Fabrinet (NYSE:FN) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its stake in Fabrinet (NYSE:FN) by 63.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,038 shares of the technology company’s stock after buying an additional 1,178 shares during the period. PNC Financial Services Group Inc.’s holdings in Fabrinet were worth $129,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in FN. Quantbot Technologies LP increased its stake in shares of Fabrinet by 55.0% in the first quarter. Quantbot Technologies LP now owns 2,755 shares of the technology company’s stock valued at $115,000 after buying an additional 978 shares during the period. Ameritas Investment Partners Inc. acquired a new stake in shares of Fabrinet during the first quarter valued at $127,000. LS Investment Advisors LLC increased its stake in shares of Fabrinet by 196.1% in the first quarter. LS Investment Advisors LLC now owns 3,903 shares of the technology company’s stock valued at $164,000 after buying an additional 2,585 shares during the period. State of Alaska Department of Revenue increased its stake in shares of Fabrinet by 2.0% in the first quarter. State of Alaska Department of Revenue now owns 4,080 shares of the technology company’s stock valued at $171,000 after buying an additional 80 shares during the period. Finally, BB&T Securities LLC acquired a new stake in shares of Fabrinet during the first quarter valued at $229,000. Institutional investors and hedge funds own 93.69% of the company’s stock.

Fabrinet (NYSE:FN) opened at 42.26 on Friday. Fabrinet has a one year low of $31.97 and a one year high of $49.63. The stock has a market capitalization of $1.58 billion, a PE ratio of 17.76 and a beta of 1.08. The firm has a 50-day moving average of $42.89 and a 200-day moving average of $40.59.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, May 8th. The technology company reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by $0.17. The firm had revenue of $366.80 million for the quarter, compared to analyst estimates of $362.07 million. Fabrinet had a net margin of 6.74% and a return on equity of 14.95%. The company’s revenue for the quarter was up 46.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.56 earnings per share. On average, equities research analysts forecast that Fabrinet will post $3.36 earnings per share for the current year.

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Several research analysts recently issued reports on the stock. B. Riley reissued a “buy” rating and set a $44.75 price target on shares of Fabrinet in a report on Monday, May 15th. Stifel Nicolaus reissued a “buy” rating and set a $48.00 price target on shares of Fabrinet in a report on Friday, July 14th. BidaskClub cut shares of Fabrinet from a “hold” rating to a “sell” rating in a report on Monday, July 31st. ValuEngine raised shares of Fabrinet from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, J P Morgan Chase & Co set a $57.00 price target on shares of Fabrinet and gave the stock a “buy” rating in a report on Thursday, June 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $52.46.

In other news, CEO David T. Mitchell sold 52,500 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $41.22, for a total value of $2,164,050.00. Following the completion of the sale, the chief executive officer now directly owns 42,631 shares of the company’s stock, valued at approximately $1,757,249.82. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 4.30% of the company’s stock.

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.