Fabrinet (FN) Stake Lifted by HighTower Advisors LLC

HighTower Advisors LLC boosted its holdings in Fabrinet (NYSE:FN) by 27.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,686 shares of the technology company’s stock after purchasing an additional 2,755 shares during the period. HighTower Advisors LLC’s holdings in Fabrinet were worth $536,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tower Research Capital LLC TRC lifted its position in shares of Fabrinet by 1.9% during the 1st quarter. Tower Research Capital LLC TRC now owns 2,608 shares of the technology company’s stock valued at $110,000 after buying an additional 48 shares during the last quarter. YorkBridge Wealth Partners LLC lifted its holdings in Fabrinet by 14.1% during the 2nd 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 in the last quarter. Riverhead Capital Management LLC lifted its holdings in Fabrinet by 68.5% during the 2nd 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 in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Fabrinet during the 1st quarter worth about $127,000. Finally, PNC Financial Services Group Inc. lifted its holdings in Fabrinet by 63.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,038 shares of the technology company’s stock worth $129,000 after purchasing an additional 1,178 shares in the last quarter. 93.56% of the stock is currently owned by hedge funds and other institutional investors.

Fabrinet (NYSE:FN) opened at 36.49 on Friday. The stock has a 50 day moving average price of $37.15 and a 200-day moving average price of $38.99. The stock has a market cap of $1.36 billion, a PE ratio of 14.20 and a beta of 1.15. Fabrinet has a 1-year low of $31.97 and a 1-year high of $49.63.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, August 21st. The technology company reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.11). Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. The company had revenue of $370.50 million during the quarter, compared to analysts’ expectations of $363.41 million. During the same period last year, the firm earned $0.60 earnings per share. Fabrinet’s revenue was up 34.0% on a year-over-year basis. On average, equities analysts expect that Fabrinet will post $3.46 EPS for the current year.

Fabrinet announced that its Board of Directors has approved a share repurchase plan on Monday, August 21st that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 21% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

A number of brokerages have weighed in on FN. B. Riley restated a “buy” rating and issued a $46.50 target price on shares of Fabrinet in a research note on Wednesday, August 23rd. ValuEngine lowered Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. Northland Securities set a $50.00 price target on Fabrinet and gave the stock a “buy” rating in a research report on Tuesday, August 22nd. Piper Jaffray Companies restated an “overweight” rating and set a $51.00 price target (down from $55.00) on shares of Fabrinet in a research report on Tuesday, August 22nd. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fabrinet in a research report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $51.58.

In related news, CEO David T. Mitchell sold 105,000 shares of the business’s stock in a transaction on Friday, August 25th. The shares were sold at an average price of $38.63, for a total value of $4,056,150.00. Following the completion of the sale, the chief executive officer now directly owns 111,057 shares of the company’s stock, valued at $4,290,131.91. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Thomas F. Kelly sold 30,000 shares of the company’s stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $38.24, for a total transaction of $1,147,200.00. Following the completion of the sale, the director now directly owns 64,635 shares of the company’s stock, valued at $2,471,642.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 207,500 shares of company stock valued at $8,034,350. 4.30% of the stock is owned by corporate insiders.

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Fabrinet 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.

Institutional Ownership by Quarter for Fabrinet (NYSE:FN)

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