Optimum Investment Advisors Sells 5,450 Shares of Fabrinet (FN)
Optimum Investment Advisors cut its holdings in shares of Fabrinet (NYSE:FN) by 30.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,175 shares of the technology company’s stock after selling 5,450 shares during the period. Optimum Investment Advisors’ holdings in Fabrinet were worth $451,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of FN. YorkBridge Wealth Partners LLC boosted its holdings in Fabrinet by 14.1% during the second quarter. YorkBridge Wealth Partners LLC now owns 2,727 shares of the technology company’s stock worth $117,000 after purchasing an additional 338 shares during the last quarter. Riverhead Capital Management LLC boosted its holdings in Fabrinet by 68.5% during the second quarter. Riverhead Capital Management LLC now owns 2,864 shares of the technology company’s stock worth $122,000 after purchasing an additional 1,164 shares during the last quarter. Flinton Capital Management LLC boosted its holdings in Fabrinet by 62.7% during the second quarter. Flinton Capital Management LLC now owns 3,706 shares of the technology company’s stock worth $158,000 after purchasing an additional 1,428 shares during the last quarter. SG Americas Securities LLC purchased a new position in Fabrinet during the third quarter worth about $161,000. Finally, Russell Investments Group Ltd. boosted its holdings in Fabrinet by 139.7% during the third 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. 94.65% of the stock is owned by institutional investors.
Fabrinet (NYSE FN) opened at $29.56 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.70 and a quick ratio of 1.85. The firm has a market cap of $1,139.31, a PE ratio of 12.08, a price-to-earnings-growth ratio of 1.14 and a beta of 0.99. Fabrinet has a 52 week low of $28.60 and a 52 week high of $49.63.
Fabrinet declared that its board has authorized a share buyback plan on Monday, August 21st that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 21% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
Several research analysts recently weighed in on the stock. Piper Jaffray Companies restated a “buy” rating on shares of Fabrinet in a report on Friday, November 10th. Zacks Investment Research cut shares of Fabrinet from a “hold” rating to a “sell” rating in a report on Friday, November 10th. Needham & Company LLC cut their price target on shares of Fabrinet from $60.00 to $45.00 and set a “strong-buy” rating on the stock in a report on Tuesday, November 7th. J P Morgan Chase & Co cut shares of Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 price target on the stock. in a report on Tuesday, November 7th. Finally, B. Riley cut their price target on shares of Fabrinet from $46.50 to $42.50 and set a “buy” rating on the stock in a report on Friday, November 3rd. Two analysts have rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $46.42.
In other Fabrinet news, insider David T. Mitchell sold 50,000 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $30.93, for a total value of $1,546,500.00. Following the transaction, the insider now directly owns 111,057 shares in the company, valued at $3,434,993.01. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.30% of the stock is owned by insiders.
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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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