Fabrinet (FN) Position Increased by Schwab Charles Investment Management Inc.
Schwab Charles Investment Management Inc. increased its position in shares of Fabrinet (NYSE:FN) by 5.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 212,410 shares of the technology company’s stock after buying an additional 11,664 shares during the period. Schwab Charles Investment Management Inc. owned 0.57% of Fabrinet worth $9,062,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in FN. Tower Research Capital LLC TRC increased its holdings in Fabrinet by 1.9% in the first quarter. Tower Research Capital LLC TRC now owns 2,608 shares of the technology company’s stock valued at $110,000 after buying an additional 48 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Fabrinet by 0.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 15,200 shares of the technology company’s stock worth $648,000 after acquiring an additional 100 shares in the last quarter. Meridian Wealth Management LLC boosted its stake in shares of Fabrinet by 1.7% during the 1st quarter. Meridian Wealth Management LLC now owns 7,571 shares of the technology company’s stock worth $318,000 after acquiring an additional 125 shares in the last quarter. Bragg Financial Advisors Inc boosted its stake in shares of Fabrinet by 0.3% during the 1st quarter. Bragg Financial Advisors Inc now owns 48,295 shares of the technology company’s stock worth $2,030,000 after acquiring an additional 140 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan boosted its stake in shares of Fabrinet by 2.4% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 8,420 shares of the technology company’s stock worth $354,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 93.93% of the company’s stock.
Fabrinet (NYSE FN) opened at 37.89 on Wednesday. The company has a 50-day moving average of $38.10 and a 200-day moving average of $39.51. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of 14.74 and a beta of 1.15. Fabrinet has a 52 week low of $31.97 and a 52 week high of $49.63.
Fabrinet (NYSE:FN) last released its earnings results on Monday, August 21st. The technology company reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.11). The business had revenue of $370.50 million during the quarter, compared to analyst estimates of $363.41 million. Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. Fabrinet’s revenue was up 34.0% compared to the same quarter last year. During the same period last year, the business posted $0.60 EPS. Analysts anticipate that Fabrinet will post $3.46 earnings per share for the current year.
Fabrinet declared that its Board of Directors has initiated a stock repurchase program on Monday, August 21st that permits the company to buyback $30.00 million in shares. This buyback authorization permits the technology company to purchase up to 21% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
In other news, CEO David T. Mitchell sold 105,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 111,057 shares of the company’s stock, valued at approximately $4,290,131.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Toh-Seng Ng sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $39.00, for a total value of $877,500.00. Following the completion of the sale, the chief financial officer now owns 201,749 shares in the company, valued at approximately $7,868,211. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 207,500 shares of company stock worth $8,034,350. Corporate insiders own 4.30% of the company’s stock.
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Several brokerages recently weighed in on FN. BidaskClub lowered Fabrinet from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Stifel Nicolaus reiterated a “buy” rating and set a $48.00 price target on shares of Fabrinet in a research report on Friday, July 14th. Zacks Investment Research upgraded Fabrinet from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. ValuEngine raised Fabrinet from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Finally, B. Riley reissued a “buy” rating and issued a $44.75 price objective on shares of Fabrinet in a report on Friday, August 18th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. Fabrinet currently has an average rating of “Hold” and a consensus price target of $50.93.
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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