Merit Financial Group LLC Makes New $254,000 Investment in Fabrinet (NYSE:FN)

Merit Financial Group LLC purchased a new position in Fabrinet (NYSE:FN) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,286 shares of the technology company’s stock, valued at approximately $254,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in FN. Versant Capital Management Inc raised its holdings in shares of Fabrinet by 353.7% in the first quarter. Versant Capital Management Inc now owns 186 shares of the technology company’s stock worth $37,000 after buying an additional 145 shares during the last quarter. Huntington National Bank raised its holdings in shares of Fabrinet by 66.7% during the fourth quarter. Huntington National Bank now owns 230 shares of the technology company’s stock worth $51,000 after purchasing an additional 92 shares during the last quarter. Quarry LP raised its holdings in shares of Fabrinet by 315.8% during the fourth quarter. Quarry LP now owns 237 shares of the technology company’s stock worth $52,000 after purchasing an additional 180 shares during the last quarter. Orion Capital Management LLC purchased a new position in shares of Fabrinet during the fourth quarter worth $62,000. Finally, IFP Advisors Inc raised its holdings in shares of Fabrinet by 576.2% during the fourth quarter. IFP Advisors Inc now owns 284 shares of the technology company’s stock worth $63,000 after purchasing an additional 242 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Performance

Fabrinet stock opened at $256.60 on Friday. The company’s 50 day simple moving average is $213.36 and its 200-day simple moving average is $218.01. The company has a market capitalization of $9.19 billion, a price-to-earnings ratio of 28.70 and a beta of 0.98. Fabrinet has a 1 year low of $148.55 and a 1 year high of $281.79.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.05. The business had revenue of $871.80 million for the quarter, compared to the consensus estimate of $857.12 million. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. The business’s revenue was up 19.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.39 EPS. Equities analysts expect that Fabrinet will post 9.4 earnings per share for the current year.

Insider Activity

In other Fabrinet news, COO Harpal Gill sold 18,675 shares of the business’s stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $240.00, for a total transaction of $4,482,000.00. Following the completion of the transaction, the chief operating officer now owns 18,068 shares in the company, valued at $4,336,320. The trade was a 50.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Rollance E. Olson sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total transaction of $559,950.00. Following the transaction, the director now owns 23,201 shares of the company’s stock, valued at $5,196,559.98. This trade represents a 9.73% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

FN has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and set a $280.00 target price on shares of Fabrinet in a report on Tuesday, May 6th. Barclays set a $234.00 target price on shares of Fabrinet and gave the company an “equal weight” rating in a research report on Tuesday, May 6th. Fox Advisors assumed coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 target price on the stock. B. Riley raised shares of Fabrinet from a “sell” rating to a “neutral” rating and decreased their price target for the stock from $178.00 to $176.00 in a research note on Friday, April 4th. Finally, Rosenblatt Securities raised their price target on shares of Fabrinet from $250.00 to $290.00 and gave the stock a “buy” rating in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $245.00.

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.