Fabrinet (FN) Shares Sold by Public Sector Pension investment Board
Public Sector Pension investment Board decreased its position in shares of Fabrinet (NYSE:FN) by 27.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,025 shares of the technology company’s stock after selling 7,200 shares during the period. Public Sector Pension investment Board owned 0.05% of Fabrinet worth $812,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Pinebridge Investments L.P. increased its position in Fabrinet by 2.0% during the second quarter. Pinebridge Investments L.P. now owns 4,918 shares of the technology company’s stock worth $210,000 after buying an additional 98 shares during the period. UBS Asset Management Americas Inc. increased its holdings in shares of Fabrinet by 53.1% in the second quarter. UBS Asset Management Americas Inc. now owns 84,229 shares of the technology company’s stock valued at $3,593,000 after purchasing an additional 29,227 shares during the period. New York State Common Retirement Fund increased its holdings in shares of Fabrinet by 15.4% in the second quarter. New York State Common Retirement Fund now owns 43,610 shares of the technology company’s stock valued at $1,860,000 after purchasing an additional 5,809 shares during the period. Profund Advisors LLC increased its holdings in shares of Fabrinet by 9.1% in the second quarter. Profund Advisors LLC now owns 7,195 shares of the technology company’s stock valued at $307,000 after purchasing an additional 600 shares during the period. Finally, BT Investment Management Ltd acquired a new position in shares of Fabrinet in the second quarter valued at approximately $38,212,000. 93.93% of the stock is currently owned by institutional investors.
A number of research analysts have recently issued reports on the company. B. Riley reissued a “buy” rating and issued a $44.75 target price on shares of Fabrinet in a report on Friday, August 18th. BidaskClub raised Fabrinet from a “sell” rating to a “hold” rating in a report on Sunday, July 16th. ValuEngine raised Fabrinet from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Stifel Nicolaus reissued a “buy” rating on shares of Fabrinet in a report on Tuesday, August 22nd. Finally, J P Morgan Chase & Co reissued an “overweight” rating and issued a $54.00 target price (down previously from $57.00) on shares of Fabrinet in a report on Tuesday, August 22nd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. Fabrinet currently has a consensus rating of “Hold” and a consensus price target of $51.58.
Shares of Fabrinet (FN) opened at 37.69 on Thursday. Fabrinet has a 1-year low of $31.97 and a 1-year high of $49.63. The company has a 50 day moving average price of $37.99 and a 200-day moving average price of $39.50. The stock has a market capitalization of $1.41 billion, a P/E ratio of 14.67 and a beta of 1.15.
Fabrinet (NYSE:FN) last posted its earnings results 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 6.84% and a return on equity of 15.32%. The business had revenue of $370.50 million during the quarter, compared to analyst estimates of $363.41 million. During the same quarter in the prior year, the business earned $0.60 earnings per share. The firm’s revenue was up 34.0% compared to the same quarter last year. On average, equities research analysts forecast that Fabrinet will post $3.46 EPS for the current fiscal year.
Fabrinet declared that its Board of Directors has initiated a stock repurchase plan on Monday, August 21st that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 21% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
In other news, COO Harpal Gill sold 50,000 shares of Fabrinet stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $39.07, for a total transaction of $1,953,500.00. Following the transaction, the chief operating officer now directly owns 194,193 shares in the company, valued at approximately $7,587,120.51. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO David T. Mitchell sold 105,000 shares of Fabrinet stock in a transaction on Friday, August 25th. The shares were sold at an average price of $38.63, for a total value of $4,056,150.00. Following the transaction, the chief executive officer now owns 111,057 shares in the company, valued at $4,290,131.91. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 207,500 shares of company stock worth $8,034,350. 4.30% of the stock is owned by insiders.
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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