Insider Selling: Fabrinet major shareholder Unloads 3,150,000 Shares of Stock (FN)
Fabrinet (NYSE:FN) major shareholder Ta Lin Hsu sold 3,150,000 shares of Fabrinet stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $18.00, for a total transaction of $56,700,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.
Shares of Fabrinet (NYSE:FN) traded up 2.44% during mid-day trading on Thursday, hitting $19.33. The stock had a trading volume of 459,396 shares. Fabrinet has a 52-week low of $13.66 and a 52-week high of $22.67. The stock has a 50-day moving average of $20.06 and a 200-day moving average of $19.56. The company has a market cap of $678.6 million and a price-to-earnings ratio of 6.93. Fabrinet also was the recipient of a large increase in short interest in the month of May. As of May 15th, there was short interest totalling 1,283,465 shares, an increase of 80.6% from the April 30th total of 710,523 shares. Based on an average trading volume of 403,413 shares, the days-to-cover ratio is presently 3.2 days. Approximately 4.9% of the shares of the stock are sold short.
Fabrinet (NYSE:FN) last released its earnings data on Monday, May 5th. The company reported $0.34 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.33 by $0.01. The company had revenue of $167.70 million for the quarter, compared to the consensus estimate of $155.60 million. During the same quarter in the prior year, the company posted $0.33 earnings per share. The company’s quarterly revenue was up 7.8% on a year-over-year basis.
A number of research firms have recently commented on FN. Analysts at Zacks downgraded shares of Fabrinet from a “neutral” rating to an “underperform” rating in a research note on Wednesday, May 14th. They now have a $18.50 price target on the stock. Separately, analysts at Stifel Nicolaus raised their price target on shares of Fabrinet from $22.00 to $23.00 in a research note on Tuesday, May 6th. Finally, analysts at Citigroup Inc. downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research note on Tuesday, May 6th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $22.92.
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (NYSE:FN) of complex products, such as optical communication components, modules and sub-systems, industrial lasers and sensors.
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