Fabrinet (FN) Trading 3.9% Higher
Fabrinet (NYSE:FN) traded up 3.9% during mid-day trading on Tuesday . The stock traded as high as $38.53 and last traded at $38.22, with a volume of 184,577 shares. The stock had previously closed at $36.77.
FN has been the topic of several research reports. Needham & Company LLC raised their price target on shares of Fabrinet from $45.00 to $48.00 and gave the company a “buy” rating in a report on Monday, July 25th. JPMorgan Chase & Co. restated a “buy” rating on shares of Fabrinet in a report on Wednesday, July 20th. Zacks Investment Research lowered shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 5th. B. Riley upgraded shares of Fabrinet to a “buy” rating and set a $42.25 price target on the stock in a report on Monday, May 9th. Finally, Piper Jaffray Cos. restated 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 analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $40.61.
The stock has a market cap of $1.36 billion and a P/E ratio of 25.02. The stock’s 50 day moving average price is $37.13 and its 200-day moving average price is $32.64.
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 stock was sold at an average price of $33.88, for a total value of $2,541,000.00. Following the completion of the sale, the chief executive officer now owns 597,322 shares of the company’s stock, valued at approximately $20,237,269.36. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Homa Bahrami sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, May 26th. The shares were sold at an average price of $35.34, for a total value of $176,700.00. Following the completion of the sale, the director now directly owns 18,616 shares of the company’s stock, valued at approximately $657,889.44. The disclosure for this sale can be found here.
Other large investors have recently made changes to their positions in the company. Rhumbline Advisers boosted its stake in shares of 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 last quarter. Argent Capital Management LLC purchased a new stake in shares of Fabrinet during the fourth quarter valued at approximately $1,285,000. US Bancorp DE boosted its stake in shares of 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 last quarter. California State Teachers Retirement System boosted its stake in shares of Fabrinet by 1.7% in the fourth quarter. California State Teachers Retirement System now owns 65,601 shares of the company’s stock valued at $1,563,000 after buying an additional 1,100 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its stake in shares of Fabrinet by 2.7% in the fourth quarter. New York State Common Retirement Fund now owns 71,953 shares of the company’s stock valued at $1,714,000 after buying an additional 1,900 shares during the last quarter.
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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