Northern Trust Corp grew its position in shares of Fabrinet (NYSE:FN) by 5.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 630,019 shares of the technology company’s stock after purchasing an additional 30,080 shares during the period. Northern Trust Corp owned approximately 1.69% of Fabrinet worth $26,876,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of the company. Alps Advisors Inc. grew its position in shares of Fabrinet by 0.3% during the second quarter. Alps Advisors Inc. now owns 12,341 shares of the technology company’s stock valued at $526,000 after purchasing an additional 32 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of Fabrinet by 1.9% during the first quarter. Tower Research Capital LLC TRC now owns 2,608 shares of the technology company’s stock valued at $110,000 after purchasing an additional 48 shares in the last quarter. Pinebridge Investments L.P. grew its position in shares of Fabrinet by 2.0% during the second quarter. Pinebridge Investments L.P. now owns 4,918 shares of the technology company’s stock valued at $210,000 after purchasing an additional 98 shares in the last quarter. Louisiana State Employees Retirement System grew its position in shares of Fabrinet by 0.7% during the second quarter. Louisiana State Employees Retirement System now owns 15,200 shares of the technology company’s stock valued at $648,000 after purchasing an additional 100 shares in the last quarter. Finally, Meridian Wealth Management LLC grew its position in shares of Fabrinet by 1.7% during the first quarter. Meridian Wealth Management LLC now owns 7,571 shares of the technology company’s stock valued at $318,000 after purchasing an additional 125 shares in the last quarter. Hedge funds and other institutional investors own 93.84% of the company’s stock.
In other news, Director Thomas F. Kelly sold 30,000 shares of the stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $38.24, for a total value of $1,147,200.00. Following the completion of the sale, the director now owns 64,635 shares of the company’s stock, valued at approximately $2,471,642.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Toh-Seng Ng sold 22,500 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $39.00, for a total transaction of $877,500.00. Following the completion of the sale, the chief financial officer now directly owns 201,749 shares of the company’s stock, valued at approximately $7,868,211. The disclosure for this sale can be found here. In the last three months, insiders sold 207,500 shares of company stock valued at $8,034,350. Corporate insiders own 4.30% of the company’s stock.
Fabrinet (NYSE FN) opened at 36.65 on Friday. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of 14.26 and a beta of 1.15. Fabrinet has a 52-week low of $31.97 and a 52-week high of $49.63. The company has a 50-day moving average price of $37.23 and a 200 day moving average price of $39.05.
Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, August 21st. The technology company reported $0.72 EPS for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.11). The business had revenue of $370.50 million during the quarter, compared to analyst estimates of $363.41 million. Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. The firm’s revenue was up 34.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.60 EPS. On average, analysts expect that Fabrinet will post $3.46 earnings per share for the current year.
Fabrinet announced that its board has authorized a stock repurchase plan on Monday, August 21st that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the technology company to reacquire up to 21% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
A number of research analysts have recently weighed in on the company. B. Riley restated a “buy” rating and set a $44.75 price objective on shares of Fabrinet in a research report on Friday, August 18th. BidaskClub upgraded Fabrinet from a “sell” rating to a “hold” rating in a research report on Sunday, July 16th. ValuEngine upgraded Fabrinet from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Stifel Nicolaus reiterated a “buy” rating on shares of Fabrinet in a research report on Tuesday, August 22nd. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and issued a $54.00 price target (down previously from $57.00) on shares of Fabrinet in a research report on Tuesday, August 22nd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $51.58.
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.
Want to see what other hedge funds are holding FN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fabrinet (NYSE:FN).
Receive News & Ratings for Fabrinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fabrinet and related companies with MarketBeat.com's FREE daily email newsletter.