Engineers Gate Manager LP Takes Position in Fabrinet (FN)

Engineers Gate Manager LP bought a new stake in Fabrinet (NYSE:FN) in the 3rd quarter, Holdings Channel reports. The firm bought 48,259 shares of the technology company’s stock, valued at approximately $2,232,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Systematic Financial Management LP acquired a new position in shares of Fabrinet in the 2nd quarter valued at $1,434,000. State Board of Administration of Florida Retirement System lifted its stake in shares of Fabrinet by 19.5% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 17,850 shares of the technology company’s stock valued at $658,000 after purchasing an additional 2,910 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Fabrinet by 52.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,092,082 shares of the technology company’s stock valued at $40,288,000 after purchasing an additional 375,901 shares during the period. Rhumbline Advisers lifted its stake in shares of Fabrinet by 4.4% in the 2nd quarter. Rhumbline Advisers now owns 87,187 shares of the technology company’s stock valued at $3,216,000 after purchasing an additional 3,691 shares during the period. Finally, Seven Eight Capital LP acquired a new position in shares of Fabrinet in the 3rd quarter valued at $546,000. Hedge funds and other institutional investors own 99.66% of the company’s stock.

Several equities analysts recently issued reports on FN shares. Stifel Nicolaus started coverage on shares of Fabrinet in a research note on Monday, October 22nd. They issued a “buy” rating and a $53.00 target price for the company. 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 research report on Wednesday, September 5th. Zacks Investment Research cut shares of Fabrinet from a “hold” rating to a “sell” rating in a research report on Tuesday, July 10th. ValuEngine upgraded shares of Fabrinet from a “hold” rating to a “buy” rating in a research report on Thursday, August 23rd. Finally, 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 research report on Tuesday, September 4th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $49.00.

NYSE:FN opened at $50.00 on Wednesday. The company has a quick ratio of 2.21, a current ratio of 3.16 and a debt-to-equity ratio of 0.08. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of 19.24, a P/E/G ratio of 1.28 and a beta of 0.68. Fabrinet has a fifty-two week low of $24.02 and a fifty-two week high of $54.70.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, November 5th. The technology company reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.11. The company had revenue of $377.00 million during the quarter, compared to analysts’ expectations of $352.28 million. Fabrinet had a net margin of 6.14% and a return on equity of 12.68%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 earnings per share. As a group, equities research analysts predict that Fabrinet will post 2.8 EPS for the current year.

In other news, Director Rollance E. Olson sold 5,000 shares of the stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $48.03, for a total value of $240,150.00. Following the completion of the sale, the director now directly owns 48,303 shares in the company, valued at $2,319,993.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David T. Mitchell sold 40,000 shares of the stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $46.14, for a total transaction of $1,845,600.00. Following the completion of the sale, the director now owns 69,641 shares of the company’s stock, valued at $3,213,235.74. The disclosure for this sale can be found here. Insiders have sold 165,000 shares of company stock valued at $7,727,350 over the last 90 days. 1.90% of the stock is currently owned by company insiders.

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Fabrinet Profile

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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Institutional Ownership by Quarter for Fabrinet (NYSE:FN)

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