Fabrinet (NYSE:FN) Sees Large Drop in Short Interest

Fabrinet (NYSE:FN) was the target of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 1,020,000 shares, a decrease of 11.3% from the September 30th total of 1,150,000 shares. Based on an average daily trading volume, of 379,900 shares, the days-to-cover ratio is currently 2.7 days. Approximately 2.8% of the shares of the stock are short sold.

In other news, CFO Toh-Seng Ng sold 5,000 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $53.70, for a total transaction of $268,500.00. Following the completion of the sale, the chief financial officer now directly owns 64,963 shares of the company’s stock, valued at $3,488,513.10. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Seamus Grady sold 5,206 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $53.74, for a total value of $279,770.44. Following the sale, the chief executive officer now directly owns 117,760 shares of the company’s stock, valued at $6,328,422.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 119,230 shares of company stock valued at $6,467,656. Insiders own 1.00% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Vaughan Nelson Investment Management L.P. lifted its stake in Fabrinet by 5.1% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 721,769 shares of the technology company’s stock worth $37,748,000 after acquiring an additional 35,013 shares in the last quarter. Eqis Capital Management Inc. purchased a new stake in Fabrinet in the 3rd quarter worth about $246,000. Mason Street Advisors LLC lifted its stake in Fabrinet by 1.8% in the 3rd quarter. Mason Street Advisors LLC now owns 12,516 shares of the technology company’s stock worth $655,000 after acquiring an additional 221 shares in the last quarter. Tower Research Capital LLC TRC purchased a new stake in Fabrinet in the 3rd quarter worth about $355,000. Finally, Russell Investments Group Ltd. lifted its stake in Fabrinet by 9.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 27,427 shares of the technology company’s stock worth $1,434,000 after acquiring an additional 2,305 shares in the last quarter. 94.48% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE FN traded up $0.18 during mid-day trading on Monday, hitting $61.04. 360,600 shares of the company traded hands, compared to its average volume of 391,293. Fabrinet has a 1 year low of $42.33 and a 1 year high of $62.31. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of 18.22 and a beta of 1.03. The company has a quick ratio of 2.26, a current ratio of 3.25 and a debt-to-equity ratio of 0.06. The business has a 50 day moving average of $53.96 and a two-hundred day moving average of $52.16.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.14. The firm had revenue of $399.00 million during the quarter, compared to the consensus estimate of $390.30 million. Fabrinet had a return on equity of 14.48% and a net margin of 7.41%. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.92 EPS. As a group, research analysts anticipate that Fabrinet will post 3.18 EPS for the current year.

Several equities research analysts have recently commented on FN shares. Piper Jaffray Companies upped their target price on Fabrinet from $64.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Stifel Nicolaus reduced their target price on Fabrinet from $65.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, August 20th. Zacks Investment Research raised Fabrinet from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 22nd. Northland Securities reaffirmed a “buy” rating and set a $70.00 target price on shares of Fabrinet in a report on Thursday. Finally, JPMorgan Chase & Co. started coverage on Fabrinet in a report on Monday, July 29th. They set a “neutral” rating and a $57.00 target price for the company. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $58.88.

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 optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.

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