Fabrinet (NYSE:FN) Sees Significant Decrease in Short Interest

Fabrinet (NYSE:FN - Get Free Report) was the recipient of a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 1,890,000 shares, a decline of 8.7% from the January 15th total of 2,070,000 shares. Currently, 5.3% of the shares of the stock are short sold. Based on an average trading volume of 609,500 shares, the short-interest ratio is currently 3.1 days.

Institutional Trading of Fabrinet

A number of hedge funds have recently bought and sold shares of the company. Legacy Wealth Asset Management LLC boosted its holdings in shares of Fabrinet by 3.2% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company's stock valued at $325,000 after purchasing an additional 43 shares during the last quarter. Cynosure Group LLC lifted its holdings in shares of Fabrinet by 3.4% during the 3rd quarter. Cynosure Group LLC now owns 1,560 shares of the technology company's stock valued at $369,000 after acquiring an additional 51 shares in the last quarter. Assetmark Inc. increased its stake in Fabrinet by 12.0% during the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company's stock worth $106,000 after buying an additional 52 shares during the period. Trust Point Inc. increased its stake in Fabrinet by 4.7% during the 3rd quarter. Trust Point Inc. now owns 1,272 shares of the technology company's stock worth $301,000 after buying an additional 57 shares during the period. Finally, Huntington National Bank increased its stake in Fabrinet by 70.4% during the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company's stock worth $33,000 after buying an additional 57 shares during the period. Institutional investors and hedge funds own 97.38% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FN shares. Barclays dropped their price target on Fabrinet from $292.00 to $245.00 and set an "equal weight" rating on the stock in a research note on Tuesday, February 4th. B. Riley cut Fabrinet from a "neutral" rating to a "sell" rating and lowered their price target for the company from $194.00 to $178.00 in a report on Wednesday, November 20th. Rosenblatt Securities raised their price target on Fabrinet from $280.00 to $285.00 and gave the stock a "buy" rating in a research report on Tuesday, February 4th. JPMorgan Chase & Co. lowered their target price on Fabrinet from $275.00 to $265.00 and set a "neutral" rating for the company in a research note on Tuesday, February 4th. Finally, Fox Advisors started coverage on Fabrinet in a report on Tuesday. They issued an "overweight" rating and a $270.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, Fabrinet currently has an average rating of "Hold" and a consensus target price of $246.63.

Fabrinet Trading Down 3.7 %

Shares of FN traded down $8.50 during mid-day trading on Friday, hitting $222.17. 495,515 shares of the company's stock were exchanged, compared to its average volume of 717,441. Fabrinet has a fifty-two week low of $159.69 and a fifty-two week high of $281.79. The firm has a market capitalization of $8.06 billion, a P/E ratio of 24.85 and a beta of 0.92. The business's 50 day moving average is $226.73 and its two-hundred day moving average is $233.90.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 earnings per share for the quarter, missing analysts' consensus estimates of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. On average, equities research analysts forecast that Fabrinet will post 9.4 earnings per share for the current year.

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.