Algert Global LLC Increases Stock Position in Fabrinet (NYSE:FN)

Algert Global LLC boosted its stake in Fabrinet (NYSE:FN) by 11.1% during the third quarter, HoldingsChannel reports. The firm owned 28,663 shares of the technology company’s stock after buying an additional 2,869 shares during the period. Algert Global LLC’s holdings in Fabrinet were worth $6,777,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Opal Wealth Advisors LLC bought a new position in Fabrinet during the second quarter valued at approximately $28,000. Huntington National Bank grew its position in Fabrinet by 70.4% during the third 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 bought a new position in Fabrinet during the second quarter valued at approximately $35,000. Kimelman & Baird LLC bought a new position in Fabrinet during the second quarter valued at approximately $49,000. Finally, NBC Securities Inc. grew its position 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 acquiring an additional 183 shares during the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Stock Up 0.2 %

Shares of FN stock opened at $230.43 on Friday. The stock has a fifty day moving average of $244.00 and a 200 day moving average of $237.53. Fabrinet has a 52 week low of $159.30 and a 52 week high of $278.38. The firm has a market capitalization of $8.36 billion, a price-to-earnings ratio of 27.27 and a beta of 0.95.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The company had revenue of $804.20 million during the quarter, compared to analyst estimates of $771.24 million. During the same quarter last year, the firm posted $1.78 earnings per share. The firm’s revenue was up 17.3% on a year-over-year basis. Equities research analysts anticipate that Fabrinet will post 9.1 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on FN. JPMorgan Chase & Co. increased their price target on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Needham & Company LLC initiated coverage on shares of Fabrinet in a report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 target price on the stock. Barclays initiated coverage on shares of Fabrinet in a report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 target price on the stock. Rosenblatt Securities raised their target price on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Finally, B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and cut their target price for the stock from $194.00 to $178.00 in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $252.14.

Insider Buying and Selling

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the firm’s stock in a transaction on 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 completion of the transaction, the executive vice president now owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. This trade represents a 51.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Csaba Sverha sold 100 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $270.00, for a total value of $27,000.00. Following the transaction, the chief financial officer now directly owns 19,347 shares of the company’s stock, valued at $5,223,690. This represents a 0.51 % decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by insiders.

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.