Fabrinet (NYSE:FN) Brief Interest Update

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Fabrinet (NYSE:FN – Get a rating) benefited from a sharp fall in short-term interest rates in August. As of August 31, there was short interest totaling 610,500 shares, down 8.0% from the total of 663,400 shares as of August 15. Currently, 1.7% of the stock’s shares are sold short. Based on an average daily volume of 179,100 shares, the day-to-cover ratio is currently 3.4 days.

Insider buying and selling

Separately, director David T. Mitchell sold 50,000 Fabrinet shares in a trade dated Tuesday, August 23. The stock was sold at an average price of $109.95, for a total transaction of $5,497,500.00. Following the completion of the sale, the administrator now owns 27,953 shares of the company, valued at approximately $3,073,432.35. The transaction was disclosed in an SEC filing, available at the SEC website. In related news, COO Harpal Gill sold 21,088 Fabrinet shares in a transaction dated Thursday, August 18. The stock was sold at an average price of $117.70, for a total transaction of $2,482,057.60. Following the completion of the sale, the COO now owns 39,656 shares of the company, valued at approximately $4,667,511.20. The transaction was disclosed in an SEC filing, available at the SEC website. Additionally, director David T. Mitchell sold 50,000 Fabrinet shares in a trade dated Tuesday, August 23. The stock was sold at an average price of $109.95, for a total value of $5,497,500.00. Following the sale, the director now owns 27,953 shares of the company, valued at approximately $3,073,432.35. Disclosure of this sale can be found here. During the last quarter, insiders sold 115,129 shares of the company worth $12,818,755. 0.42% of the shares are held by insiders.

Fabrinet Institutional Trading

Institutional investors have recently changed their stake in the company. Meeder Asset Management Inc. increased its position in Fabrinet by 546.3% during the 2nd quarter. Meeder Asset Management Inc. now owns 349 shares of the technology company worth $28,000 after acquiring 295 additional shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in Fabrinet during Q2 worth approximately $56,000. Quantbot Technologies LP acquired a new position in Fabrinet during Q2 worth approximately $56,000. Archer Investment Corp acquired a new position in Fabrinet during Q1 worth approximately $58,000. Finally, EverSource Wealth Advisors LLC increased its position in Fabrinet by 382.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 728 shares of the technology company worth $59,000 after acquiring 577 additional shares in the last quarter. Hedge funds and other institutional investors own 97.21% of the company’s shares.

Fabrinet stock up 0.3%

NYSE:FN shares opened at $98.91 on Tuesday. The company has a debt ratio of 0.01, a quick ratio of 1.80 and a current ratio of 2.83. Fabrinet has a 1-year low of $74.57 and a 1-year high of $126.28. The stock has a market capitalization of $3.60 billion, a P/E ratio of 18.45 and a beta of 0.95. The stock has a 50-day simple moving average of $98.32 and a 200-day simple moving average of $94.08.

Fabrinet (NYSE:FN – Get a rating) last released its results on Monday, August 15. The technology company reported earnings per share (EPS) of $1.68 for the quarter, beating analyst consensus estimates of $1.42 by $0.26. Fabrinet posted a return on equity of 16.67% and a net margin of 8.86%. The company posted revenue of $587.90 million in the quarter, compared to $581.48 million expected by analysts. In the same quarter of the previous year, the company achieved EPS of $1.14. The company’s revenue for the quarter increased 15.4% year over year. Equity analysts expect Fabrinet to post earnings per share of 6.11 for the current year.

Analyst upgrades and downgrades

Several research companies have commented on FN. StockNews.com upgraded Fabrinet from a “hold” rating to a “buy” rating in a Wednesday, August 24 report. JPMorgan Chase & Co. lowered its price target on Fabrinet from $115.00 to $88.00 and set a “neutral” rating for the company in a Thursday, July 14 report. Finally, Needham & Company LLC raised its price target on Fabrinet from $130.00 to $135.00 and gave the company a “buy” rating in a Tuesday, August 16 report. Two equity research analysts gave the stock a hold rating and four gave the company a buy rating. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $115.60.

About Fabrinet

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Fabrinet provides optical packaging and optical, electromechanical and precision electronics manufacturing services in North America, Asia-Pacific and Europe. The company offers a range of advanced optical and electromechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, l advanced packaging, integration, final assembly and testing.

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