Brandywine Global Investment Management LLC Buys Shares of 88,968 Fabrinet (FN)
Brandywine Global Investment Management LLC bought a new stake in Fabrinet (NYSE:FN) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 88,968 shares of the technology company’s stock, valued at approximately $3,796,000. Brandywine Global Investment Management LLC owned approximately 0.24% of Fabrinet at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in FN. Tower Research Capital LLC TRC lifted its holdings in Fabrinet by 1.9% in the 1st 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. Quantbot Technologies LP lifted its holdings in Fabrinet by 55.0% in the 1st quarter. Quantbot Technologies LP now owns 2,755 shares of the technology company’s stock valued at $115,000 after purchasing an additional 978 shares in the last quarter. Riverhead Capital Management LLC lifted its holdings in Fabrinet by 68.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,864 shares of the technology company’s stock valued at $122,000 after purchasing an additional 1,164 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in Fabrinet in the 1st quarter valued at about $127,000. Finally, PNC Financial Services Group Inc. lifted its holdings in Fabrinet by 63.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,038 shares of the technology company’s stock valued at $129,000 after purchasing an additional 1,178 shares in the last quarter. Institutional investors own 93.93% of the company’s stock.
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In other news, CEO David T. Mitchell sold 105,000 shares of Fabrinet stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $38.63, for a total transaction of $4,056,150.00. Following the completion of the sale, the chief executive officer now directly owns 111,057 shares in the company, valued at approximately $4,290,131.91. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Harpal Gill sold 50,000 shares of Fabrinet stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $39.07, for a total value of $1,953,500.00. Following the sale, the chief operating officer now owns 194,193 shares of the company’s stock, valued at $7,587,120.51. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 207,500 shares of company stock worth $8,034,350. Company insiders own 4.30% of the company’s stock.
A number of research analysts have issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Fabrinet in a report on Tuesday, September 5th. B. Riley restated a “buy” rating and issued a $46.50 target price on shares of Fabrinet in a report on Monday, August 28th. Zacks Investment Research lowered shares of Fabrinet from a “hold” rating to a “sell” rating in a report on Thursday, August 24th. BidaskClub lowered shares of Fabrinet from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 22nd. Finally, Piper Jaffray Companies restated an “overweight” rating and issued a $51.00 target price (down from $55.00) on shares of Fabrinet in a report on Tuesday, August 22nd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $51.58.
Fabrinet (NYSE FN) opened at 37.68 on Friday. The stock’s 50 day moving average is $37.78 and its 200 day moving average is $39.45. Fabrinet has a one year low of $31.97 and a one year high of $49.63. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 14.66 and a beta of 1.15.
Fabrinet (NYSE:FN) last released its earnings results on Monday, August 21st. The technology company reported $0.72 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.11). Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. The business had revenue of $370.50 million for the quarter, compared to analysts’ expectations of $363.41 million. During the same period last year, the firm earned $0.60 EPS. The company’s revenue was up 34.0% compared to the same quarter last year. On average, equities analysts forecast that Fabrinet will post $3.46 EPS for the current year.
Fabrinet announced that its Board of Directors has initiated a stock buyback plan on Monday, August 21st that permits the company to buyback $30.00 million in shares. This buyback authorization permits the technology company to repurchase up to 21% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
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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