Mirae Asset Global Investments Co. Ltd. Acquires New Position in Fabrinet $FN

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Fabrinet (NYSE:FN) in the 3rd quarter, Holdings Channel reports. The institutional investor bought 11,200 shares of the technology company’s stock, valued at approximately $4,752,000.

A number of other large investors have also recently modified their holdings of the business. Glenmede Trust Co. NA boosted its holdings in shares of Fabrinet by 1.7% in the 1st quarter. Glenmede Trust Co. NA now owns 1,168 shares of the technology company’s stock valued at $609,000 after purchasing an additional 19 shares in the last quarter. HB Wealth Management LLC raised its holdings in shares of Fabrinet by 2.9% during the 2nd quarter. HB Wealth Management LLC now owns 865 shares of the technology company’s stock worth $486,000 after buying an additional 24 shares in the last quarter. Waverly Advisors LLC raised its holdings in shares of Fabrinet by 4.5% during the 2nd quarter. Waverly Advisors LLC now owns 841 shares of the technology company’s stock worth $473,000 after buying an additional 36 shares in the last quarter. North Dakota State Investment Board raised its holdings in shares of Fabrinet by 3.9% during the 3rd quarter. North Dakota State Investment Board now owns 1,096 shares of the technology company’s stock worth $465,000 after buying an additional 41 shares in the last quarter. Finally, Continuum Advisory LLC acquired a new position in shares of Fabrinet during the 2nd quarter worth $25,000. Institutional investors and hedge funds own 97.38% of the company’s stock.

Insider Activity at Fabrinet

In related news, EVP Edward Archer sold 2,500 shares of the firm’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the sale, the executive vice president owned 7,007 shares of the company’s stock, valued at $2,704,071.37. This trade represents a 26.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.22% of the company’s stock.

Fabrinet Stock Performance

Shares of Fabrinet stock opened at $293.62 on Friday. Fabrinet has a fifty-two week low of $286.07 and a fifty-two week high of $748.89. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.04 and a quick ratio of 1.52. The firm has a market capitalization of $10.49 billion, a P/E ratio of 22.16 and a beta of 1.35. The company’s 50 day moving average price is $396.23 and its two-hundred day moving average price is $519.09.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, November 2nd. The technology company reported $4.34 earnings per share for the quarter, topping analysts’ consensus estimates of $4.21 by $0.13. The firm had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Fabrinet had a net margin of 9.35% and a return on equity of 22.32%. The company’s revenue was up 50.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.92 earnings per share. On average, equities analysts forecast that Fabrinet will post 17.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FN has been the subject of several recent analyst reports. B. Riley Financial dropped their price objective on Fabrinet from $431.00 to $385.00 and set a “neutral” rating for the company in a research report on Friday, October 30th. Weiss Ratings cut Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 9th. Needham & Company LLC reiterated a “buy” rating and issued a $500.00 target price on shares of Fabrinet in a research report on Tuesday. Zacks Research raised Fabrinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Finally, Fox Advisors raised shares of Fabrinet from an “equal weight” rating to an “overweight” rating in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $548.88.

Fabrinet Profile

Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.