Fabrinet (NYSE:FN) Director Rollance E. Olson Sells 2,500 Shares

Fabrinet (NYSE:FN) Director Rollance E. Olson sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total value of $559,950.00. Following the completion of the transaction, the director now directly owns 23,201 shares in the company, valued at $5,196,559.98. The trade was a 9.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Fabrinet Stock Down 1.1%

NYSE FN opened at $223.76 on Friday. The stock’s 50-day moving average price is $202.36 and its 200-day moving average price is $219.46. The company has a market capitalization of $8.02 billion, a P/E ratio of 25.03 and a beta of 0.95. Fabrinet has a 52 week low of $148.55 and a 52 week high of $281.79.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.05. The company had revenue of $871.80 million for the quarter, compared to the consensus estimate of $857.12 million. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The firm’s quarterly revenue was up 19.2% on a year-over-year basis. During the same quarter last year, the company earned $2.39 EPS. Research analysts anticipate that Fabrinet will post 9.4 EPS for the current year.

Institutional Trading of Fabrinet

Several institutional investors and hedge funds have recently added to or reduced their stakes in FN. Norges Bank bought a new stake in Fabrinet during the 4th quarter valued at approximately $95,084,000. Capital Research Global Investors raised its stake in Fabrinet by 675.2% during the 4th quarter. Capital Research Global Investors now owns 417,020 shares of the technology company’s stock valued at $91,694,000 after purchasing an additional 363,228 shares during the period. Wasatch Advisors LP raised its stake in Fabrinet by 47.0% during the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company’s stock valued at $249,044,000 after purchasing an additional 362,064 shares during the period. Nuveen LLC bought a new stake in Fabrinet in the 1st quarter worth approximately $64,274,000. Finally, Wedge Capital Management L L P NC bought a new stake in Fabrinet in the 4th quarter worth approximately $63,222,000. Institutional investors own 97.38% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. JPMorgan Chase & Co. raised their target price on Fabrinet from $220.00 to $235.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Barclays set a $234.00 price objective on Fabrinet and gave the stock an “equal weight” rating in a research note on Tuesday, May 6th. B. Riley raised Fabrinet from a “sell” rating to a “neutral” rating and decreased their price objective for the stock from $178.00 to $176.00 in a research note on Friday, April 4th. Rosenblatt Securities raised their price objective on Fabrinet from $230.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday, May 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $280.00 price objective on shares of Fabrinet in a research note on Tuesday, May 6th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $239.29.

About Fabrinet

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 advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.