David T. Mitchell Sells 40,000 Shares of Fabrinet (FN) Stock
Fabrinet (NYSE:FN) insider David T. Mitchell sold 40,000 shares of the stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $30.04, for a total transaction of $1,201,600.00. Following the completion of the transaction, the insider now directly owns 111,057 shares of the company’s stock, valued at $3,336,152.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Fabrinet (NYSE FN) opened at $30.92 on Friday. Fabrinet has a one year low of $24.02 and a one year high of $47.02. The firm has a market cap of $1,152.73, a P/E ratio of 13.16, a price-to-earnings-growth ratio of 1.22 and a beta of 0.50. The company has a current ratio of 2.84, a quick ratio of 1.99 and a debt-to-equity ratio of 0.02.
Fabrinet (NYSE:FN) last announced its earnings results on Monday, February 5th. The technology company reported $0.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.02. Fabrinet had a net margin of 6.24% and a return on equity of 12.96%. The business had revenue of $337.10 million during the quarter, compared to the consensus estimate of $329.41 million. During the same quarter last year, the firm earned $0.91 earnings per share. The business’s revenue for the quarter was down 4.0% on a year-over-year basis. equities research analysts expect that Fabrinet will post 2.12 EPS for the current fiscal year.
FN has been the subject of a number of research reports. Piper Jaffray Companies reissued a “buy” rating on shares of Fabrinet in a research note on Friday, November 10th. ValuEngine downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Northland Securities set a $37.00 price target on shares of Fabrinet and gave the stock a “buy” rating in a research note on Monday, January 29th. JPMorgan Chase & Co. downgraded shares of Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 price target for the company. in a research note on Tuesday, November 7th. Finally, Needham & Company LLC reissued a “strong-buy” rating and issued a $40.00 price target (down from $45.00) on shares of Fabrinet in a research note on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $41.25.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Elkfork Partners LLC bought a new position in shares of Fabrinet during the fourth quarter valued at approximately $131,000. Envestnet Asset Management Inc. increased its stake in shares of Fabrinet by 221.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 18,078 shares of the technology company’s stock valued at $519,000 after purchasing an additional 12,450 shares in the last quarter. We Are One Seven LLC bought a new position in shares of Fabrinet during the fourth quarter valued at approximately $230,000. Legion Partners Asset Management LLC increased its stake in shares of Fabrinet by 23.8% during the fourth quarter. Legion Partners Asset Management LLC now owns 912,359 shares of the technology company’s stock valued at $26,185,000 after purchasing an additional 175,650 shares in the last quarter. Finally, Hillcrest Asset Management LLC bought a new position in shares of Fabrinet during the fourth quarter valued at approximately $6,419,000. 95.57% of the stock is owned by institutional investors and hedge funds.
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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