Citigroup Inc. increased its position in Fabrinet (NYSE:FN - Free Report) by 13.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,115 shares of the technology company's stock after purchasing an additional 4,639 shares during the quarter. Citigroup Inc. owned approximately 0.11% of Fabrinet worth $9,012,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new position in shares of Fabrinet in the 2nd quarter valued at $28,000. Huntington National Bank lifted its stake in Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company's stock valued at $33,000 after buying an additional 57 shares during the period. Banque Cantonale Vaudoise acquired a new position in Fabrinet in the second quarter valued at about $35,000. Kimelman & Baird LLC bought a new position in Fabrinet during the second quarter worth about $49,000. Finally, NBC Securities Inc. grew its position in shares of Fabrinet by 732.0% during the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company's stock worth $49,000 after buying an additional 183 shares during the period. 97.38% of the stock is owned by institutional investors.
Insider Activity
In related news, EVP Edward T. Archer sold 8,690 shares of the 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 completion of the transaction, the executive vice president now directly owns 8,333 shares of the company's stock, valued at approximately $1,835,426.58. This represents a 51.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.38% of the stock is owned by corporate insiders.
Fabrinet Stock Performance
NYSE FN traded up $8.73 on Friday, reaching $234.58. The company had a trading volume of 498,788 shares, compared to its average volume of 500,135. The company's fifty day moving average is $244.01 and its 200-day moving average is $238.01. The firm has a market capitalization of $8.51 billion, a price-to-earnings ratio of 27.77 and a beta of 0.95. Fabrinet has a 1-year low of $159.30 and a 1-year high of $278.38.
Fabrinet (NYSE:FN - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.38 by $0.01. The business had revenue of $804.20 million during the quarter, compared to the consensus estimate of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. Fabrinet's quarterly revenue was up 17.3% on a year-over-year basis. During the same period last year, the company earned $1.78 earnings per share. On average, research analysts forecast that Fabrinet will post 9.1 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on the stock. B. Riley downgraded shares of Fabrinet from a "neutral" rating to a "sell" rating and cut their price target for the company from $194.00 to $178.00 in a research report on Wednesday, November 20th. Rosenblatt Securities increased their target price on shares of Fabrinet from $260.00 to $280.00 and gave the stock a "buy" rating in a report on Tuesday, August 20th. JPMorgan Chase & Co. boosted their price target on shares of Fabrinet from $240.00 to $285.00 and gave the company a "neutral" rating in a report on Tuesday, August 20th. Barclays began coverage on Fabrinet in a research note on Thursday, November 14th. They set an "equal weight" rating and a $292.00 price objective on the stock. Finally, Needham & Company LLC started coverage on Fabrinet in a research note on Tuesday, November 5th. They issued a "buy" rating and a $280.00 target price for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Fabrinet presently has a consensus rating of "Hold" and an average price target of $252.14.
Check Out Our Latest Report on Fabrinet
About Fabrinet
(
Free Report)
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.
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