PNC Financial Services Group Inc. increased its position in shares of Fabrinet (NYSE:FN) by 13.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,122 shares of the company’s stock after buying an additional 2,146 shares during the period. PNC Financial Services Group Inc. owned about 0.05% of Fabrinet worth $673,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in FN. Louisiana State Employees Retirement System raised its stake in Fabrinet by 0.7% in the second quarter. Louisiana State Employees Retirement System now owns 13,600 shares of the company’s stock valued at $505,000 after buying an additional 100 shares during the period. Barclays PLC raised its stake in Fabrinet by 0.5% in the first quarter. Barclays PLC now owns 41,802 shares of the company’s stock valued at $1,337,000 after buying an additional 202 shares during the period. Arizona State Retirement System raised its stake in Fabrinet by 4.7% in the first quarter. Arizona State Retirement System now owns 15,560 shares of the company’s stock valued at $503,000 after buying an additional 700 shares during the period. Teachers Advisors Inc. raised its stake in Fabrinet by 2.4% in the first quarter. Teachers Advisors Inc. now owns 55,586 shares of the company’s stock valued at $1,798,000 after buying an additional 1,297 shares during the period. Finally, Navellier & Associates Inc raised its stake in Fabrinet by 14.3% in the second quarter. Navellier & Associates Inc now owns 12,337 shares of the company’s stock valued at $458,000 after buying an additional 1,547 shares during the period. Institutional investors and hedge funds own 90.88% of the company’s stock.

Shares of Fabrinet (NYSE:FN) traded up 3.74% on Wednesday, reaching $44.88. 389,574 shares of the company traded hands. The company has a 50-day moving average of $39.82 and a 200-day moving average of $35.46. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of 26.71 and a beta of 0.48. Fabrinet has a 1-year low of $17.88 and a 1-year high of $45.01.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, August 15th. The company reported $0.60 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.60. Fabrinet had a net margin of 6.34% and a return on equity of 13.07%. The business earned $276.40 million during the quarter, compared to the consensus estimate of $262.95 million. During the same period in the previous year, the firm posted $0.40 earnings per share. The business’s revenue for the quarter was up 33.8% compared to the same quarter last year. Analysts anticipate that Fabrinet will post $2.03 earnings per share for the current fiscal year.

Several equities research analysts have recently commented on the company. Needham & Company LLC restated a “buy” rating and issued a $54.00 price objective on shares of Fabrinet in a research note on Monday. JPMorgan Chase & Co. upped their price objective on Fabrinet from $42.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 16th. Piper Jaffray Cos. restated an “overweight” rating and issued a $50.00 price objective (up from $44.00) on shares of Fabrinet in a research note on Tuesday, August 16th. Stifel Nicolaus upped their price objective on Fabrinet from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, August 16th. Finally, Zacks Investment Research downgraded shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 18th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $47.68.

In related news, CEO David T. Mitchell sold 75,000 shares of the firm’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $39.95, for a total transaction of $2,996,250.00. Following the completion of the transaction, the chief executive officer now owns 725,533 shares of the company’s stock, valued at $28,985,043.35. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Rollance E. Olson sold 5,000 shares of the firm’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $40.06, for a total transaction of $200,300.00. Following the transaction, the director now directly owns 44,829 shares of the company’s stock, valued at approximately $1,795,849.74. The disclosure for this sale can be found here. Insiders own 5.90% of the company’s stock.

About Fabrinet

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.

5 Day Chart for NYSE:FN

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