Rhumbline Advisers Has $12.52 Million Stock Position in Fabrinet (NYSE:FN)

Rhumbline Advisers boosted its position in Fabrinet (NYSE:FN) by 3.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 105,427 shares of the technology company’s stock after acquiring an additional 3,491 shares during the quarter. Rhumbline Advisers owned 0.29% of Fabrinet worth $12,521,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in FN. Orion Capital Management LLC acquired a new stake in Fabrinet in the first quarter valued at approximately $33,000. Fifth Third Bancorp lifted its holdings in Fabrinet by 98.0% in the first quarter. Fifth Third Bancorp now owns 303 shares of the technology company’s stock valued at $36,000 after buying an additional 150 shares during the period. 1832 Asset Management L.P. acquired a new position in Fabrinet in the fourth quarter valued at $51,000. Federated Hermes Inc. lifted its holdings in Fabrinet by 652.6% in the third quarter. Federated Hermes Inc. now owns 429 shares of the technology company’s stock valued at $41,000 after buying an additional 372 shares during the period. Finally, Benjamin Edwards Inc. lifted its holdings in Fabrinet by 153.8% in the first quarter. Benjamin Edwards Inc. now owns 439 shares of the technology company’s stock valued at $52,000 after buying an additional 266 shares during the period. 97.38% of the stock is owned by institutional investors.

Fabrinet Price Performance

NYSE:FN opened at $160.52 on Friday. The firm has a 50-day moving average of $131.36 and a 200-day moving average of $117.51. The company has a market cap of $5.81 billion, a PE ratio of 23.89 and a beta of 1.14. Fabrinet has a one year low of $90.19 and a one year high of $163.88.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, August 21st. The technology company reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.06. Fabrinet had a net margin of 9.37% and a return on equity of 18.23%. The business had revenue of $655.87 million for the quarter, compared to analysts’ expectations of $641.42 million. During the same period in the previous year, the company earned $1.51 earnings per share. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities research analysts expect that Fabrinet will post 7.17 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FN. Lake Street Capital boosted their target price on shares of Fabrinet from $130.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, August 22nd. Needham & Company LLC boosted their target price on shares of Fabrinet from $150.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, August 22nd. HC Wainwright restated a “buy” rating and issued a $28.00 target price on shares of Fabrinet in a report on Tuesday, August 22nd. Northland Securities lifted their price target on shares of Fabrinet from $150.00 to $200.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, StockNews.com assumed coverage on shares of Fabrinet in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $125.13.

Insider Buying and Selling

In related news, EVP Edward T. Archer sold 10,358 shares of the business’s stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $157.33, for a total transaction of $1,629,624.14. Following the transaction, the executive vice president now directly owns 11,289 shares in the company, valued at $1,776,098.37. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Fabrinet news, CEO Seamus Grady sold 27,000 shares of the business’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $159.92, for a total value of $4,317,840.00. Following the transaction, the chief executive officer now directly owns 45,471 shares in the company, valued at $7,271,722.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Edward T. Archer sold 10,358 shares of the business’s stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $157.33, for a total transaction of $1,629,624.14. Following the completion of the transaction, the executive vice president now owns 11,289 shares in the company, valued at $1,776,098.37. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 57,358 shares of company stock worth $9,165,464. 0.50% of the stock is owned by insiders.

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.