Insider Selling: Fabrinet (FN) Director Sells $1,147,200.00 in Stock
Fabrinet (NYSE:FN) Director Thomas F. Kelly sold 30,000 shares of the firm’s stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $38.24, for a total transaction of $1,147,200.00. Following the sale, the director now owns 64,635 shares in the company, valued at approximately $2,471,642.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.
Shares of Fabrinet (FN) opened at 38.73 on Friday. Fabrinet has a one year low of $31.97 and a one year high of $49.63. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 15.07 and a beta of 1.15. The firm has a 50-day moving average of $42.28 and a 200-day moving average of $40.50.
Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, August 21st. The technology company reported $0.72 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.83 by $0.11. The business had revenue of $370.50 million for the quarter, compared to analysts’ expectations of $363.41 million. Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. Fabrinet’s revenue for the quarter was up 34.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.60 EPS. Equities research analysts forecast that Fabrinet will post $3.46 EPS for the current fiscal year.
Fabrinet declared that its board has authorized a share buyback 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 buy up to 21% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Princeton Alpha Management LP purchased a new position in Fabrinet during the first quarter worth $255,000. State Board of Administration of Florida Retirement System boosted its position in Fabrinet by 17.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 16,537 shares of the technology company’s stock worth $695,000 after buying an additional 2,404 shares during the period. LSV Asset Management boosted its position in Fabrinet by 14.4% in the first quarter. LSV Asset Management now owns 98,600 shares of the technology company’s stock worth $4,144,000 after buying an additional 12,400 shares during the period. Eqis Capital Management Inc. boosted its position in Fabrinet by 5.4% in the first quarter. Eqis Capital Management Inc. now owns 33,432 shares of the technology company’s stock worth $1,405,000 after buying an additional 1,719 shares during the period. Finally, Hussman Strategic Advisors Inc. purchased a new position in Fabrinet during the first quarter worth $3,152,000. Institutional investors and hedge funds own 94.02% of the company’s stock.
Several analysts have recently weighed in on FN shares. ValuEngine cut shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. B. Riley restated a “buy” rating and set a $46.50 price objective on shares of Fabrinet in a research report on Monday. Needham & Company LLC restated a “strong-buy” rating and set a $56.00 price objective on shares of Fabrinet in a research report on Tuesday, May 9th. BidaskClub upgraded shares of Fabrinet from a “sell” rating to a “hold” rating in a research report on Sunday, July 16th. Finally, Piper Jaffray Companies restated an “overweight” rating and set a $51.00 price objective (down previously from $55.00) on shares of Fabrinet in a research report on Tuesday, August 22nd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Fabrinet presently has an average rating of “Buy” 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.
Receive News & Ratings for Fabrinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fabrinet and related companies with Analyst Ratings Network's FREE daily email newsletter.