Citigroup Inc. Boosts Stake in Fabrinet (NYSE:FN)

Citigroup Inc. raised its holdings in shares of Fabrinet (NYSE:FN) by 79.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 78,391 shares of the technology company’s stock after buying an additional 34,645 shares during the quarter. Citigroup Inc. owned about 0.21% of Fabrinet worth $7,515,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also bought and sold shares of the stock. Frontier Capital Management Co. LLC boosted its holdings in shares of Fabrinet by 5.3% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 398,262 shares of the technology company’s stock worth $38,181,000 after purchasing an additional 19,918 shares in the last quarter. Mutual of America Capital Management LLC boosted its holdings in shares of Fabrinet by 6.5% in the 2nd quarter. Mutual of America Capital Management LLC now owns 5,243 shares of the technology company’s stock worth $503,000 after purchasing an additional 319 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Fabrinet by 15.6% in the 2nd quarter. Sei Investments Co. now owns 107,784 shares of the technology company’s stock worth $10,330,000 after purchasing an additional 14,564 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Fabrinet by 0.5% in the 2nd quarter. Rhumbline Advisers now owns 102,643 shares of the technology company’s stock worth $9,840,000 after purchasing an additional 539 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Fabrinet by 1.1% in the 2nd quarter. US Bancorp DE now owns 10,306 shares of the technology company’s stock worth $988,000 after purchasing an additional 115 shares in the last quarter. Institutional investors and hedge funds own 97.22% of the company’s stock.

A number of research firms have recently issued reports on FN. Zacks Investment Research upgraded Fabrinet from a “hold” rating to a “buy” rating and set a $111.00 price objective for the company in a report on Thursday, August 19th. Royal Bank of Canada lowered their target price on Fabrinet from $52.00 to $50.00 and set a “sector perform” rating for the company in a research note on Thursday, July 29th. B. Riley boosted their target price on Fabrinet from $79.00 to $85.00 and gave the company a “neutral” rating in a research note on Tuesday, August 17th. They noted that the move was a valuation call. Needham & Company LLC boosted their target price on Fabrinet from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, August 17th. Finally, MKM Partners boosted their target price on Fabrinet from $100.00 to $106.00 and gave the company a “neutral” rating in a research note on Tuesday, August 17th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $87.38.

In other Fabrinet news, CEO Seamus Grady sold 29,955 shares of the stock in a transaction on Monday, August 23rd. The stock was sold at an average price of $100.60, for a total transaction of $3,013,473.00. Following the sale, the chief executive officer now directly owns 139,530 shares in the company, valued at approximately $14,036,718. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Edward T. Archer sold 11,450 shares of the stock in a transaction on Thursday, August 19th. The shares were sold at an average price of $99.85, for a total value of $1,143,282.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,268 shares of company stock worth $6,093,231. Company insiders own 0.67% of the company’s stock.

Shares of NYSE:FN opened at $103.82 on Thursday. Fabrinet has a 52-week low of $59.45 and a 52-week high of $107.74. The firm has a market capitalization of $3.82 billion, a P/E ratio of 26.28 and a beta of 1.02. The stock has a 50 day moving average price of $98.04 and a 200-day moving average price of $92.74. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.09 and a current ratio of 3.04.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, August 16th. The technology company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.09. The company had revenue of $509.60 million for the quarter, compared to the consensus estimate of $487.55 million. Fabrinet had a return on equity of 14.33% and a net margin of 7.89%. The firm’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.96 EPS. On average, equities analysts forecast that Fabrinet will post 4.78 EPS for the current fiscal year.

Fabrinet Profile

Fabrinet engages in the provision of optical packaging and electronic manufacturing services to original equipment manufacturers. The firm’s engineering services include process design, failure analysis, reliability testing, tooling design, and real-time traceability system. Its manufacturing operations offer sensors, subsystems, customized optics, and optical modules and components.

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Institutional Ownership by Quarter for Fabrinet (NYSE:FN)

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