Investors Purchase High Volume of Fabrinet Call Options (FN)
Fabrinet (NYSE:FN) was the recipient of some unusual options trading activity on Tuesday. Traders bought 2,293 call options on the company. This represents an increase of 2,193% compared to the typical daily volume of 100 call options.
In other Fabrinet news, insider David T. Mitchell sold 50,000 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $30.93, for a total transaction of $1,546,500.00. Following the transaction, the insider now directly owns 111,057 shares in the company, valued at approximately $3,434,993.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David T. Mitchell sold 8,600 shares of the stock in a transaction on Monday, January 8th. The shares were sold at an average price of $30.02, for a total transaction of $258,172.00. Following the transaction, the insider now owns 111,057 shares in the company, valued at $3,333,931.14. The disclosure for this sale can be found here. Insiders have sold a total of 128,401 shares of company stock worth $3,900,098 over the last quarter. 3.30% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the business. Flinton Capital Management LLC increased its stake in Fabrinet by 62.7% during the 2nd quarter. Flinton Capital Management LLC now owns 3,706 shares of the technology company’s stock valued at $158,000 after buying an additional 1,428 shares during the period. SG Americas Securities LLC acquired a new position in Fabrinet during the 3rd quarter valued at about $161,000. Russell Investments Group Ltd. grew its stake in shares of Fabrinet by 139.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,821 shares of the technology company’s stock worth $179,000 after purchasing an additional 2,810 shares during the last quarter. Amalgamated Bank acquired a new position in shares of Fabrinet in the 2nd quarter worth approximately $215,000. Finally, Profund Advisors LLC grew its stake in shares of Fabrinet by 9.1% in the 2nd quarter. Profund Advisors LLC now owns 7,195 shares of the technology company’s stock worth $307,000 after purchasing an additional 600 shares during the last quarter. 96.45% of the stock is currently owned by hedge funds and other institutional investors.
Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, November 6th. The technology company reported $0.55 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.07). Fabrinet had a return on equity of 12.96% and a net margin of 6.24%. The firm had revenue of $357.31 million during the quarter, compared to analyst estimates of $358.91 million. analysts expect that Fabrinet will post 2 earnings per share for the current year.
Fabrinet declared that its board has approved a stock buyback plan on Monday, February 5th that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
A number of research analysts have recently issued reports on FN shares. Piper Jaffray Companies restated a “buy” rating on shares of Fabrinet in a research report on Friday, November 10th. ValuEngine downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Northland Securities set a $37.00 price target on shares of Fabrinet and gave the stock a “buy” rating in a research report on Monday, January 29th. JPMorgan Chase & Co. downgraded shares of Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 price target on the stock. in a research report on Tuesday, November 7th. Finally, B. Riley reduced their price target on shares of Fabrinet from $46.50 to $42.50 and set a “buy” rating on the stock in a research report on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $41.25.
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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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