Fabrinet (FN) Sees Large Decline in Short Interest

Fabrinet (NYSE:FN) was the target of a large decline in short interest in September. As of September 28th, there was short interest totalling 731,736 shares, a decline of 32.4% from the September 14th total of 1,081,817 shares. Based on an average trading volume of 416,656 shares, the short-interest ratio is currently 1.8 days. Approximately 2.1% of the company’s stock are sold short.

In related news, Director David T. Mitchell sold 40,000 shares of the company’s stock in a transaction on Monday, October 1st. The shares were sold at an average price of $45.40, for a total value of $1,816,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Rollance E. Olson sold 5,000 shares of the company’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $48.03, for a total transaction of $240,150.00. Following the completion of the sale, the director now owns 48,303 shares of the company’s stock, valued at $2,319,993.09. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 205,000 shares of company stock worth $9,311,750. 3.30% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the business. Boenning & Scattergood Inc. acquired a new position in Fabrinet during the 3rd quarter worth $222,000. Fox Run Management L.L.C. acquired a new position in Fabrinet during the 3rd quarter worth $247,000. Xact Kapitalforvaltning AB acquired a new position in Fabrinet during the 2nd quarter worth $226,000. United Services Automobile Association acquired a new position in Fabrinet during the 2nd quarter worth $234,000. Finally, Profund Advisors LLC acquired a new position in Fabrinet during the 1st quarter worth $207,000. 99.41% of the stock is owned by hedge funds and other institutional investors.

Fabrinet stock opened at $44.99 on Friday. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 15.10, a PEG ratio of 1.14 and a beta of 0.58. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.16 and a quick ratio of 2.21. Fabrinet has a fifty-two week low of $24.02 and a fifty-two week high of $48.97.

Fabrinet (NYSE:FN) last released its earnings results on Monday, August 20th. The technology company reported $0.81 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.06. The firm had revenue of $345.30 million during the quarter, compared to analyst estimates of $338.12 million. Fabrinet had a net margin of 6.14% and a return on equity of 12.68%. The business’s revenue was down 6.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.86 EPS. Equities analysts forecast that Fabrinet will post 3.12 earnings per share for the current fiscal year.

FN has been the subject of a number of recent research reports. Needham & Company LLC upped their price objective on shares of Fabrinet from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 5th. Zacks Investment Research cut shares of Fabrinet from a “hold” rating to a “sell” rating in a report on Tuesday, July 10th. ValuEngine upgraded shares of Fabrinet from a “hold” rating to a “buy” rating in a report on Thursday, August 23rd. B. Riley cut shares of Fabrinet from a “buy” rating to a “neutral” rating and set a $52.00 price objective for the company. in a report on Tuesday, September 4th. Finally, Piper Jaffray Companies upped their price objective on shares of Fabrinet from $42.00 to $52.00 and gave the stock an “overweight” rating in a report on Tuesday, August 21st. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Fabrinet presently has an average rating of “Buy” and a consensus price target of $45.86.

About Fabrinet

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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