Fabrinet (FN) Short Interest Update

Fabrinet (NYSE:FN) saw a significant decline in short interest in the month of September. As of September 28th, there was short interest totalling 731,736 shares, a decline of 32.4% from the September 14th total of 1,081,817 shares. Approximately 2.1% of the shares of the company are sold short. Based on an average trading volume of 416,656 shares, the days-to-cover ratio is currently 1.8 days.

In related news, CFO Toh-Seng Ng sold 40,000 shares of the business’s stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $47.78, for a total value of $1,911,200.00. Following the completion of the transaction, the chief financial officer now owns 157,340 shares of the company’s stock, valued at $7,517,705.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Rollance E. Olson sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $48.03, for a total value of $240,150.00. Following the completion of the transaction, the director now directly owns 48,303 shares of the company’s stock, valued at approximately $2,319,993.09. The disclosure for this sale can be found here. In the last three months, insiders sold 165,000 shares of company stock valued at $7,727,350. 1.90% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in FN. Northern Trust Corp grew its holdings in shares of Fabrinet by 2.7% during the first quarter. Northern Trust Corp now owns 632,546 shares of the technology company’s stock worth $19,849,000 after purchasing an additional 16,498 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Fabrinet by 2.4% during the first quarter. BlackRock Inc. now owns 4,734,989 shares of the technology company’s stock worth $148,585,000 after purchasing an additional 111,017 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of Fabrinet by 25.9% during the first quarter. New York State Common Retirement Fund now owns 50,980 shares of the technology company’s stock worth $1,600,000 after purchasing an additional 10,480 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Fabrinet by 342.5% during the first quarter. Russell Investments Group Ltd. now owns 21,333 shares of the technology company’s stock worth $669,000 after purchasing an additional 16,512 shares during the last quarter. Finally, Profund Advisors LLC bought a new stake in shares of Fabrinet during the first quarter worth about $207,000. Institutional investors own 99.66% of the company’s stock.

NYSE FN traded down $0.85 during trading on Friday, hitting $51.16. 390,859 shares of the company’s stock were exchanged, compared to its average volume of 440,079. The company has a market cap of $1.94 billion, a price-to-earnings ratio of 17.17, a PEG ratio of 1.45 and a beta of 0.68. The company has a current ratio of 3.00, a quick ratio of 2.21 and a debt-to-equity ratio of 0.08. Fabrinet has a fifty-two week low of $24.02 and a fifty-two week high of $54.70.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, November 5th. The technology company reported $0.92 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.24. The company had revenue of $377.00 million for the quarter, compared to analysts’ expectations of $352.28 million. Fabrinet had a return on equity of 13.53% and a net margin of 6.54%. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.75 earnings per share. On average, sell-side analysts predict that Fabrinet will post 3.12 earnings per share for the current year.

A number of research analysts recently commented on the company. Zacks Investment Research raised Fabrinet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st. Piper Jaffray Companies raised Fabrinet to an “overweight” rating and set a $56.00 price target for the company in a research note on Tuesday. B. Riley downgraded Fabrinet from a “buy” rating to a “neutral” rating and set a $52.00 target price for the company. in a research note on Tuesday, September 4th. ValuEngine raised Fabrinet from a “sell” rating to a “hold” rating in a research note on Wednesday, August 8th. Finally, Stifel Nicolaus began coverage on Fabrinet in a research note on Monday, October 22nd. They set a “buy” rating and a $53.00 target price for the company. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $50.17.

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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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