Raymond James & Associates Boosts Stake in Fabrinet (NYSE:FN)

Raymond James & Associates raised its position in Fabrinet (NYSE:FN) by 8.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,746 shares of the technology company’s stock after purchasing an additional 1,708 shares during the quarter. Raymond James & Associates owned 0.06% of Fabrinet worth $5,142,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FN. Wolff Wiese Magana LLC increased its position in shares of Fabrinet by 2.7% during the third quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company’s stock worth $417,000 after acquiring an additional 47 shares during the period. Trust Point Inc. increased its position in shares of Fabrinet by 4.7% during the third quarter. Trust Point Inc. now owns 1,272 shares of the technology company’s stock worth $301,000 after acquiring an additional 57 shares during the period. Cim LLC increased its position in shares of Fabrinet by 1.0% during the second quarter. Cim LLC now owns 5,980 shares of the technology company’s stock worth $1,344,000 after acquiring an additional 61 shares during the period. Xponance Inc. increased its position in shares of Fabrinet by 3.5% during the second quarter. Xponance Inc. now owns 2,308 shares of the technology company’s stock worth $565,000 after acquiring an additional 78 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Fabrinet by 1.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,780 shares of the technology company’s stock worth $1,904,000 after acquiring an additional 114 shares during the period. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Stock Up 0.6 %

Shares of FN opened at $242.53 on Friday. The company has a market cap of $8.80 billion, a price-to-earnings ratio of 29.94 and a beta of 0.95. Fabrinet has a twelve month low of $152.80 and a twelve month high of $278.38. The company has a 50 day moving average of $239.06 and a two-hundred day moving average of $229.85.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.06 by $0.35. The company had revenue of $753.26 million during the quarter, compared to the consensus estimate of $732.63 million. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. Fabrinet’s revenue was up 14.8% compared to the same quarter last year. During the same period last year, the firm earned $1.68 earnings per share. On average, sell-side analysts expect that Fabrinet will post 9.11 EPS for the current year.

Insider Transactions at Fabrinet

In other news, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the completion of the sale, the chief executive officer now directly owns 37,643 shares in the company, valued at approximately $10,163,610. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the completion of the sale, the chief executive officer now directly owns 37,643 shares in the company, valued at approximately $10,163,610. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Csaba Sverha sold 9,288 shares of Fabrinet stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the sale, the chief financial officer now owns 19,768 shares of the company’s stock, valued at $5,338,941.44. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,728 shares of company stock worth $11,645,062. Company insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on FN. B. Riley increased their price objective on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. increased their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Needham & Company LLC increased their price objective on shares of Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Finally, Rosenblatt Securities increased their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $248.50.

Fabrinet Profile

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.