OppenheimerFunds Inc. lifted its stake in shares of Fabrinet (NYSE:FN) by 25.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 32,305 shares of the technology company’s stock after buying an additional 6,535 shares during the quarter. OppenheimerFunds Inc. owned 0.09% of Fabrinet worth $928,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in shares of Fabrinet by 3.1% during the 4th quarter. BlackRock Inc. now owns 4,623,972 shares of the technology company’s stock valued at $132,709,000 after buying an additional 140,250 shares during the period. Royce & Associates LP raised its holdings in shares of Fabrinet by 55.9% during the 4th quarter. Royce & Associates LP now owns 2,418,024 shares of the technology company’s stock valued at $69,397,000 after buying an additional 866,564 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Fabrinet by 0.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,042,651 shares of the technology company’s stock valued at $75,701,000 after buying an additional 14,887 shares during the period. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Fabrinet by 540.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,062,930 shares of the technology company’s stock valued at $30,506,000 after buying an additional 896,930 shares during the period. Finally, Schroder Investment Management Group raised its holdings in shares of Fabrinet by 69.3% during the 4th quarter. Schroder Investment Management Group now owns 1,000,333 shares of the technology company’s stock valued at $28,710,000 after buying an additional 409,590 shares during the period. Institutional investors and hedge funds own 94.61% of the company’s stock.
Several brokerages recently commented on FN. ValuEngine upgraded Fabrinet from a “hold” rating to a “buy” rating in a report on Thursday, February 8th. Stifel Nicolaus dropped their price objective on Fabrinet from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, January 24th. Needham & Company LLC restated a “strong-buy” rating and set a $40.00 price objective (down from $45.00) on shares of Fabrinet in a report on Tuesday, February 6th. Finally, Northland Securities set a $37.00 price objective on Fabrinet and gave the stock a “buy” rating in a report on Monday, January 29th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Fabrinet presently has an average rating of “Buy” and a consensus price target of $41.25.
Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, February 5th. The technology company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.02. Fabrinet had a return on equity of 12.96% and a net margin of 6.24%. The company had revenue of $337.10 million for the quarter, compared to the consensus estimate of $329.41 million. During the same period in the previous year, the business earned $0.91 EPS. Fabrinet’s revenue for the quarter was down 4.0% compared to the same quarter last year. equities analysts anticipate that Fabrinet will post 2.12 earnings per share for the current fiscal year.
Fabrinet declared that its Board of Directors has approved a stock repurchase program on Monday, February 5th that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the technology company to buy shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
In other news, insider David T. Mitchell sold 90,020 shares of Fabrinet stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $29.29, for a total value of $2,636,685.80. Following the completion of the transaction, the insider now owns 111,057 shares in the company, valued at approximately $3,252,859.53. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider David T. Mitchell sold 8,600 shares of Fabrinet stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $30.02, for a total value of $258,172.00. Following the completion of the transaction, the insider now owns 111,057 shares of the company’s stock, valued at approximately $3,333,931.14. The disclosure for this sale can be found here. Insiders have sold a total of 240,442 shares of company stock worth $7,130,099 over the last 90 days. 3.30% of the stock is owned by company insiders.
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.
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