Fabrinet (NYSE:FN) Sees Significant Growth in Short Interest

Fabrinet (NYSE:FN) was the recipient of a large increase in short interest in the month of May. As of May 31st, there was short interest totalling 1,380,000 shares, an increase of 9.5% from the May 15th total of 1,260,000 shares. Based on an average daily trading volume, of 466,000 shares, the days-to-cover ratio is presently 3.0 days. Approximately 3.8% of the company’s stock are sold short.

Fabrinet Price Performance

FN opened at $254.15 on Wednesday. The company has a market cap of $9.19 billion, a price-to-earnings ratio of 33.75 and a beta of 0.99. The firm has a 50 day simple moving average of $211.64 and a 200 day simple moving average of $201.04. Fabrinet has a fifty-two week low of $114.83 and a fifty-two week high of $256.51.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, May 6th. The technology company reported $2.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.28. The firm had revenue of $731.54 million during the quarter, compared to analysts’ expectations of $718.94 million. Fabrinet had a net margin of 9.90% and a return on equity of 17.67%. As a group, analysts expect that Fabrinet will post 7.95 EPS for the current year.

Analyst Ratings Changes

FN has been the subject of a number of research reports. B. Riley reduced their price target on shares of Fabrinet from $173.00 to $171.00 and set a “neutral” rating for the company in a report on Tuesday, May 7th. JPMorgan Chase & Co. increased their price target on shares of Fabrinet from $210.00 to $212.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 price objective on shares of Fabrinet in a report on Tuesday, May 7th. Finally, Northland Securities upgraded shares of Fabrinet from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $200.00 to $220.00 in a research report on Thursday, March 21st. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Fabrinet presently has an average rating of “Moderate Buy” and a consensus price target of $161.00.

Insider Buying and Selling at Fabrinet

In other news, Director Frank H. Levinson sold 6,000 shares of the stock in a transaction on Friday, May 24th. The shares were sold at an average price of $241.71, for a total transaction of $1,450,260.00. Following the transaction, the director now owns 5,709 shares in the company, valued at approximately $1,379,922.39. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.51% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Fabrinet by 0.4% during the third quarter. Vanguard Group Inc. now owns 4,333,317 shares of the technology company’s stock worth $722,017,000 after purchasing an additional 16,228 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in Fabrinet by 3.0% during the third quarter. Advisors Asset Management Inc. now owns 7,265 shares of the technology company’s stock worth $1,210,000 after purchasing an additional 211 shares during the last quarter. Evoke Wealth LLC acquired a new position in Fabrinet during the fourth quarter worth $3,135,000. Redwood Investments LLC acquired a new position in Fabrinet during the fourth quarter worth $3,478,000. Finally, Wellington Management Group LLP raised its position in Fabrinet by 21.3% during the third quarter. Wellington Management Group LLP now owns 904,505 shares of the technology company’s stock worth $150,709,000 after acquiring an additional 159,037 shares in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

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 advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.