Intech Investment Management LLC Purchases New Stake in Fabrinet (NYSE:FN)

Intech Investment Management LLC acquired a new position in shares of Fabrinet (NYSE:FN) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 14,433 shares of the technology company’s stock, valued at approximately $3,533,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Evoke Wealth LLC purchased a new stake in shares of Fabrinet in the 4th quarter valued at approximately $3,135,000. Cim LLC purchased a new position in Fabrinet in the fourth quarter worth approximately $1,194,000. Norden Group LLC increased its stake in Fabrinet by 1,775.2% during the first quarter. Norden Group LLC now owns 28,616 shares of the technology company’s stock worth $5,409,000 after acquiring an additional 27,090 shares during the last quarter. Pitcairn Co. purchased a new stake in Fabrinet in the first quarter valued at $544,000. Finally, Franklin Resources Inc. purchased a new stake in Fabrinet in the fourth quarter valued at $1,421,000. Institutional investors and hedge funds own 97.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Jefferies Financial Group started coverage on Fabrinet in a research report on Wednesday, June 26th. They set a “hold” rating and a $230.00 price objective for the company. Rosenblatt Securities lifted their price target on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Needham & Company LLC upped their price objective on shares of Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. B. Riley lifted their target price on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Finally, JPMorgan Chase & Co. boosted their target price on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research report 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, the company has an average rating of “Hold” and an average target price of $219.00.

Fabrinet Stock Down 1.2 %

NYSE:FN opened at $231.56 on Monday. Fabrinet has a 52 week low of $149.19 and a 52 week high of $278.38. The company has a fifty day simple moving average of $229.29 and a two-hundred day simple moving average of $219.21. The company has a market cap of $8.37 billion, a price-to-earnings ratio of 30.75 and a beta of 0.96.

Fabrinet (NYSE:FN) last released its earnings results on Monday, August 19th. The technology company reported $2.41 EPS for the quarter, topping the consensus estimate of $2.06 by $0.35. The firm had revenue of $753.26 million during 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 revenue for the quarter was up 14.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.68 EPS. On average, analysts expect that Fabrinet will post 9.11 EPS for the current year.

Insider Activity at Fabrinet

In other Fabrinet news, CFO Csaba Sverha sold 9,288 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the completion of the transaction, the chief financial officer now owns 19,768 shares in the company, valued at approximately $5,338,941.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Fabrinet news, CFO Csaba Sverha sold 9,288 shares of Fabrinet stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the completion of the sale, the chief financial officer now directly owns 19,768 shares of the company’s stock, valued at approximately $5,338,941.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Seamus Grady sold 26,650 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.00, for a total value of $7,195,500.00. Following the completion of the transaction, the chief executive officer now owns 37,643 shares in the company, valued at approximately $10,163,610. The disclosure for this sale can be found here. Insiders have sold a total of 44,728 shares of company stock valued at $11,645,062 over the last 90 days. 0.51% of the stock is owned by corporate insiders.

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 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.