $363.41 million. Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. The business’s revenue for the quarter was up 34.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 earnings per share. equities analysts anticipate that Fabrinet will post 2.78 EPS for the current year.
Fabrinet declared that its board has initiated a stock repurchase program on Monday, August 21st that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the technology company to repurchase up to 21% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
Several research firms have recently weighed in on FN. B. Riley reissued a “buy” rating and issued a $44.75 price objective on shares of Fabrinet in a research report on Friday, August 18th. J P Morgan Chase & Co cut Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 price objective for the company. in a research report on Tuesday. Needham & Company LLC reduced their price objective on Fabrinet from $60.00 to $45.00 and set a “strong-buy” rating for the company in a research report on Tuesday. BidaskClub raised Fabrinet from a “sell” rating to a “hold” rating in a research report on Sunday, July 16th. Finally, ValuEngine upgraded Fabrinet from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $46.42.
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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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