American Beacon Advisors Inc. bought a new stake in Fabrinet (NYSE:FN – Get Rating) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,100 shares of the technology company's stock, valued at approximately $326,000. Fabrinet accounts for approximately 8.4% of American Beacon Advisors Inc.'s investment portfolio, making the stock its 8th largest position.
A number of other large investors also recently made changes to their positions in the business. First Hawaiian Bank increased its holdings in Fabrinet by 50.6% in the first quarter. First Hawaiian Bank now owns 3,527 shares of the technology company's stock worth $371,000 after buying an additional 1,185 shares during the last quarter. Summit Global Investments acquired a new position in Fabrinet in the first quarter worth approximately $431,000. DB Fitzpatrick & Co Inc grew its holdings in Fabrinet by 1.5% during the first quarter. DB Fitzpatrick & Co Inc now owns 10,498 shares of the technology company's stock valued at $1,104,000 after purchasing an additional 152 shares during the last quarter. Channing Global Advisors LLC grew its holdings in Fabrinet by 198.6% during the first quarter. Channing Global Advisors LLC now owns 8,258 shares of the technology company's stock valued at $868,000 after purchasing an additional 5,492 shares during the last quarter. Finally, Aviva PLC grew its holdings in Fabrinet by 41.4% during the fourth quarter. Aviva PLC now owns 22,890 shares of the technology company's stock valued at $2,712,000 after purchasing an additional 6,702 shares during the last quarter. Institutional investors and hedge funds own 97.21% of the company's stock.
Get Fabrinet alerts:Insider Buying and Selling at Fabrinet
In other Fabrinet news, CEO Seamus Grady sold 26,360 shares of Fabrinet stock in a transaction 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 transaction, the chief executive officer now directly owns 74,706 shares of the company's stock, valued at $8,385,001.44. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Fabrinet news, COO Harpal Gill sold 21,088 shares of Fabrinet stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $117.70, for a total transaction of $2,482,057.60. Following the completion of the transaction, the chief operating officer now directly owns 39,656 shares of the company's stock, valued at $4,667,511.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Seamus Grady sold 26,360 shares of Fabrinet stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $112.24, for a total value of $2,958,646.40. Following the transaction, the chief executive officer now directly owns 74,706 shares of the company's stock, valued at $8,385,001.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 115,129 shares of company stock valued at $12,818,755. 0.42% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Fabrinet from $115.00 to $88.00 and set a "neutral" rating for the company in a research report on Thursday, July 14th. Needham & Company LLC increased their price objective on Fabrinet from $130.00 to $135.00 and gave the company a "buy" rating in a research report on Tuesday, August 16th. Finally, StockNews.com raised Fabrinet from a "hold" rating to a "buy" rating in a research report on Wednesday, August 24th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $115.60.Fabrinet Stock Performance
FN stock traded up $2.07 during midday trading on Friday, hitting $102.78. The stock had a trading volume of 1,849 shares, compared to its average volume of 195,810. The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of 19.09 and a beta of 0.95. Fabrinet has a 52 week low of $74.57 and a 52 week high of $126.28. The stock has a 50-day simple moving average of $95.59 and a 200 day simple moving average of $94.05. The company has a current ratio of 2.83, a quick ratio of 1.80 and a debt-to-equity ratio of 0.01.
Fabrinet (NYSE:FN – Get Rating) last issued its earnings results on Monday, August 15th. The technology company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.42 by $0.26. The firm had revenue of $587.90 million during the quarter, compared to analysts' expectations of $581.48 million. Fabrinet had a return on equity of 16.67% and a net margin of 8.86%. Fabrinet's quarterly revenue was up 15.4% compared to the same quarter last year. During the same period last year, the business earned $1.14 earnings per share. As a group, equities research analysts anticipate that Fabrinet will post 6.11 earnings per share for the current year.
About Fabrinet
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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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