Fabrinet (FN) Insider David T. Mitchell Sells 50,000 Shares of Stock
Fabrinet (NYSE:FN) insider David T. Mitchell sold 50,000 shares of Fabrinet stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $30.03, for a total value of $1,501,500.00. Following the transaction, the insider now owns 111,057 shares of the company’s stock, valued at $3,335,041.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of Fabrinet (NYSE:FN) traded up $0.28 on Friday, reaching $31.11. The company’s stock had a trading volume of 405,360 shares, compared to its average volume of 685,345. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.80 and a current ratio of 2.70. Fabrinet has a one year low of $28.60 and a one year high of $49.63. The firm has a market capitalization of $1,170.00, a price-to-earnings ratio of 12.21, a P/E/G ratio of 0.92 and a beta of 1.03.
Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, August 21st. The technology company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.11). Fabrinet had a net margin of 6.60% and a return on equity of 14.35%. The business had revenue of $370.50 million during the quarter, compared to analyst estimates of $363.41 million. During the same period in the previous year, the business posted $0.60 earnings per share. The firm’s revenue for the quarter was up 34.0% on a year-over-year basis. analysts anticipate that Fabrinet will post 2.78 earnings per share for the current fiscal year.
Fabrinet announced that its Board of Directors has approved a stock repurchase plan on Monday, August 21st that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 21% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
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Several research analysts recently weighed in on the company. B. Riley reiterated a “buy” rating and set a $46.50 price target on shares of Fabrinet in a research report on Wednesday, August 23rd. Needham & Company LLC reduced their price target on Fabrinet from $60.00 to $45.00 and set a “strong-buy” rating for the company in a research report on Tuesday. ValuEngine cut Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. J P Morgan Chase & Co cut Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 price target for the company. in a research report on Tuesday. Finally, Northland Securities set a $50.00 price target on Fabrinet and gave the company a “buy” rating in a research report on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $46.42.
A number of institutional investors and hedge funds have recently modified their holdings of FN. BlackRock Inc. grew its holdings in Fabrinet by 60,498.5% in the first quarter. BlackRock Inc. now owns 4,311,581 shares of the technology company’s stock valued at $181,218,000 after purchasing an additional 4,304,466 shares during the period. BT Investment Management Ltd acquired a new stake in shares of Fabrinet in the second quarter worth approximately $38,212,000. FMR LLC boosted its stake in shares of Fabrinet by 31.8% in the second quarter. FMR LLC now owns 2,772,212 shares of the technology company’s stock worth $118,262,000 after acquiring an additional 669,201 shares during the last quarter. Legion Partners Asset Management LLC acquired a new stake in shares of Fabrinet in the second quarter worth approximately $21,365,000. Finally, Royce & Associates LP boosted its stake in shares of Fabrinet by 39.9% in the second quarter. Royce & Associates LP now owns 1,396,450 shares of the technology company’s stock worth $59,573,000 after acquiring an additional 398,535 shares during the last quarter. 94.59% of the stock is currently owned by institutional investors.
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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