Advisor Group Inc. Decreases Position in Fabrinet (FN)
Advisor Group Inc. decreased its position in shares of Fabrinet (NYSE:FN) by 21.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,424 shares of the technology company’s stock after selling 1,503 shares during the period. Advisor Group Inc.’s holdings in Fabrinet were worth $232,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. State Board of Administration of Florida Retirement System raised its position in Fabrinet by 17.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 16,537 shares of the technology company’s stock valued at $695,000 after purchasing an additional 2,404 shares in the last quarter. Swiss National Bank raised its position in Fabrinet by 2.0% in the 1st quarter. Swiss National Bank now owns 51,640 shares of the technology company’s stock valued at $2,170,000 after purchasing an additional 1,000 shares in the last quarter. Karp Capital Management Corp acquired a new stake in Fabrinet in the 1st quarter valued at about $237,000. Parametric Portfolio Associates LLC raised its position in Fabrinet by 9.6% in the 1st quarter. Parametric Portfolio Associates LLC now owns 42,081 shares of the technology company’s stock valued at $1,769,000 after purchasing an additional 3,699 shares in the last quarter. Finally, Ameritas Investment Partners Inc. acquired a new stake in Fabrinet in the 1st quarter valued at about $127,000. 93.84% of the stock is currently owned by hedge funds and other institutional investors.
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Fabrinet (FN) opened at 36.74 on Tuesday. Fabrinet has a 12-month low of $31.97 and a 12-month high of $49.63. The stock has a 50 day moving average price of $37.50 and a 200-day moving average price of $39.20. The stock has a market cap of $1.37 billion, a P/E ratio of 14.30 and a beta of 1.15.
Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, August 21st. The technology company reported $0.72 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.11). Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. The firm had revenue of $370.50 million for the quarter, compared to analyst estimates of $363.41 million. During the same quarter in the previous year, the company earned $0.60 EPS. The company’s quarterly revenue was up 34.0% compared to the same quarter last year. On average, equities analysts expect that Fabrinet will post $3.46 earnings per share for the current year.
Fabrinet declared that its board has approved a stock buyback plan on Monday, August 21st that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the technology company to purchase up to 21% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
A number of research firms have issued reports on FN. B. Riley reaffirmed a “buy” rating and issued a $44.75 price target on shares of Fabrinet in a research report on Friday, August 18th. BidaskClub raised Fabrinet from a “sell” rating to a “hold” rating in a research report on Sunday, July 16th. ValuEngine raised Fabrinet from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Stifel Nicolaus reaffirmed a “buy” rating on shares of Fabrinet in a research report on Tuesday, August 22nd. Finally, J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $54.00 price target (down previously from $57.00) on shares of Fabrinet in a research report on Tuesday, August 22nd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $51.58.
In other Fabrinet news, CFO Toh-Seng Ng sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was 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 legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David T. Mitchell sold 105,000 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $38.63, for a total value of $4,056,150.00. Following the sale, the chief executive officer now owns 111,057 shares in the company, valued at approximately $4,290,131.91. The disclosure for this sale can be found here. Insiders have sold 207,500 shares of company stock worth $8,034,350 in the last 90 days. 4.30% of the stock is currently owned by insiders.
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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