Victory Capital Management Inc. Has $2.24 Million Stake in Fabrinet (FN)
Victory Capital Management Inc. trimmed its stake in Fabrinet (NYSE:FN) by 67.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,427 shares of the technology company’s stock after selling 127,455 shares during the period. Victory Capital Management Inc. owned 0.16% of Fabrinet worth $2,239,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of FN. BlackRock Inc. boosted its holdings in Fabrinet by 60,498.5% in the 1st quarter. BlackRock Inc. now owns 4,311,581 shares of the technology company’s stock worth $181,218,000 after buying an additional 4,304,466 shares during the period. BT Investment Management Ltd bought a new position in Fabrinet in the 2nd quarter worth $38,212,000. FMR LLC boosted its holdings in Fabrinet by 31.8% in the 2nd quarter. FMR LLC now owns 2,772,212 shares of the technology company’s stock worth $118,262,000 after buying an additional 669,201 shares during the period. Legion Partners Asset Management LLC bought a new position in Fabrinet in the 2nd quarter worth $21,365,000. Finally, Royce & Associates LP boosted its holdings in Fabrinet by 39.9% in the 2nd quarter. Royce & Associates LP now owns 1,396,450 shares of the technology company’s stock worth $59,573,000 after buying an additional 398,535 shares during the period. Hedge funds and other institutional investors own 94.37% of the company’s stock.
Fabrinet (NYSE FN) opened at $32.17 on Friday. Fabrinet has a 1-year low of $28.60 and a 1-year high of $49.63. The company has a market cap of $1,209.24, a PE ratio of 12.82, a price-to-earnings-growth ratio of 1.21 and a beta of 1.03. The company has a current ratio of 2.70, a quick ratio of 1.85 and a debt-to-equity ratio of 0.03.
Fabrinet declared that its board has approved a stock repurchase plan on Monday, August 21st that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 21% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
Several research analysts recently weighed in on the stock. B. Riley reaffirmed a “buy” rating and issued a $46.50 target price on shares of Fabrinet in a report on Monday, August 28th. J P Morgan Chase & Co downgraded shares of Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 target price for the company. in a report on Tuesday, November 7th. ValuEngine raised shares of Fabrinet from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. BidaskClub downgraded shares of Fabrinet from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 22nd. Finally, Stifel Nicolaus reaffirmed a “buy” rating on shares of Fabrinet in a report on Tuesday, August 22nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $46.42.
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In other Fabrinet news, CEO David T. Mitchell sold 105,000 shares of the stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $38.63, for a total transaction of $4,056,150.00. Following the completion of the transaction, the chief executive officer now owns 111,057 shares of the company’s stock, valued at approximately $4,290,131.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David T. Mitchell sold 50,000 shares of the stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $30.03, for a total transaction of $1,501,500.00. Following the transaction, the insider now directly owns 111,057 shares of the company’s stock, valued at approximately $3,335,041.71. The disclosure for this sale can be found here. Insiders have sold a total of 257,500 shares of company stock valued at $9,535,850 in the last three months. Insiders own 3.30% of the company’s stock.
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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