Royce & Associates LP increased its position in shares of Fabrinet (NYSE:FN) by 11.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,551,460 shares of the technology company’s stock after buying an additional 155,010 shares during the period. Royce & Associates LP owned 4.13% of Fabrinet worth $57,497,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently modified their holdings of FN. YorkBridge Wealth Partners LLC boosted its position in shares of Fabrinet by 14.1% in the second quarter. YorkBridge Wealth Partners LLC now owns 2,727 shares of the technology company’s stock valued at $117,000 after acquiring an additional 338 shares during the period. Riverhead Capital Management LLC boosted its position in shares of Fabrinet by 68.5% in the second quarter. Riverhead Capital Management LLC now owns 2,864 shares of the technology company’s stock valued at $122,000 after acquiring an additional 1,164 shares during the period. Flinton Capital Management LLC boosted its position in shares of Fabrinet by 62.7% in the second quarter. Flinton Capital Management LLC now owns 3,706 shares of the technology company’s stock valued at $158,000 after acquiring an additional 1,428 shares during the period. SG Americas Securities LLC bought a new stake in shares of Fabrinet in the third quarter valued at about $161,000. Finally, Russell Investments Group Ltd. boosted its position in shares of Fabrinet by 139.7% in the third quarter. Russell Investments Group Ltd. now owns 4,821 shares of the technology company’s stock valued at $179,000 after acquiring an additional 2,810 shares during the period. Institutional investors and hedge funds own 94.65% of the company’s stock.
In other news, insider David T. Mitchell sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $30.03, for a total value of $1,501,500.00. Following the completion of the transaction, the insider now owns 111,057 shares of the company’s stock, valued at $3,335,041.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 3.30% of the stock is currently owned by insiders.
Fabrinet (FN) opened at $30.77 on Thursday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.85 and a current ratio of 2.70. The company has a market capitalization of $1,158.11, a PE ratio of 12.27, a price-to-earnings-growth ratio of 1.16 and a beta of 0.99. Fabrinet has a 52 week low of $28.60 and a 52 week high of $49.63.
Fabrinet declared that its board has initiated a stock buyback plan on Monday, August 21st that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the technology company to buy up to 21% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
A number of equities research analysts have recently issued reports on FN shares. ValuEngine cut shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. Zacks Investment Research raised Fabrinet from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 24th. Needham & Company LLC reaffirmed a “buy” rating on shares of Fabrinet in a research note on Thursday, October 12th. Northland Securities set a $50.00 price target on Fabrinet and gave the company a “buy” rating in a research note on Tuesday, August 22nd. Finally, B. Riley dropped their price target on Fabrinet from $46.50 to $42.50 and set a “buy” rating for the company in a research note on Friday, November 3rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued 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 $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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