Fabrinet (NYSE:FN) Stock Position Raised by Van ECK Associates Corp

Van ECK Associates Corp boosted its holdings in Fabrinet (NYSE:FN) by 40.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,554 shares of the technology company’s stock after acquiring an additional 6,731 shares during the period. Van ECK Associates Corp owned about 0.07% of Fabrinet worth $5,810,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FN. Harbor Capital Advisors Inc. lifted its holdings in shares of Fabrinet by 44.8% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 10,433 shares of the technology company’s stock worth $2,467,000 after purchasing an additional 3,227 shares during the last quarter. Emerald Mutual Fund Advisers Trust boosted its holdings in shares of Fabrinet by 71.5% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 69,556 shares of the technology company’s stock valued at $16,446,000 after acquiring an additional 29,003 shares during the period. Silvant Capital Management LLC grew its position in shares of Fabrinet by 43.0% during the third quarter. Silvant Capital Management LLC now owns 9,397 shares of the technology company’s stock worth $2,222,000 after acquiring an additional 2,826 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Fabrinet by 13.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 860 shares of the technology company’s stock worth $203,000 after acquiring an additional 101 shares during the period. Finally, Oak Ridge Investments LLC bought a new stake in Fabrinet in the 3rd quarter valued at about $2,661,000. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Fabrinet Stock Performance

Shares of FN stock opened at $262.83 on Friday. Fabrinet has a 1 year low of $159.30 and a 1 year high of $278.38. The business’s fifty day moving average is $238.94 and its 200-day moving average is $232.02. The stock has a market cap of $9.53 billion, a PE ratio of 31.10 and a beta of 0.95.

Fabrinet (NYSE:FN) last released its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. Fabrinet had a return on equity of 18.50% and a net margin of 10.28%. The firm had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. During the same period in the previous year, the company earned $1.78 earnings per share. Fabrinet’s revenue was up 17.3% compared to the same quarter last year. Equities research analysts predict that Fabrinet will post 9.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Rosenblatt Securities upped their target price on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Needham & Company LLC started coverage on Fabrinet in a report on Tuesday. They issued a “buy” rating and a $280.00 price objective for the company. JPMorgan Chase & Co. raised their target price on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Finally, B. Riley reduced 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. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $248.17.

Insider Buying and Selling

In related news, EVP Edward T. Archer sold 8,690 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the sale, the executive vice president now directly owns 8,333 shares in the company, valued at approximately $1,835,426.58. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Edward T. Archer sold 8,690 shares of the company’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 sale, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at $1,835,426.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Seamus Grady sold 26,650 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total value of $7,195,500.00. Following the completion of the transaction, the chief executive officer now owns 37,643 shares of the company’s stock, valued at $10,163,610. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,728 shares of company stock worth $11,645,062 in the last ninety days. 0.38% of the stock is currently 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.