Premier Fund Managers Ltd Buys 1,000 Shares of Fabrinet (NYSE:FN)

Premier Fund Managers Ltd raised its stake in shares of Fabrinet (NYSE:FN) by 4.2% in the 3rd quarter, Holdings Channel reports. The firm owned 24,800 shares of the technology company’s stock after acquiring an additional 1,000 shares during the period. Premier Fund Managers Ltd’s holdings in Fabrinet were worth $5,950,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in FN. Opal Wealth Advisors LLC bought a new position in Fabrinet during the second quarter valued at approximately $28,000. Huntington National Bank boosted its position in shares of Fabrinet by 70.4% during the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after acquiring an additional 57 shares during the last quarter. Banque Cantonale Vaudoise purchased a new position in shares of Fabrinet in the second quarter valued at $35,000. Kimelman & Baird LLC bought a new stake in Fabrinet in the second quarter worth $49,000. Finally, NBC Securities Inc. raised its stake in Fabrinet by 732.0% during the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock valued at $49,000 after purchasing an additional 183 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Performance

FN opened at $248.82 on Wednesday. Fabrinet has a one year low of $159.30 and a one year high of $278.38. The stock has a market cap of $9.02 billion, a price-to-earnings ratio of 29.45 and a beta of 0.95. The stock’s 50 day moving average price is $242.80 and its 200-day moving average price is $236.88.

Fabrinet (NYSE:FN) last released its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.01. The business had revenue of $804.20 million during the quarter, compared to the consensus estimate of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period last year, the company earned $1.78 earnings per share. As a group, analysts predict that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Barclays initiated coverage on shares of Fabrinet in a research note on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price objective for the company. Needham & Company LLC assumed coverage on Fabrinet in a research note on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Rosenblatt Securities boosted their target price on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Finally, B. Riley lowered their price target on Fabrinet from $196.00 to $194.00 and set a “neutral” rating for the company in a research report on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Fabrinet presently has a consensus rating of “Hold” and a consensus price target of $254.43.

Insider Activity at Fabrinet

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

About Fabrinet

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.