Raymond James & Associates cut its stake in shares of Fabrinet (NYSE:FN – Get Rating) by 5.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,385 shares of the technology company's stock after selling 3,243 shares during the period. Raymond James & Associates' holdings in Fabrinet were worth $5,928,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of FN. Covestor Ltd acquired a new position in Fabrinet during the fourth quarter valued at $49,000. Van ECK Associates Corp raised its position in Fabrinet by 16.0% during the first quarter. Van ECK Associates Corp now owns 943 shares of the technology company's stock valued at $99,000 after buying an additional 130 shares during the period. Evergreen Capital Management LLC acquired a new position in Fabrinet during the fourth quarter valued at $239,000. Raymond James Financial Services Advisors Inc. acquired a new position in Fabrinet during the fourth quarter valued at $259,000. Finally, Channing Global Advisors LLC acquired a new position in Fabrinet during the fourth quarter valued at $328,000. 97.21% of the stock is owned by institutional investors and hedge funds.
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Insider Transactions at Fabrinet
In other news, CEO Seamus Grady sold 26,360 shares of the company's stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $112.24, for a total transaction of $2,958,646.40. Following the completion of the sale, the chief executive officer now owns 74,706 shares in the company, valued at approximately $8,385,001.44. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Seamus Grady sold 26,360 shares of the stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $112.24, for a total transaction of $2,958,646.40. Following the completion of the sale, the chief executive officer now owns 74,706 shares in the company, valued at approximately $8,385,001.44. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David T. Mitchell sold 50,000 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $109.95, for a total value of $5,497,500.00. Following the sale, the director now owns 27,953 shares of the company's stock, valued at approximately $3,073,432.35. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,129 shares of company stock worth $12,818,755. 0.42% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
Several research analysts recently weighed in on FN shares. Needham & Company LLC upped their price target on Fabrinet from $130.00 to $135.00 and gave the company a "buy" rating in a research report on Tuesday, August 16th. JPMorgan Chase & Co. dropped their target price on Fabrinet from $115.00 to $88.00 and set a "neutral" rating on the stock in a research report on Thursday, July 14th. Finally, StockNews.com raised Fabrinet from a "hold" rating to a "buy" rating in a research report on Wednesday, August 24th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $115.60.
Fabrinet Stock Performance
Shares of FN stock opened at $97.86 on Monday. The firm has a market cap of $3.57 billion, a P/E ratio of 18.26 and a beta of 0.99. The stock's 50-day moving average is $93.51 and its two-hundred day moving average is $94.17. Fabrinet has a fifty-two week low of $74.57 and a fifty-two week high of $126.28. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.83 and a quick ratio of 1.80.
Fabrinet (NYSE:FN – Get Rating) last released its quarterly earnings results on Monday, August 15th. The technology company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.26. The company had revenue of $587.90 million during the quarter, compared to the consensus estimate of $581.48 million. Fabrinet had a return on equity of 16.67% and a net margin of 8.86%. The firm's revenue was up 15.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.14 EPS. Analysts predict that Fabrinet will post 6.11 earnings per share for the current fiscal year.
Fabrinet Company Profile
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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.
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