Fabrinet (FN) Holdings Increased by Schwab Charles Investment Management Inc.
Schwab Charles Investment Management Inc. grew its holdings in shares of Fabrinet (NYSE:FN) by 7.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 273,274 shares of the technology company’s stock after buying an additional 17,804 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Fabrinet were worth $10,082,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also made changes to their positions in the company. Xact Kapitalforvaltning AB purchased a new stake in Fabrinet during the 2nd quarter worth about $226,000. Profund Advisors LLC purchased a new stake in Fabrinet during the 1st quarter worth about $207,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Fabrinet during the 2nd quarter worth about $288,000. Aperio Group LLC purchased a new stake in Fabrinet during the 1st quarter worth about $246,000. Finally, Millennium Management LLC lifted its holdings in Fabrinet by 20.1% during the 1st quarter. Millennium Management LLC now owns 9,353 shares of the technology company’s stock worth $293,000 after buying an additional 1,565 shares during the last quarter. 99.53% of the stock is owned by institutional investors.
A number of analysts have recently commented on FN shares. ValuEngine upgraded Fabrinet from a “hold” rating to a “buy” rating in a research report on Thursday, August 23rd. Piper Jaffray Companies lifted their target price on Fabrinet from $42.00 to $52.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 21st. Zacks Investment Research upgraded Fabrinet from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st. B. Riley cut Fabrinet from a “buy” rating to a “neutral” rating and set a $52.00 target price on the stock. in a research report on Tuesday, September 4th. Finally, Needham & Company LLC lifted their target price on Fabrinet from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a research report on Thursday, June 14th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $45.86.
Fabrinet (NYSE:FN) last released its earnings results on Monday, August 20th. The technology company reported $0.81 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.06. Fabrinet had a return on equity of 12.68% and a net margin of 6.14%. The company had revenue of $345.30 million for the quarter, compared to analysts’ expectations of $338.12 million. During the same quarter in the previous year, the firm posted $0.86 EPS. The firm’s quarterly revenue was down 6.8% on a year-over-year basis. equities research analysts forecast that Fabrinet will post 3.12 EPS for the current year.
In other news, Director David T. Mitchell sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, July 2nd. The stock was sold at an average price of $36.51, for a total transaction of $1,460,400.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Rollance E. Olson sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $48.03, for a total value of $240,150.00. Following the sale, the director now directly owns 48,303 shares in the company, valued at approximately $2,319,993.09. The disclosure for this sale can be found here. Insiders have sold a total of 205,000 shares of company stock worth $8,956,150 in the last quarter. 3.30% of the stock is currently owned by insiders.
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 optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.
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