Russell Investments Group Ltd. lifted its stake in shares of Fabrinet (NYSE:FN) by 39.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 29,767 shares of the technology company’s stock after purchasing an additional 8,434 shares during the period. Russell Investments Group Ltd. owned about 0.08% of Fabrinet worth $1,377,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of FN. Systematic Financial Management LP bought a new position in Fabrinet in the second quarter worth about $1,434,000. Seven Eight Capital LP bought a new position in Fabrinet in the third quarter worth about $546,000. State Board of Administration of Florida Retirement System lifted its holdings in Fabrinet by 19.5% in the second quarter. State Board of Administration of Florida Retirement System now owns 17,850 shares of the technology company’s stock worth $658,000 after acquiring an additional 2,910 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Fabrinet by 52.5% in the second quarter. Bank of New York Mellon Corp now owns 1,092,082 shares of the technology company’s stock worth $40,288,000 after acquiring an additional 375,901 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in Fabrinet by 4.4% in the second quarter. Rhumbline Advisers now owns 87,187 shares of the technology company’s stock worth $3,216,000 after acquiring an additional 3,691 shares during the last quarter. 93.50% of the stock is currently owned by institutional investors and hedge funds.
FN has been the topic of a number of recent research reports. B. Riley raised their target price on shares of Fabrinet from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, August 16th. Zacks Investment Research raised shares of Fabrinet from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a report on Friday, August 17th. Needham & Company LLC cut shares of Fabrinet from a “strong-buy” rating to a “buy” rating and raised their target price for the stock from $45.00 to $55.00 in a report on Tuesday, August 21st. They noted that the move was a valuation call. Piper Jaffray Companies raised their target price on shares of Fabrinet from $42.00 to $52.00 and gave the stock an “overweight” rating in a report on Tuesday, August 21st. Finally, ValuEngine raised shares of Fabrinet from a “hold” rating to a “buy” rating in a report on Thursday, August 23rd. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $50.17.
Shares of NYSE:FN opened at $47.97 on Friday. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 16.10, a P/E/G ratio of 1.20 and a beta of 0.65. Fabrinet has a 12-month low of $24.02 and a 12-month high of $54.70. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.00 and a quick ratio of 2.09.
Fabrinet (NYSE:FN) last issued its earnings results on Monday, November 5th. The technology company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.24. The company had revenue of $377.00 million during the quarter, compared to analyst estimates of $352.28 million. Fabrinet had a net margin of 6.54% and a return on equity of 13.53%. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter last year, the business posted $0.75 EPS. Equities analysts forecast that Fabrinet will post 3.12 EPS for the current fiscal year.
In other Fabrinet news, Director David T. Mitchell sold 40,000 shares of Fabrinet stock in a transaction on Monday, October 1st. The shares were sold at an average price of $45.40, for a total transaction of $1,816,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Toh-Seng Ng sold 30,000 shares of the firm’s stock in a transaction on Thursday, November 29th. The shares were sold at an average price of $52.70, for a total transaction of $1,581,000.00. Following the transaction, the chief financial officer now owns 117,340 shares in the company, valued at approximately $6,183,818. The disclosure for this sale can be found here. Insiders have sold a total of 109,560 shares of company stock valued at $5,451,323 in the last three months. Company insiders own 1.90% of the company’s stock.
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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 optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.
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