Delta Investment Management LLC Purchases Shares of 37,332 Fabrinet (FN)
Delta Investment Management LLC purchased a new position in shares of Fabrinet (NYSE:FN) during the first quarter, Holdings Channel reports. The firm purchased 37,332 shares of the technology company’s stock, valued at approximately $1,954,000.
Several other large investors have also modified their holdings of FN. FMR LLC lifted its holdings in Fabrinet by 79.2% in the fourth quarter. FMR LLC now owns 2,740,360 shares of the technology company’s stock valued at $140,608,000 after buying an additional 1,211,028 shares during the period. Norges Bank acquired a new position in Fabrinet in the fourth quarter valued at $17,661,000. JPMorgan Chase & Co. lifted its holdings in Fabrinet by 156.0% in the third quarter. JPMorgan Chase & Co. now owns 563,241 shares of the technology company’s stock valued at $26,056,000 after buying an additional 343,213 shares during the period. Canada Pension Plan Investment Board lifted its holdings in Fabrinet by 282.4% in the fourth quarter. Canada Pension Plan Investment Board now owns 288,700 shares of the technology company’s stock valued at $14,812,000 after buying an additional 213,200 shares during the period. Finally, Robeco Institutional Asset Management B.V. acquired a new position in Fabrinet in the first quarter valued at $8,955,000. Institutional investors own 97.19% of the company’s stock.
Shares of NYSE:FN traded up $0.62 during midday trading on Wednesday, hitting $57.96. 1,381 shares of the company’s stock were exchanged, compared to its average volume of 371,907. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.23 and a quick ratio of 2.30. The company has a market cap of $2.09 billion, a PE ratio of 19.38, a PEG ratio of 1.34 and a beta of 0.63. Fabrinet has a 12 month low of $34.27 and a 12 month high of $62.31.
Several brokerages have recently weighed in on FN. Zacks Investment Research upgraded shares of Fabrinet from a “hold” rating to a “buy” rating and set a $66.00 price objective on the stock in a report on Monday. Needham & Company LLC upped their price objective on shares of Fabrinet from $62.00 to $68.00 and gave the company a “buy” rating in a report on Monday, May 6th. Piper Jaffray Companies upped their price objective on shares of Fabrinet from $56.00 to $61.00 and gave the company an “overweight” rating in a report on Thursday, January 24th. Finally, ValuEngine upgraded shares of Fabrinet from a “hold” rating to a “buy” rating in a report on Saturday, April 13th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $56.50.
In other news, Director Thomas F. Kelly sold 3,000 shares of the business’s stock in a transaction dated Thursday, February 14th. The shares were sold at an average price of $54.79, for a total transaction of $164,370.00. Following the completion of the sale, the director now directly owns 41,323 shares of the company’s stock, valued at $2,264,087.17. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director David T. Mitchell sold 30,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $60.02, for a total transaction of $1,800,600.00. Following the sale, the director now directly owns 73,748 shares of the company’s stock, valued at $4,426,354.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 132,518 shares of company stock valued at $7,506,054. 1.90% of the stock is currently owned by insiders.
Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.
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