Zurcher Kantonalbank Zurich Cantonalbank Boosts Holdings in Fabrinet (FN)
Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Fabrinet (NYSE:FN) by 352.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 60,828 shares of the technology company’s stock after acquiring an additional 47,378 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.16% of Fabrinet worth $2,254,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of FN. BT Investment Management Ltd bought a new stake in Fabrinet during the 2nd quarter valued at approximately $38,212,000. FMR LLC boosted its position in Fabrinet by 31.8% during the 2nd quarter. FMR LLC now owns 2,772,212 shares of the technology company’s stock valued at $118,262,000 after acquiring an additional 669,201 shares in the last quarter. Legion Partners Asset Management LLC bought a new stake in Fabrinet during the 2nd quarter valued at approximately $21,365,000. Royce & Associates LP boosted its position in Fabrinet by 39.9% during the 2nd quarter. Royce & Associates LP now owns 1,396,450 shares of the technology company’s stock valued at $59,573,000 after acquiring an additional 398,535 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in Fabrinet by 193.4% during the 2nd quarter. Royal Bank of Canada now owns 509,613 shares of the technology company’s stock valued at $21,740,000 after acquiring an additional 335,929 shares in the last quarter. 94.67% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently commented on FN. ValuEngine cut Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. B. Riley reissued a “buy” rating and issued a $44.75 price target on shares of Fabrinet in a research report on Friday, August 18th. Northland Securities set a $50.00 price target on Fabrinet and gave the stock a “buy” rating in a research report on Tuesday, August 22nd. Stifel Nicolaus reissued a “buy” rating on shares of Fabrinet in a research report on Tuesday, August 22nd. Finally, J P Morgan Chase & Co reissued an “overweight” rating and issued a $54.00 price target (down from $57.00) on shares of Fabrinet in a research report on Tuesday, August 22nd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Fabrinet presently has an average rating of “Hold” and a consensus price target of $46.42.
In related news, insider David T. Mitchell sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $30.93, for a total value of $1,546,500.00. Following the transaction, the insider now directly owns 111,057 shares of the company’s stock, valued at approximately $3,434,993.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.30% of the company’s stock.
Fabrinet (NYSE:FN) opened at $31.45 on Friday. The stock has a market capitalization of $1,199.45, a P/E ratio of 12.71, a P/E/G ratio of 1.20 and a beta of 1.00. Fabrinet has a 12-month low of $28.60 and a 12-month high of $49.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.70 and a quick ratio of 1.85.
Fabrinet declared that its board has initiated a stock repurchase plan on Monday, August 21st that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 21% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
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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