Fabrinet (NYSE:FN) Short Interest Down 5.9% in November

Fabrinet (NYSE:FN - Get Free Report) was the recipient of a significant decrease in short interest in November. As of November 30th, there was short interest totalling 1,760,000 shares, a decrease of 5.9% from the November 15th total of 1,870,000 shares. Approximately 4.9% of the shares of the stock are short sold. Based on an average trading volume of 624,000 shares, the days-to-cover ratio is presently 2.8 days.

Fabrinet Price Performance

Shares of Fabrinet stock traded down $5.96 on Tuesday, hitting $231.67. 425,339 shares of the company's stock traded hands, compared to its average volume of 495,659. Fabrinet has a one year low of $159.69 and a one year high of $278.38. The stock has a market capitalization of $8.40 billion, a PE ratio of 27.42 and a beta of 0.92. The firm's 50-day moving average price is $244.65 and its two-hundred day moving average price is $238.03.

Fabrinet (NYSE:FN - Get Free Report) last released its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.01. The firm had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The company's quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.78 earnings per share. On average, analysts forecast that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Institutional Trading of Fabrinet

Hedge funds have recently added to or reduced their stakes in the business. Huntington National Bank increased its position in shares of Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company's stock worth $33,000 after acquiring an additional 57 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of Fabrinet in the 2nd quarter valued at about $35,000. Kimelman & Baird LLC bought a new stake in shares of Fabrinet in the second quarter valued at about $49,000. NBC Securities Inc. boosted its position in shares of Fabrinet by 732.0% during the third 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. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Fabrinet during the third quarter worth about $52,000. Institutional investors and hedge funds own 97.38% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FN. JPMorgan Chase & Co. boosted their target price on shares of Fabrinet from $240.00 to $285.00 and gave the company a "neutral" rating in a research note on Tuesday, August 20th. Barclays assumed coverage on Fabrinet in a report on Thursday, November 14th. They issued an "equal weight" rating and a $292.00 target price on the stock. Rosenblatt Securities raised their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the company a "buy" rating in a research report on Tuesday, August 20th. B. Riley lowered Fabrinet from a "neutral" rating to a "sell" rating and decreased their price objective for the company from $194.00 to $178.00 in a research report on Wednesday, November 20th. Finally, Needham & Company LLC assumed coverage on Fabrinet in a research report on Tuesday, November 5th. They set a "buy" rating and a $280.00 target price for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Fabrinet presently has an average rating of "Hold" and a consensus target price of $252.14.

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.