Pitcairn Co. Acquires New Stake in Fabrinet (NYSE:FN)

Pitcairn Co. bought a new position in shares of Fabrinet (NYSE:FN) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,903 shares of the technology company’s stock, valued at approximately $450,000.

A number of other institutional investors have also added to or reduced their stakes in FN. Opal Wealth Advisors LLC bought a new stake in Fabrinet during the second quarter worth about $28,000. Huntington National Bank lifted its position in Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after buying an additional 57 shares during the last quarter. Banque Cantonale Vaudoise purchased a new stake in Fabrinet in the second quarter worth approximately $35,000. Kimelman & Baird LLC bought a new position in Fabrinet during the second quarter valued at approximately $49,000. Finally, NBC Securities Inc. raised its stake in shares of Fabrinet by 732.0% during the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after acquiring an additional 183 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Stock Up 3.0 %

FN opened at $235.60 on Wednesday. Fabrinet has a 52 week low of $159.30 and a 52 week high of $278.38. The stock has a market cap of $8.54 billion, a PE ratio of 27.88 and a beta of 0.95. The business has a 50 day moving average of $244.18 and a 200-day moving average of $238.08.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.38 by $0.01. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The business had revenue of $804.20 million during the quarter, compared to analyst estimates of $771.24 million. During the same quarter last year, the firm posted $1.78 earnings per share. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. Equities analysts anticipate that Fabrinet will post 9.1 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FN. B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. Needham & Company LLC began coverage on Fabrinet in a research report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price target for the company. Rosenblatt Securities lifted their price objective on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. JPMorgan Chase & Co. boosted their target price on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Finally, Barclays assumed coverage on shares of Fabrinet in a report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price target on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Fabrinet currently has an average rating of “Hold” and a consensus target price of $252.14.

Insider Activity at Fabrinet

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the sale, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. The trade was a 51.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.38% of the stock is currently owned by corporate insiders.

Fabrinet Company 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.