Short Interest in Fabrinet (NYSE:FN) Drops By 8.7%

Fabrinet (NYSE:FNGet Free Report) saw a large drop in short interest in March. As of March 15th, there was short interest totalling 1,370,000 shares, a drop of 8.7% from the February 29th total of 1,500,000 shares. Based on an average daily trading volume, of 433,500 shares, the days-to-cover ratio is currently 3.2 days. Approximately 3.8% of the shares of the company are short sold.

Fabrinet Trading Down 1.7 %

Shares of NYSE FN traded down $3.26 during trading hours on Tuesday, hitting $185.57. 593,142 shares of the company traded hands, compared to its average volume of 453,381. The stock has a market capitalization of $6.74 billion, a price-to-earnings ratio of 26.82 and a beta of 1.04. The company’s 50 day moving average price is $202.81 and its 200 day moving average price is $183.78. Fabrinet has a 12 month low of $90.19 and a 12 month high of $229.02.

Fabrinet (NYSE:FNGet Free Report) last released its earnings results on Monday, February 5th. The technology company reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.84 by $0.05. The firm had revenue of $712.69 million for the quarter, compared to the consensus estimate of $699.76 million. Fabrinet had a return on equity of 17.27% and a net margin of 9.35%. Equities analysts anticipate that Fabrinet will post 7.64 EPS for the current year.

Insider Buying and Selling

In related news, Director Rollance E. Olson sold 10,000 shares of Fabrinet stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $205.52, for a total value of $2,055,200.00. Following the completion of the sale, the director now directly owns 25,981 shares in the company, valued at approximately $5,339,615.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fabrinet

Several hedge funds have recently bought and sold shares of the business. BlackRock Inc. lifted its holdings in shares of Fabrinet by 1.7% in the 1st quarter. BlackRock Inc. now owns 5,776,976 shares of the technology company’s stock worth $686,074,000 after buying an additional 93,882 shares during the period. Vanguard Group Inc. lifted its stake in shares of Fabrinet by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,333,317 shares of the technology company’s stock worth $722,017,000 after purchasing an additional 16,228 shares during the last quarter. FMR LLC lifted its stake in shares of Fabrinet by 9.7% during the 3rd quarter. FMR LLC now owns 1,987,726 shares of the technology company’s stock worth $331,195,000 after purchasing an additional 174,945 shares during the last quarter. Capital International Investors lifted its stake in shares of Fabrinet by 108.1% during the 1st quarter. Capital International Investors now owns 1,529,864 shares of the technology company’s stock worth $160,835,000 after purchasing an additional 794,833 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of Fabrinet by 0.8% during the 2nd quarter. State Street Corp now owns 1,258,991 shares of the technology company’s stock worth $163,518,000 after purchasing an additional 9,757 shares during the last quarter. Institutional investors own 97.38% of the company’s stock.

Analyst Upgrades and Downgrades

FN has been the topic of several research reports. JPMorgan Chase & Co. cut Fabrinet from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $185.00 to $210.00 in a research report on Monday, January 8th. Needham & Company LLC lowered their price objective on Fabrinet from $230.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $230.00 price objective on shares of Fabrinet in a research report on Tuesday, February 6th. Finally, Northland Securities raised Fabrinet from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $200.00 to $220.00 in a research report on Thursday, March 21st. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $159.29.

Check Out Our Latest Analysis on FN

Fabrinet Company Profile

(Get Free Report)

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.

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