Mason Street Advisors LLC acquired a new position in Fabrinet (NYSE:FN) during the second quarter, Holdings Channel reports. The firm acquired 5,989 shares of the company’s stock, valued at approximately $222,000.
Several other institutional investors have also added to or reduced their stakes in the company. Louisiana State Employees Retirement System raised its position in Fabrinet by 0.7% in the second quarter. Louisiana State Employees Retirement System now owns 13,600 shares of the company’s stock worth $505,000 after buying an additional 100 shares during the period. PineBridge Investments L.P. raised its position in Fabrinet by 4.1% in the second quarter. PineBridge Investments L.P. now owns 3,886 shares of the company’s stock worth $144,000 after buying an additional 154 shares during the period. Barclays PLC raised its position in Fabrinet by 0.5% in the first quarter. Barclays PLC now owns 41,802 shares of the company’s stock worth $1,337,000 after buying an additional 202 shares during the period. Arizona State Retirement System raised its position in Fabrinet by 1.9% in the second quarter. Arizona State Retirement System now owns 15,860 shares of the company’s stock worth $589,000 after buying an additional 300 shares during the period. Finally, US Bancorp DE raised its position in Fabrinet by 0.6% in the second quarter. US Bancorp DE now owns 68,128 shares of the company’s stock worth $2,529,000 after buying an additional 375 shares during the period. 90.82% of the stock is owned by hedge funds and other institutional investors.
Fabrinet (NYSE:FN) opened at 41.79 on Wednesday. Fabrinet has a one year low of $20.13 and a one year high of $46.50. The stock’s 50 day moving average price is $42.39 and its 200 day moving average price is $37.19. The firm has a market capitalization of $1.51 billion, a PE ratio of 24.88 and a beta of 0.66.
Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, August 15th. The company reported $0.60 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.60. Fabrinet had a net margin of 6.34% and a return on equity of 13.07%. The business earned $276.40 million during the quarter, compared to analysts’ expectations of $262.95 million. During the same period in the previous year, the company earned $0.40 earnings per share. Fabrinet’s revenue for the quarter was up 33.8% on a year-over-year basis. Analysts expect that Fabrinet will post $2.02 EPS for the current year.
FN has been the topic of a number of research analyst reports. B. Riley reiterated a “buy” rating and issued a $42.25 target price on shares of Fabrinet in a research report on Friday, August 12th. Zacks Investment Research cut Fabrinet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 5th. Needham & Company LLC raised their target price on Fabrinet from $48.00 to $54.00 and gave the stock a “buy” rating in a research note on Tuesday, August 16th. Stifel Nicolaus lifted their price objective on Fabrinet from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, August 16th. Finally, JPMorgan Chase & Co. raised their target price on Fabrinet from $42.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, August 16th. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $48.11.
In other news, Director Rollance E. Olson sold 5,000 shares of the business’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $40.06, for a total value of $200,300.00. Following the completion of the sale, the director now directly owns 44,829 shares in the company, valued at $1,795,849.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David T. Mitchell sold 75,000 shares of the business’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $39.02, for a total transaction of $2,926,500.00. The disclosure for this sale can be found here. 5.90% of the stock is currently owned by insiders.
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of complex products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.
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