Stock Traders Buy Large Volume of Put Options on Fabrinet (NYSE:FN)

Fabrinet (NYSE:FN) was the target of some unusual options trading on Friday. Stock traders purchased 2,012 put options on the stock. This represents an increase of 332% compared to the average daily volume of 466 put options.

Hedge Funds Weigh In On Fabrinet

Several hedge funds and other institutional investors have recently modified their holdings of FN. Point72 Asia Singapore Pte. Ltd. acquired a new position in Fabrinet during the third quarter worth about $52,000. Huntington National Bank lifted its stake in Fabrinet by 66.7% in the 4th quarter. Huntington National Bank now owns 230 shares of the technology company’s stock valued at $51,000 after purchasing an additional 92 shares during the last quarter. Quarry LP boosted its position in Fabrinet by 315.8% in the fourth quarter. Quarry LP now owns 237 shares of the technology company’s stock valued at $52,000 after buying an additional 180 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Fabrinet in the third quarter valued at approximately $61,000. Finally, Orion Capital Management LLC bought a new stake in shares of Fabrinet during the fourth quarter worth $62,000. Institutional investors own 97.38% of the company’s stock.

Fabrinet Trading Down 1.9 %

FN stock traded down $4.28 during mid-day trading on Friday, hitting $217.80. The stock had a trading volume of 167,814 shares, compared to its average volume of 544,279. The firm has a fifty day simple moving average of $218.70 and a 200 day simple moving average of $230.39. The firm has a market capitalization of $7.90 billion, a P/E ratio of 24.29 and a beta of 0.89. Fabrinet has a 52 week low of $159.69 and a 52 week high of $281.79.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. As a group, equities analysts expect that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on the company. JPMorgan Chase & Co. lowered their price objective on Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 4th. Rosenblatt Securities reaffirmed a “buy” rating and set a $285.00 price target on shares of Fabrinet in a research report on Friday, March 14th. Barclays dropped their price objective on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Fox Advisors began coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 target price on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $280.00 price target on shares of Fabrinet in a research report on Monday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Fabrinet currently has an average rating of “Hold” and a consensus target price of $246.63.

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.