Fabrinet (NYSE:FN) insider David T. Mitchell sold 40,000 shares of the stock in a transaction dated Monday, April 2nd. The shares were sold at an average price of $30.77, for a total value of $1,230,800.00. Following the completion of the sale, the insider now directly owns 111,057 shares in the company, valued at approximately $3,417,223.89. The transaction was disclosed in a document filed with the SEC, which is available through this link.
FN traded up $1.13 during trading on Tuesday, hitting $31.30. 581,536 shares of the stock were exchanged, compared to its average volume of 667,609. The firm has a market cap of $1,247.06, a price-to-earnings ratio of 12.19 and a beta of 0.54. Fabrinet has a 1-year low of $24.02 and a 1-year high of $47.02. The company has a quick ratio of 1.99, a current ratio of 2.84 and a debt-to-equity ratio of 0.02.
Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, February 5th. The technology company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.70 by $0.02. The company had revenue of $337.10 million for the quarter, compared to analyst estimates of $329.41 million. Fabrinet had a return on equity of 12.96% and a net margin of 6.24%. The firm’s revenue was down 4.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 earnings per share.
Fabrinet declared that its Board of Directors has authorized a stock repurchase plan on Monday, February 5th that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the technology company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
Several hedge funds have recently made changes to their positions in the business. California Public Employees Retirement System grew its stake in shares of Fabrinet by 1.2% in the 4th quarter. California Public Employees Retirement System now owns 138,678 shares of the technology company’s stock valued at $3,980,000 after purchasing an additional 1,700 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Fabrinet by 2.6% in the 3rd quarter. Rhumbline Advisers now owns 69,542 shares of the technology company’s stock valued at $2,577,000 after purchasing an additional 1,768 shares during the last quarter. Oppenheimer Asset Management Inc. grew its stake in shares of Fabrinet by 7.7% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 25,287 shares of the technology company’s stock valued at $937,000 after purchasing an additional 1,804 shares during the last quarter. Jefferies Group LLC grew its stake in shares of Fabrinet by 34.3% in the 4th quarter. Jefferies Group LLC now owns 7,661 shares of the technology company’s stock valued at $220,000 after purchasing an additional 1,958 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Fabrinet by 139.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,821 shares of the technology company’s stock valued at $179,000 after purchasing an additional 2,810 shares during the last quarter. Institutional investors own 99.12% of the company’s stock.
Several brokerages have recently weighed in on FN. Northland Securities reissued a “buy” rating and set a $35.00 target price on shares of Fabrinet in a research report on Tuesday. ValuEngine lowered Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Needham & Company LLC reissued a “strong-buy” rating and set a $40.00 target price (down previously from $45.00) on shares of Fabrinet in a research report on Tuesday, February 6th. Finally, Stifel Nicolaus cut their target price on Fabrinet from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, January 24th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Fabrinet presently has a consensus rating of “Hold” and an average price target of $40.92.
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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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