LMR Partners LLP Acquires 16,037 Shares of Fabrinet (NYSE:FN)

LMR Partners LLP raised its position in shares of Fabrinet (NYSE:FN) by 68.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,493 shares of the technology company’s stock after purchasing an additional 16,037 shares during the period. LMR Partners LLP’s holdings in Fabrinet were worth $9,338,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mutual of America Capital Management LLC grew its stake in Fabrinet by 43.4% during the 3rd quarter. Mutual of America Capital Management LLC now owns 44,175 shares of the technology company’s stock worth $10,445,000 after buying an additional 13,361 shares during the last quarter. Huntington National Bank lifted its holdings in shares of Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after buying an additional 57 shares during the period. KBC Group NV lifted its holdings in shares of Fabrinet by 12.2% in the 3rd quarter. KBC Group NV now owns 1,022 shares of the technology company’s stock valued at $242,000 after buying an additional 111 shares during the period. Aigen Investment Management LP acquired a new position in shares of Fabrinet in the 3rd quarter valued at about $442,000. Finally, WCM Investment Management LLC raised its holdings in Fabrinet by 31.2% in the 3rd quarter. WCM Investment Management LLC now owns 51,723 shares of the technology company’s stock worth $12,402,000 after purchasing an additional 12,289 shares during the period. 97.38% of the stock is owned by institutional investors.

Fabrinet Stock Down 6.8 %

Shares of FN stock opened at $234.85 on Monday. The stock has a market capitalization of $8.52 billion, a PE ratio of 27.79 and a beta of 0.95. Fabrinet has a 52-week low of $159.30 and a 52-week high of $278.38. The stock’s 50-day moving average price is $242.35 and its 200 day moving average price is $236.02.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (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 firm had revenue of $804.20 million for the quarter, compared to analysts’ expectations of $771.24 million. During the same quarter in the previous year, the firm posted $1.78 EPS. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. Analysts expect that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Insider Activity at Fabrinet

In other news, CFO Csaba Sverha sold 100 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $270.00, for a total transaction of $27,000.00. Following the completion of the sale, the chief financial officer now directly owns 19,347 shares in the company, valued at $5,223,690. This trade represents a 0.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Edward T. Archer sold 8,690 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the transaction, the executive vice president now directly owns 8,333 shares in the company, valued at $1,835,426.58. The trade was a 51.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,728 shares of company stock valued at $11,645,062. 0.38% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FN. JPMorgan Chase & Co. increased their target price on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Needham & Company LLC initiated coverage on Fabrinet in a research report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price objective for the company. Barclays initiated coverage on Fabrinet in a research note on Thursday. They issued an “equal weight” rating and a $292.00 price objective for the company. B. Riley dropped their price objective on Fabrinet from $196.00 to $194.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Finally, Rosenblatt Securities lifted their price objective on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $254.43.

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.