Canada Pension Plan Investment Board Grows Stake in Fabrinet (NYSE:FN)

Canada Pension Plan Investment Board lifted its position in Fabrinet (NYSE:FN) by 265.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,000 shares of the technology company’s stock after buying an additional 10,900 shares during the period. Canada Pension Plan Investment Board’s holdings in Fabrinet were worth $3,672,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of FN. Intech Investment Management LLC bought a new stake in Fabrinet during the second quarter valued at about $3,533,000. Inspire Investing LLC bought a new stake in Fabrinet during the second quarter valued at about $492,000. First Eagle Investment Management LLC grew its holdings in Fabrinet by 111.7% during the second quarter. First Eagle Investment Management LLC now owns 49,104 shares of the technology company’s stock valued at $12,020,000 after purchasing an additional 25,912 shares during the period. Mercer Global Advisors Inc. ADV grew its holdings in Fabrinet by 6.0% during the second quarter. Mercer Global Advisors Inc. ADV now owns 2,819 shares of the technology company’s stock valued at $690,000 after purchasing an additional 159 shares during the period. Finally, Mutual of America Capital Management LLC grew its holdings in Fabrinet by 1.4% during the second quarter. Mutual of America Capital Management LLC now owns 30,814 shares of the technology company’s stock valued at $7,543,000 after purchasing an additional 429 shares during the period. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Edward T. Archer sold 8,690 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following the sale, the executive vice president now owns 8,333 shares of the company’s stock, valued at $1,835,426.58. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other 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 of the company’s stock, valued at $1,835,426.58. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Csaba Sverha sold 100 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.00, for a total value of $27,000.00. Following the sale, the chief financial officer now directly owns 19,347 shares of the company’s stock, valued at $5,223,690. The disclosure for this sale can be found here. Insiders sold 44,728 shares of company stock valued at $11,645,062 over the last three months. 0.51% of the stock is owned by company insiders.

Fabrinet Trading Down 1.4 %

NYSE:FN opened at $227.54 on Thursday. The company has a market capitalization of $8.22 billion, a P/E ratio of 30.22 and a beta of 0.96. Fabrinet has a 12 month low of $149.19 and a 12 month high of $278.38. The business’s 50-day moving average is $227.62 and its 200 day moving average is $219.47.

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. upped 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 upped their price objective on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. B. Riley upped their price objective 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 upped 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. Finally, Jefferies Financial Group assumed coverage on Fabrinet in a research note on Wednesday, June 26th. They issued a “hold” rating and a $230.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $219.00.

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.