Alyeska Investment Group L.P. Has $12.35 Million Position in Fabrinet (FN)
Alyeska Investment Group L.P. increased its position in Fabrinet (NYSE:FN) by 88.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 333,228 shares of the technology company’s stock after buying an additional 156,416 shares during the quarter. Alyeska Investment Group L.P. owned 0.89% of Fabrinet worth $12,349,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of FN. Aperio Group LLC increased its position in Fabrinet by 3.7% during the 2nd quarter. Aperio Group LLC now owns 5,847 shares of the technology company’s stock valued at $249,000 after purchasing an additional 209 shares during the period. Municipal Employees Retirement System of Michigan increased its position in Fabrinet by 32.3% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 11,140 shares of the technology company’s stock valued at $475,000 after purchasing an additional 2,720 shares during the period. NGAM Advisors L.P. increased its position in Fabrinet by 1.3% during the 2nd quarter. NGAM Advisors L.P. now owns 23,032 shares of the technology company’s stock valued at $983,000 after purchasing an additional 298 shares during the period. Texas Permanent School Fund increased its position in Fabrinet by 1.9% during the 2nd quarter. Texas Permanent School Fund now owns 27,254 shares of the technology company’s stock valued at $1,163,000 after purchasing an additional 497 shares during the period. Finally, Algert Global LLC purchased a new position in Fabrinet during the 2nd quarter valued at $245,000. 94.65% of the stock is currently owned by institutional investors.
Fabrinet (FN) opened at $30.05 on Monday. The stock has a market cap of $1,129.54, a PE ratio of 11.97, a P/E/G ratio of 1.13 and a beta of 0.99. Fabrinet has a one year low of $28.60 and a one year 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 buyback plan on Monday, August 21st that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 21% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
A number of research analysts have issued reports on FN shares. ValuEngine downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. Zacks Investment Research raised shares of Fabrinet from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 24th. Needham & Company LLC reaffirmed a “buy” rating on shares of Fabrinet in a research report on Thursday, October 12th. Northland Securities set a $50.00 target price on shares of Fabrinet and gave the stock a “buy” rating in a research report on Tuesday, August 22nd. Finally, B. Riley reduced their target price on shares of Fabrinet from $46.50 to $42.50 and set a “buy” rating on the stock in a research report on Friday, November 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Fabrinet has an average rating of “Hold” and an average price target of $46.42.
In related news, insider David T. Mitchell sold 50,000 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were 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 in the company, valued at approximately $3,335,041.71. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 3.30% of the company’s stock.
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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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