Kayne Anderson Rudnick Investment Management LLC Increases Position in Fabrinet (NYSE:FN)

Kayne Anderson Rudnick Investment Management LLC boosted its holdings in shares of Fabrinet (NYSE:FN) by 32.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,802 shares of the technology company’s stock after purchasing an additional 692 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Fabrinet were worth $686,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Janney Montgomery Scott LLC raised its holdings in shares of Fabrinet by 211.9% during the fourth quarter. Janney Montgomery Scott LLC now owns 4,516 shares of the technology company’s stock valued at $860,000 after acquiring an additional 3,068 shares during the last quarter. Trexquant Investment LP purchased a new position in shares of Fabrinet in the fourth quarter worth about $563,000. Franklin Resources Inc. acquired a new position in Fabrinet during the fourth quarter worth about $1,421,000. US Bancorp DE grew its stake in Fabrinet by 14.2% during the 4th quarter. US Bancorp DE now owns 11,005 shares of the technology company’s stock valued at $2,095,000 after acquiring an additional 1,371 shares in the last quarter. Finally, Parallel Advisors LLC lifted its stake in Fabrinet by 59.7% in the 4th quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock worth $39,000 after purchasing an additional 77 shares in the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on FN shares. Jefferies Financial Group began coverage on Fabrinet in a report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 price target for the company. JPMorgan Chase & Co. raised their target price on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Needham & Company LLC increased their price objective on shares of Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. B. Riley upped their price target on Fabrinet from $171.00 to $196.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Finally, Rosenblatt Securities lifted their price objective on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $219.00.

Insider Activity

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the transaction, the executive vice president now owns 8,333 shares in the company, valued at $1,835,426.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the sale, the executive vice president now owns 8,333 shares in the company, valued at $1,835,426.58. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Csaba Sverha sold 100 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.00, for a total transaction of $27,000.00. Following the transaction, the chief financial officer now owns 19,347 shares in the company, valued at $5,223,690. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,728 shares of company stock worth $11,645,062. Corporate insiders own 0.51% of the company’s stock.

Fabrinet Stock Up 0.2 %

NYSE FN opened at $231.94 on Tuesday. Fabrinet has a 52 week low of $149.19 and a 52 week high of $278.38. The firm has a 50 day moving average of $228.82 and a two-hundred day moving average of $219.29. The stock has a market capitalization of $8.38 billion, a PE ratio of 30.80 and a beta of 0.96.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $2.06 by $0.35. The company had revenue of $753.26 million for the quarter, compared to analysts’ expectations of $732.63 million. Fabrinet had a return on equity of 18.10% and a net margin of 10.27%. Fabrinet’s quarterly revenue was up 14.8% on a year-over-year basis. During the same period last year, the firm earned $1.68 earnings per share. On average, equities research analysts expect that Fabrinet will post 9.11 earnings per share for the current fiscal year.

Fabrinet Company 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 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.