Paradigm Capital Management Inc. NY Has $24.17 Million Stake in Fabrinet (FN)

Paradigm Capital Management Inc. NY grew its stake in Fabrinet (NYSE:FN) by 0.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 652,200 shares of the technology company’s stock after purchasing an additional 3,500 shares during the period. Fabrinet makes up about 2.1% of Paradigm Capital Management Inc. NY’s holdings, making the stock its 15th largest holding. Paradigm Capital Management Inc. NY owned approximately 1.74% of Fabrinet worth $24,171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of FN. YorkBridge Wealth Partners LLC grew its position in Fabrinet by 14.1% in the second quarter. YorkBridge Wealth Partners LLC now owns 2,727 shares of the technology company’s stock worth $117,000 after acquiring an additional 338 shares during the period. Riverhead Capital Management LLC grew its position in Fabrinet by 68.5% in the second quarter. Riverhead Capital Management LLC now owns 2,864 shares of the technology company’s stock worth $122,000 after acquiring an additional 1,164 shares during the period. PNC Financial Services Group Inc. grew its position in Fabrinet by 63.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,038 shares of the technology company’s stock worth $129,000 after acquiring an additional 1,178 shares during the period. Flinton Capital Management LLC grew its position in Fabrinet by 62.7% in the second quarter. Flinton Capital Management LLC now owns 3,706 shares of the technology company’s stock worth $158,000 after acquiring an additional 1,428 shares during the period. Finally, Pinebridge Investments L.P. grew its position in Fabrinet by 2.0% in the second quarter. Pinebridge Investments L.P. now owns 4,918 shares of the technology company’s stock worth $210,000 after acquiring an additional 98 shares during the period. Institutional investors and hedge funds own 94.59% of the company’s stock.

FN has been the subject of several analyst reports. B. Riley reiterated a “buy” rating and issued a $46.50 price objective on shares of Fabrinet in a research report on Monday, August 28th. Piper Jaffray Companies reiterated a “buy” rating on shares of Fabrinet in a research report on Friday. BidaskClub upgraded Fabrinet from a “sell” rating to a “hold” rating in a research report on Sunday, July 16th. Needham & Company LLC restated a “strong-buy” rating and set a $60.00 price target on shares of Fabrinet in a research note on Tuesday, August 22nd. Finally, J P Morgan Chase & Co cut Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 price target on the stock. in a research note on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Fabrinet currently has an average rating of “Hold” and an average price target of $46.42.

In other Fabrinet news, CEO David T. Mitchell sold 105,000 shares of the firm’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $38.63, for a total value of $4,056,150.00. Following the sale, the chief executive officer now directly owns 111,057 shares in the company, valued at $4,290,131.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Toh-Seng Ng sold 22,500 shares of the firm’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $39.00, for a total value of $877,500.00. Following the completion of the sale, the chief financial officer now owns 201,749 shares in the company, valued at $7,868,211. The disclosure for this sale can be found here. Over the last quarter, insiders sold 257,500 shares of company stock worth $9,535,850. Insiders own 3.30% of the company’s stock.

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Shares of Fabrinet (FN) traded up $0.28 during midday trading on Friday, hitting $31.11. The stock had a trading volume of 405,600 shares, compared to its average volume of 572,701. The firm has a market capitalization of $1,169.39, a PE ratio of 12.39, a P/E/G ratio of 1.17 and a beta of 1.03. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.80 and a current ratio of 2.70. Fabrinet has a twelve month low of $28.60 and a twelve month high of $49.63.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, August 21st. The technology company reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.11). The company had revenue of $370.50 million during the quarter, compared to analyst estimates of $363.41 million. Fabrinet had a net margin of 6.60% and a return on equity of 14.35%. The firm’s revenue was up 34.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.60 earnings per share. sell-side analysts expect that Fabrinet will post 2.22 earnings per share for the current fiscal year.

Fabrinet announced that its board has authorized a share buyback plan on Monday, August 21st that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the technology company to purchase up to 21% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Fabrinet Profile

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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