Axa Maintains Holdings in Fabrinet (FN)

Axa held its position in shares of Fabrinet (NYSE:FN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 52,000 shares of the technology company’s stock at the close of the second quarter. Axa owned 0.14% of Fabrinet worth $2,218,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. lifted its stake in Fabrinet by 60,498.5% in the first quarter. BlackRock Inc. now owns 4,311,581 shares of the technology company’s stock worth $181,218,000 after acquiring an additional 4,304,466 shares during the last quarter. Royce & Associates LP lifted its stake in Fabrinet by 372.7% in the first quarter. Royce & Associates LP now owns 997,915 shares of the technology company’s stock worth $41,942,000 after acquiring an additional 786,799 shares during the last quarter. Congress Asset Management Co. MA lifted its stake in Fabrinet by 23.6% in the second quarter. Congress Asset Management Co. MA now owns 1,727,179 shares of the technology company’s stock worth $73,681,000 after acquiring an additional 330,178 shares during the last quarter. Whale Rock Capital Management LLC lifted its stake in Fabrinet by 48.7% in the first quarter. Whale Rock Capital Management LLC now owns 915,836 shares of the technology company’s stock worth $38,493,000 after acquiring an additional 300,081 shares during the last quarter. Finally, Teachers Advisors LLC lifted its stake in Fabrinet by 325.2% in the first quarter. Teachers Advisors LLC now owns 367,403 shares of the technology company’s stock worth $15,442,000 after acquiring an additional 280,990 shares during the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Shares of Fabrinet (FN) opened at 37.88 on Wednesday. The firm has a market cap of $1.42 billion, a PE ratio of 14.74 and a beta of 1.14. The firm’s 50-day moving average is $39.82 and its 200-day moving average is $39.83. Fabrinet has a 12-month low of $31.97 and a 12-month high of $49.63.

Fabrinet (NYSE:FN) last released its earnings results on Monday, August 21st. The technology company reported $0.72 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.11). The business had revenue of $370.50 million for the quarter, compared to analysts’ expectations of $363.41 million. Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. The business’s quarterly revenue was up 34.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.60 earnings per share. Equities analysts expect that Fabrinet will post $3.46 earnings per share for the current fiscal year.

Fabrinet declared that its Board of Directors has initiated a stock buyback program on Monday, August 21st that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 21% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

A number of research analysts recently issued reports on the stock. B. Riley reiterated a “buy” rating and issued a $46.50 price target on shares of Fabrinet in a research note on Wednesday, August 23rd. ValuEngine downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research note on Monday, August 14th. Northland Securities set a $50.00 price target on shares of Fabrinet and gave the stock a “buy” rating in a research note on Tuesday, August 22nd. Piper Jaffray Companies reiterated an “overweight” rating and issued a $51.00 price target (down previously from $55.00) on shares of Fabrinet in a research note on Tuesday, August 22nd. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and issued a $54.00 price target (down previously from $57.00) on shares of Fabrinet in a research note on Tuesday, August 22nd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Fabrinet currently has an average rating of “Hold” and an average price target of $50.93.

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In other news, CEO David T. Mitchell sold 105,000 shares of the stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $38.63, for a total transaction of $4,056,150.00. Following the completion of the transaction, the chief executive officer now directly owns 111,057 shares in the company, valued at approximately $4,290,131.91. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO David T. Mitchell sold 52,500 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $41.22, for a total value of $2,164,050.00. Following the transaction, the chief executive officer now owns 42,631 shares of the company’s stock, valued at $1,757,249.82. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 260,000 shares of company stock valued at $10,198,400. Company insiders own 4.30% of the company’s stock.

About Fabrinet

Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.

Institutional Ownership by Quarter for Fabrinet (NYSE:FN)

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