Moloney Securities Asset Management LLC Takes $269,000 Position in Fabrinet (NYSE:FN)

Moloney Securities Asset Management LLC purchased a new stake in shares of Fabrinet (NYSE:FN) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,100 shares of the technology company’s stock, valued at approximately $269,000.

A number of other hedge funds have also recently made changes to their positions in the company. Forum Financial Management LP acquired a new stake in shares of Fabrinet during the second quarter valued at about $246,000. Ausbil Investment Management Ltd boosted its stake in shares of Fabrinet by 261.5% during the second quarter. Ausbil Investment Management Ltd now owns 14,665 shares of the technology company’s stock valued at $3,590,000 after purchasing an additional 10,608 shares in the last quarter. F M Investments LLC acquired a new stake in shares of Fabrinet during the second quarter valued at about $13,573,000. Panagora Asset Management Inc. lifted its stake in shares of Fabrinet by 8.8% in the second quarter. Panagora Asset Management Inc. now owns 198,814 shares of the technology company’s stock worth $48,668,000 after acquiring an additional 16,149 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Fabrinet by 1.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,780 shares of the technology company’s stock worth $1,904,000 after acquiring an additional 114 shares during the period. 97.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on FN shares. Needham & Company LLC lifted their price objective on Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. lifted their price objective on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Rosenblatt Securities lifted their target price on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. B. Riley lifted their target price on Fabrinet from $171.00 to $196.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Finally, Jefferies Financial Group assumed coverage on Fabrinet in a report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 target price for the company. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $219.00.

Fabrinet Stock Up 0.3 %

NYSE FN opened at $243.65 on Friday. The company has a market cap of $8.81 billion, a price-to-earnings ratio of 32.36 and a beta of 0.96. Fabrinet has a 52 week low of $146.65 and a 52 week high of $278.38. The business has a 50 day moving average price of $234.96 and a 200-day moving average price of $217.09.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, August 19th. The technology company reported $2.41 EPS for the quarter, beating the consensus estimate of $2.06 by $0.35. The firm had revenue of $753.26 million during the quarter, compared to the consensus estimate of $732.63 million. Fabrinet had a return on equity of 17.67% and a net margin of 9.90%. The company’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.68 earnings per share. On average, equities research analysts anticipate that Fabrinet will post 7.95 earnings per share for the current year.

Insider Activity

In related news, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the transaction, the chief executive officer now owns 37,643 shares of the company’s stock, valued at $10,163,610. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Csaba Sverha sold 9,288 shares of Fabrinet stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 19,768 shares of the company’s stock, valued at $5,338,941.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 37,643 shares in the company, valued at approximately $10,163,610. The disclosure for this sale can be found here. Insiders sold a total of 36,038 shares of company stock worth $9,731,003 over the last quarter. 0.51% of the stock is currently owned by corporate insiders.

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.