CenterBook Partners LP increased its position in shares of Fabrinet (NYSE:FN – Free Report) by 64.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,691 shares of the technology company’s stock after purchasing an additional 12,471 shares during the period. CenterBook Partners LP owned 0.09% of Fabrinet worth $13,446,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Continuum Advisory LLC acquired a new position in Fabrinet during the second quarter worth about $25,000. Cassaday & Co Wealth Management LLC purchased a new position in Fabrinet in the 1st quarter worth about $31,000. Byrne Asset Management LLC purchased a new stake in Fabrinet during the third quarter valued at about $27,000. Root Financial Partners LLC purchased a new position in shares of Fabrinet in the third quarter worth approximately $40,000. Finally, Heritage Family Offices LLP purchased a new position in shares of Fabrinet in the third quarter worth approximately $51,000. 97.38% of the stock is currently owned by institutional investors and hedge funds.
Fabrinet Trading Up 12.0%
NYSE FN traded up $35.25 on Friday, reaching $328.22. The stock had a trading volume of 1,996,205 shares, compared to its average volume of 1,022,200. Fabrinet has a 1 year low of $286.07 and a 1 year high of $748.89. The business has a 50 day moving average price of $394.16 and a 200 day moving average price of $518.32. The company has a market capitalization of $11.76 billion, a price-to-earnings ratio of 24.77 and a beta of 1.35.
Fabrinet (NYSE:FN – Get Free Report) last released its quarterly earnings data on Monday, November 2nd. The technology company reported $4.34 EPS for the quarter, topping analysts’ consensus estimates of $4.21 by $0.13. Fabrinet had a return on equity of 22.81% and a net margin of 9.35%. The firm had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the prior year, the company posted $2.92 earnings per share. The firm’s revenue was up 50.7% on a year-over-year basis. On average, analysts anticipate that Fabrinet will post 17.57 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of analysts have recently issued reports on the company. Wall Street Zen lowered Fabrinet from a “buy” rating to a “hold” rating in a report on Monday, July 20th. Weiss Ratings lowered Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 9th. B. Riley Financial reduced their price objective on Fabrinet from $431.00 to $385.00 and set a “neutral” rating for the company in a research note on Friday, October 30th. Fox Advisors upgraded Fabrinet from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, August 19th. Finally, JPMorgan Chase & Co. lifted their target price on Fabrinet from $465.00 to $470.00 and gave the company a “neutral” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $548.88.
Get Our Latest Report on Fabrinet
Insider Buying and Selling at Fabrinet
In related news, EVP Edward Archer sold 2,500 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total transaction of $964,775.00. Following the completion of the sale, the executive vice president directly owned 7,007 shares of the company’s stock, valued at approximately $2,704,071.37. This represents a 26.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.22% of the company’s stock.
Fabrinet Company Profile
Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.
Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.
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