Fabrinet (NYSE:FN) was the target of a large drop in short interest in August. As of August 31st, there was short interest totalling 1,116,100 shares, a drop of 6.7% from the July 31st total of 1,195,700 shares. Currently, 3.1% of the company’s stock are short sold. Based on an average daily volume of 405,000 shares, the days-to-cover ratio is presently 2.8 days.

Shares of NYSE FN traded up $0.47 during trading on Friday, reaching $55.98. 311,126 shares of the company traded hands, compared to its average volume of 564,446. The company has a quick ratio of 2.33, a current ratio of 3.27 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $2.05 billion, a PE ratio of 16.71, a P/E/G ratio of 1.31 and a beta of 1.10. The firm has a 50 day simple moving average of $52.24 and a 200-day simple moving average of $52.83. Fabrinet has a 52-week low of $40.94 and a 52-week high of $62.31.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, August 19th. The technology company reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.09. The company had revenue of $405.10 million for the quarter, compared to the consensus estimate of $399.22 million. Fabrinet had a net margin of 7.63% and a return on equity of 15.40%. The firm’s revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.81 earnings per share. As a group, research analysts predict that Fabrinet will post 3.26 EPS for the current year.

In other news, Director David T. Mitchell sold 30,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $53.83, for a total transaction of $1,614,900.00. Following the sale, the director now owns 73,748 shares of the company’s stock, valued at approximately $3,969,854.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Toh-Seng Ng sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $53.70, for a total transaction of $268,500.00. Following the sale, the chief financial officer now directly owns 64,963 shares in the company, valued at approximately $3,488,513.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 100,206 shares of company stock valued at $5,228,270. 1.90% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Magnus Financial Group LLC boosted its holdings in shares of Fabrinet by 4.8% in the first quarter. Magnus Financial Group LLC now owns 4,356 shares of the technology company’s stock worth $228,000 after buying an additional 200 shares during the last quarter. USA Financial Portformulas Corp boosted its holdings in shares of Fabrinet by 8.2% in the second quarter. USA Financial Portformulas Corp now owns 3,308 shares of the technology company’s stock worth $173,000 after buying an additional 251 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Fabrinet by 1.8% in the first quarter. Oregon Public Employees Retirement Fund now owns 14,266 shares of the technology company’s stock worth $747,000 after buying an additional 258 shares during the last quarter. Miles Capital Inc. boosted its holdings in shares of Fabrinet by 6.2% in the second quarter. Miles Capital Inc. now owns 4,762 shares of the technology company’s stock worth $237,000 after buying an additional 278 shares during the last quarter. Finally, Arizona State Retirement System boosted its holdings in shares of Fabrinet by 0.5% in the second quarter. Arizona State Retirement System now owns 57,136 shares of the technology company’s stock worth $2,838,000 after buying an additional 291 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors.

FN has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Fabrinet in a report on Monday, July 29th. They set a “neutral” rating and a $57.00 price target on the stock. Stifel Nicolaus dropped their price target on shares of Fabrinet from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, August 20th. Piper Jaffray Companies dropped their price target on shares of Fabrinet to $64.00 and set an “overweight” rating on the stock in a report on Tuesday, August 20th. Zacks Investment Research downgraded shares of Fabrinet from a “hold” rating to a “sell” rating in a report on Friday, August 23rd. Finally, ValuEngine downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a report on Saturday, May 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $60.75.

Fabrinet Company Profile

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.

Further Reading: Return on Investment (ROI)

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