PineBridge Investments L.P. Acquires 154 Shares of Fabrinet (FN)
PineBridge Investments L.P. raised its stake in shares of Fabrinet (NYSE:FN) by 4.1% during the second quarter, Holdings Channel reports. The firm owned 3,886 shares of the company’s stock after buying an additional 154 shares during the period. PineBridge Investments L.P.’s holdings in Fabrinet were worth $144,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. TIAA CREF Investment Management LLC raised its position in Fabrinet by 8.5% in the first quarter. TIAA CREF Investment Management LLC now owns 192,056 shares of the company’s stock worth $6,213,000 after buying an additional 15,099 shares during the last quarter. Teachers Advisors Inc. raised its position in Fabrinet by 2.4% in the first quarter. Teachers Advisors Inc. now owns 55,586 shares of the company’s stock worth $1,798,000 after buying an additional 1,297 shares during the last quarter. Prudential Financial Inc. raised its position in Fabrinet by 20.0% in the first quarter. Prudential Financial Inc. now owns 83,329 shares of the company’s stock worth $2,696,000 after buying an additional 13,900 shares during the last quarter. Algert Global LLC purchased a new position in Fabrinet during the first quarter worth $922,000. Finally, Mckinley Capital Management LLC Delaware raised its position in Fabrinet by 36.2% in the first quarter. Mckinley Capital Management LLC Delaware now owns 136,950 shares of the company’s stock worth $4,430,000 after buying an additional 36,412 shares during the last quarter. Institutional investors own 90.88% of the company’s stock.
Shares of Fabrinet (NYSE:FN) opened at 44.59 on Monday. Fabrinet has a 1-year low of $18.56 and a 1-year high of $45.01. The stock has a market cap of $1.61 billion, a P/E ratio of 26.54 and a beta of 0.65. The company’s 50-day moving average is $41.51 and its 200-day moving average is $36.31.
Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, August 15th. The company reported $0.60 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.60. The company had revenue of $276.40 million for the quarter, compared to analyst estimates of $262.95 million. Fabrinet had a return on equity of 13.07% and a net margin of 6.34%. The firm’s revenue for the quarter was up 33.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 EPS. Equities analysts expect that Fabrinet will post $2.03 EPS for the current fiscal year.
FN has been the topic of several research analyst reports. B. Riley reissued a “buy” rating and issued a $42.25 target price on shares of Fabrinet in a report on Friday, August 12th. Zacks Investment Research downgraded shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 5th. Needham & Company LLC boosted their target price on shares of Fabrinet from $48.00 to $54.00 and gave the stock a “buy” rating in a report on Tuesday, August 16th. Stifel Nicolaus boosted their target price on shares of Fabrinet from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Tuesday, August 16th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Fabrinet from $42.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, August 16th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $47.68.
In other Fabrinet news, 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 value of $200,300.00. Following the transaction, the director now owns 44,829 shares in the company, valued at approximately $1,795,849.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $2,996,250.00. Following the completion of the transaction, the chief executive officer now owns 725,533 shares in the company, valued at approximately $28,985,043.35. The disclosure for this sale can be found here. 5.90% of the stock is owned by company insiders.
Fabrinet Company Profile
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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