Icon Advisers Inc. Co. Buys 1,700 Shares of Fabrinet (FN)
Icon Advisers Inc. Co. lifted its stake in shares of Fabrinet (NYSE:FN) by 0.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 245,500 shares of the technology company’s stock after purchasing an additional 1,700 shares during the period. Fabrinet accounts for about 0.7% of Icon Advisers Inc. Co.’s portfolio, making the stock its 29th largest holding. Icon Advisers Inc. Co. owned approximately 0.66% of Fabrinet worth $10,473,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently modified their holdings of FN. Tower Research Capital LLC TRC boosted its holdings in shares of Fabrinet by 1.9% during the 1st quarter. Tower Research Capital LLC TRC now owns 2,608 shares of the technology company’s stock worth $110,000 after purchasing an additional 48 shares during the last quarter. Quantbot Technologies LP boosted its holdings in shares of Fabrinet by 55.0% during the 1st quarter. Quantbot Technologies LP now owns 2,755 shares of the technology company’s stock worth $115,000 after purchasing an additional 978 shares during the last quarter. Riverhead Capital Management LLC boosted its holdings in shares of Fabrinet by 68.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,864 shares of the technology company’s stock worth $122,000 after purchasing an additional 1,164 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of Fabrinet during the 1st quarter worth approximately $127,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Fabrinet by 63.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,038 shares of the technology company’s stock worth $129,000 after purchasing an additional 1,178 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.
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Fabrinet (FN) traded up 0.97% on Wednesday, reaching $38.59. The company had a trading volume of 37,781 shares. The stock has a 50 day moving average price of $41.14 and a 200 day moving average price of $40.03. The stock has a market capitalization of $1.44 billion, a PE ratio of 15.02 and a beta of 1.14. Fabrinet has a 52-week low of $31.97 and a 52-week high of $49.63.
Fabrinet (NYSE:FN) last announced its earnings results on Monday, August 21st. The technology company reported $0.72 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.11). Fabrinet had a return on equity of 15.32% and a net margin of 6.84%. The firm had revenue of $370.50 million for the quarter, compared to analyst estimates of $363.41 million. During the same quarter last year, the business posted $0.60 EPS. The firm’s revenue was up 34.0% compared to the same quarter last year. Analysts expect that Fabrinet will post $3.46 EPS for the current year.
Fabrinet declared that its Board of Directors has authorized a share buyback plan on Monday, August 21st that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 21% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
FN has been the topic of several recent research reports. ValuEngine cut Fabrinet from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. B. Riley reiterated a “buy” rating and issued a $46.50 price objective on shares of Fabrinet in a report on Monday, August 28th. BidaskClub upgraded Fabrinet from a “sell” rating to a “hold” rating in a report on Sunday, July 16th. Needham & Company LLC reiterated a “strong-buy” rating and issued a $60.00 price objective on shares of Fabrinet in a report on Tuesday, August 22nd. Finally, Piper Jaffray Companies reiterated an “overweight” rating and issued a $51.00 price objective (down from $55.00) on shares of Fabrinet in a report on Tuesday, August 22nd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $50.93.
In related news, CFO Toh-Seng Ng sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $39.00, for a total transaction of $877,500.00. Following the sale, the chief financial officer now owns 201,749 shares in the company, valued at $7,868,211. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO David T. Mitchell sold 52,500 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $41.22, for a total transaction of $2,164,050.00. Following the sale, the chief executive officer now owns 42,631 shares in the company, valued at approximately $1,757,249.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 260,000 shares of company stock worth $10,198,400. 4.30% 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 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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