Yorktown Management & Research Co Inc Takes $521,000 Position in Fabrinet (FN)
Yorktown Management & Research Co Inc bought a new position in Fabrinet (NYSE:FN) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 14,050 shares of the technology company’s stock, valued at approximately $521,000.
Several other institutional investors and hedge funds have also recently modified their holdings of FN. PNC Financial Services Group Inc. grew its position in shares of Fabrinet by 63.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,038 shares of the technology company’s stock worth $129,000 after acquiring an additional 1,178 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Fabrinet by 6.9% in the 1st quarter. Vanguard Group Inc. now owns 1,893,564 shares of the technology company’s stock worth $79,586,000 after acquiring an additional 121,411 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Fabrinet by 10.5% in the 1st quarter. Geode Capital Management LLC now owns 277,645 shares of the technology company’s stock worth $11,669,000 after acquiring an additional 26,304 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of Fabrinet by 7.9% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 200,746 shares of the technology company’s stock worth $8,438,000 after acquiring an additional 14,706 shares in the last quarter. Finally, State Street Corp grew its position in shares of Fabrinet by 8.4% in the 1st quarter. State Street Corp now owns 812,262 shares of the technology company’s stock worth $34,135,000 after acquiring an additional 63,277 shares in the last quarter. Institutional investors own 96.71% of the company’s stock.
In other Fabrinet news, CFO Toh-Seng Ng sold 22,500 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer now owns 201,749 shares in the company, valued at approximately $7,868,211. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David T. Mitchell sold 50,000 shares of the business’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $30.03, for a total value of $1,501,500.00. Following the transaction, the insider now owns 111,057 shares of the company’s stock, valued at approximately $3,335,041.71. The disclosure for this sale can be found here. Insiders have sold a total of 257,500 shares of company stock valued at $9,535,850 in the last 90 days. Insiders own 3.30% of the company’s stock.
FN has been the subject of several research reports. B. Riley reiterated a “buy” rating and issued a $46.50 target price on shares of Fabrinet in a research report on Monday, August 28th. Piper Jaffray Companies restated a “buy” rating on shares of Fabrinet in a research report on Friday, November 10th. Needham & Company LLC restated a “strong-buy” rating and set a $60.00 price objective on shares of Fabrinet in a research report on Tuesday, August 22nd. BidaskClub lowered Fabrinet from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, J P Morgan Chase & Co lowered Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 price objective for the company. in a research report on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Fabrinet currently has an average rating of “Hold” and a consensus price target of $46.42.
Fabrinet (FN) traded up $0.82 during trading hours on Wednesday, reaching $32.78. The company had a trading volume of 426,800 shares, compared to its average volume of 678,858. Fabrinet has a twelve month low of $28.60 and a twelve month high of $49.63. The firm has a market cap of $1,201.33, a price-to-earnings ratio of 12.73, a P/E/G ratio of 1.20 and a beta of 1.03. The company has a quick ratio of 1.85, a current ratio of 2.70 and a debt-to-equity ratio of 0.03.
Fabrinet declared that its Board of Directors has initiated a share buyback program on Monday, August 21st that allows the company to buyback $30.00 million in shares. This buyback authorization allows the technology company to buy up to 21% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.
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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