Fabrinet (NYSE:FN) Shares Sold by LS Investment Advisors LLC
LS Investment Advisors LLC cut its stake in shares of Fabrinet (NYSE:FN) by 0.8% during the second quarter, Holdings Channel reports. The institutional investor owned 3,870 shares of the technology company’s stock after selling 33 shares during the period. LS Investment Advisors LLC’s holdings in Fabrinet were worth $165,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in FN. TNB Financial bought a new position in Fabrinet during the second quarter valued at about $235,000. State of Alaska Department of Revenue increased its position in Fabrinet by 80.7% in the second quarter. State of Alaska Department of Revenue now owns 7,371 shares of the technology company’s stock valued at $314,000 after buying an additional 3,291 shares in the last quarter. Bank of Montreal Can increased its position in Fabrinet by 3.8% in the second quarter. Bank of Montreal Can now owns 165,682 shares of the technology company’s stock valued at $7,068,000 after buying an additional 6,108 shares in the last quarter. Atria Investments LLC increased its position in Fabrinet by 87.6% in the second quarter. Atria Investments LLC now owns 13,091 shares of the technology company’s stock valued at $558,000 after buying an additional 6,114 shares in the last quarter. Finally, Independence Advisors LLC bought a new position in Fabrinet during the second quarter valued at about $440,000. Institutional investors own 94.14% of the company’s stock.
Shares of Fabrinet (NYSE FN) traded up 0.70% during midday trading on Wednesday, reaching $43.05. 86,294 shares of the company were exchanged. Fabrinet has a 52-week low of $31.97 and a 52-week high of $49.63. The company’s 50-day moving average price is $43.29 and its 200 day moving average price is $40.63. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of 18.10 and a beta of 1.08.
Fabrinet (NYSE:FN) last posted its earnings results on Monday, May 8th. The technology company reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by $0.17. The firm had revenue of $366.80 million for the quarter, compared to analyst estimates of $362.07 million. Fabrinet had a net margin of 6.74% and a return on equity of 14.95%. The company’s revenue for the quarter was up 46.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.56 earnings per share. On average, equities analysts predict that Fabrinet will post $3.36 earnings per share for the current year.
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Several brokerages have recently weighed in on FN. ValuEngine upgraded shares of Fabrinet from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. BidaskClub downgraded shares of Fabrinet from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Stifel Nicolaus reiterated a “buy” rating and set a $48.00 target price on shares of Fabrinet in a research note on Friday, July 14th. Zacks Investment Research upgraded shares of Fabrinet from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Needham & Company LLC increased their target price on shares of Fabrinet from $56.00 to $60.00 and gave the stock a “strong-buy” rating in a research note on Monday, June 26th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $52.46.
In other news, CEO David T. Mitchell sold 52,500 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $41.22, for a total value of $2,164,050.00. Following the completion of the sale, the chief executive officer now directly owns 42,631 shares of the company’s stock, valued at approximately $1,757,249.82. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.30% of the company’s stock.
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of 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 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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