Truvestments Capital LLC Increases Stock Position in Fabrinet (NYSE:FN)

Truvestments Capital LLC raised its stake in shares of Fabrinet (NYSE:FN) by 6.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 2,347 shares of the technology company’s stock after purchasing an additional 143 shares during the period. Truvestments Capital LLC’s holdings in Fabrinet were worth $555,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. DRW Securities LLC bought a new stake in Fabrinet during the third quarter worth about $1,628,000. Harvest Fund Management Co. Ltd raised its holdings in shares of Fabrinet by 197.2% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 5,795 shares of the technology company’s stock valued at $1,371,000 after buying an additional 3,845 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Fabrinet in the 3rd quarter worth approximately $2,398,000. Pitcairn Co. purchased a new stake in Fabrinet in the third quarter worth approximately $450,000. Finally, Algert Global LLC grew its position in Fabrinet by 11.1% during the third quarter. Algert Global LLC now owns 28,663 shares of the technology company’s stock valued at $6,777,000 after acquiring an additional 2,869 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 8,333 shares in the company, valued at approximately $1,835,426.58. This represents a 51.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

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

Fabrinet Trading Down 0.8 %

Fabrinet stock opened at $228.63 on Tuesday. The firm has a 50-day moving average of $244.08 and a 200-day moving average of $237.99. The firm has a market cap of $8.29 billion, a P/E ratio of 27.06 and a beta of 0.95. Fabrinet has a 1-year low of $159.30 and a 1-year high of $278.38.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.01. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The firm had revenue of $804.20 million for the quarter, compared to analysts’ expectations of $771.24 million. During the same period in the previous year, the firm earned $1.78 earnings per share. The business’s revenue was up 17.3% compared to the same quarter last year. Research analysts forecast that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Fabrinet 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.