Fabrinet (FN) Trading Up 4.6%
Shares of Fabrinet (NYSE:FN) were up 4.6% during mid-day trading on Wednesday . The stock traded as high as $36.75 and last traded at $36.63, with a volume of 380,475 shares. The stock had previously closed at $35.02.
Several analysts have issued reports on FN shares. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Fabrinet in a research note on Sunday, May 29th. Needham & Company LLC increased their target price on shares of Fabrinet from $45.00 to $48.00 and gave the stock a “buy” rating in a research note on Monday, July 25th. B. Riley raised shares of Fabrinet to a “buy” rating and set a $42.25 price target on the stock in a report on Wednesday, May 4th. Zacks Investment Research lowered shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 5th. Finally, Piper Jaffray Cos. reissued an “overweight” rating and issued a $44.00 price target (up previously from $36.00) on shares of Fabrinet in a report on Thursday, May 5th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $40.61.
The company’s 50-day moving average is $37.12 and its 200-day moving average is $32.35. The firm has a market cap of $1.32 billion and a P/E ratio of 24.20.
In related news, CEO David T. Mitchell sold 75,000 shares of the business’s stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $33.88, for a total transaction of $2,541,000.00. Following the completion of the sale, the chief executive officer now directly owns 597,322 shares in the company, valued at $20,237,269.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frank H. Levinson sold 19,942 shares of the business’s stock in a transaction that occurred on Tuesday, May 24th. The shares were sold at an average price of $33.50, for a total transaction of $668,057.00. Following the sale, the director now owns 53,887 shares of the company’s stock, valued at $1,805,214.50. The disclosure for this sale can be found here.
A number of institutional investors have recently modified their holdings of the stock. Russell Frank Co purchased a new position in shares of Fabrinet during the fourth quarter valued at $2,381,000. Robeco Institutional Asset Management B.V. bought a new position in Fabrinet during the fourth quarter valued at approximately $2,019,000. California Public Employees Retirement System increased its position in Fabrinet by 16.1% in the fourth quarter. California Public Employees Retirement System now owns 188,700 shares of the company’s stock valued at $4,495,000 after buying an additional 26,200 shares during the period. US Bancorp DE increased its position in Fabrinet by 65.0% in the fourth quarter. US Bancorp DE now owns 62,187 shares of the company’s stock valued at $1,481,000 after buying an additional 24,498 shares during the period. Finally, Rhumbline Advisers increased its position in Fabrinet by 4.2% in the fourth quarter. Rhumbline Advisers now owns 52,330 shares of the company’s stock valued at $1,247,000 after buying an additional 2,125 shares during the period.
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of complex products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.
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