Short Interest in Fabrinet (NYSE:FN) Rises By 7.3%

Fabrinet (NYSE:FN) was the recipient of a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 1,470,000 shares, a growth of 7.3% from the September 30th total of 1,370,000 shares. Approximately 4.1% of the company’s shares are short sold. Based on an average daily volume of 577,700 shares, the days-to-cover ratio is currently 2.5 days.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, CFO Csaba Sverha sold 9,288 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.08, for a total value of $2,508,503.04. Following the completion of the transaction, the chief financial officer now directly owns 19,768 shares in the company, valued at approximately $5,338,941.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Csaba Sverha sold 9,288 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the completion of the transaction, the chief financial officer now directly owns 19,768 shares in the company, valued at $5,338,941.44. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Edward T. Archer sold 8,690 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the transaction, the executive vice president now owns 8,333 shares of the company’s stock, valued at $1,835,426.58. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 44,728 shares of company stock worth $11,645,062. 0.38% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Fabrinet by 0.9% during the first quarter. Vanguard Group Inc. now owns 4,348,671 shares of the technology company’s stock valued at $821,986,000 after buying an additional 38,999 shares during the last quarter. TD Asset Management Inc boosted its position in shares of Fabrinet by 216.1% during the first quarter. TD Asset Management Inc now owns 409,761 shares of the technology company’s stock valued at $77,453,000 after buying an additional 280,145 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Fabrinet by 4.1% during the second quarter. Bank of New York Mellon Corp now owns 314,665 shares of the technology company’s stock valued at $77,027,000 after buying an additional 12,409 shares during the last quarter. Epoch Investment Partners Inc. boosted its position in shares of Fabrinet by 9.6% during the second quarter. Epoch Investment Partners Inc. now owns 302,006 shares of the technology company’s stock valued at $73,928,000 after buying an additional 26,475 shares during the last quarter. Finally, Westfield Capital Management Co. LP boosted its position in shares of Fabrinet by 13.4% during the first quarter. Westfield Capital Management Co. LP now owns 300,421 shares of the technology company’s stock valued at $56,786,000 after buying an additional 35,529 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Performance

Shares of Fabrinet stock opened at $240.97 on Friday. Fabrinet has a 52 week low of $149.19 and a 52 week high of $278.38. The stock has a 50 day moving average price of $239.56 and a two-hundred day moving average price of $229.37. The stock has a market capitalization of $8.74 billion, a PE ratio of 29.75 and a beta of 0.95.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, August 19th. The technology company reported $2.41 EPS for the quarter, beating analysts’ consensus estimates of $2.06 by $0.35. Fabrinet had a return on equity of 18.10% and a net margin of 10.27%. The firm had revenue of $753.26 million during the quarter, compared to analysts’ expectations of $732.63 million. During the same quarter last year, the firm posted $1.68 earnings per share. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. Research analysts forecast that Fabrinet will post 9.11 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on FN shares. Rosenblatt Securities raised their price objective on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. B. Riley raised their target price on Fabrinet from $171.00 to $196.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Needham & Company LLC raised their target price on Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Finally, JPMorgan Chase & Co. raised their target price on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Fabrinet has an average rating of “Hold” and a consensus target price of $219.00.

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.