Paloma Partners Management Co Makes New $722,000 Investment in Fabrinet (NYSE:FN)

Paloma Partners Management Co bought a new position in Fabrinet (NYSE:FN - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,054 shares of the technology company's stock, valued at approximately $722,000.

A number of other institutional investors have also recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new position in Fabrinet during the 2nd quarter valued at about $28,000. Huntington National Bank grew its position in Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company's stock worth $33,000 after purchasing an additional 57 shares during the period. Banque Cantonale Vaudoise purchased a new stake in Fabrinet during the 2nd quarter valued at $35,000. Kimelman & Baird LLC bought a new position in shares of Fabrinet during the 2nd quarter valued at $49,000. Finally, NBC Securities Inc. boosted its stake in shares of Fabrinet by 732.0% in 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 last quarter. Hedge funds and other institutional investors own 97.38% of the company's stock.

Insider Transactions at Fabrinet

In other 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 in the company, valued at approximately $1,835,426.58. This represents a 51.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.38% of the company's stock.

Fabrinet Trading Up 2.8 %

Shares of FN traded up $6.52 during trading hours on Wednesday, reaching $241.90. 373,509 shares of the stock traded hands, compared to its average volume of 499,595. The company has a market cap of $8.77 billion, a P/E ratio of 28.63 and a beta of 0.92. The company's 50-day moving average price is $244.42 and its two-hundred day moving average price is $238.12. Fabrinet has a 52-week low of $159.69 and a 52-week high of $278.38.

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

Analyst Upgrades and Downgrades

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

About Fabrinet

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.