Fabrinet (NYSE:FN) Sees Significant Decrease in Short Interest

Fabrinet (NYSE:FN) was the target of a large decline in short interest during the month of January. As of January 31st, there was short interest totalling 1,890,000 shares, a decline of 8.7% from the January 15th total of 2,070,000 shares. Approximately 5.3% of the shares of the company are sold short. Based on an average daily volume of 609,500 shares, the days-to-cover ratio is presently 3.1 days.

Analyst Ratings Changes

FN has been the topic of several research analyst reports. Rosenblatt Securities boosted their price target on Fabrinet from $280.00 to $285.00 and gave the company a “buy” rating in a research note on Tuesday, February 4th. B. Riley downgraded Fabrinet from a “neutral” rating to a “sell” rating and dropped their price target for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. Barclays dropped their price target on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Needham & Company LLC reiterated a “buy” rating and set a $280.00 price target on shares of Fabrinet in a research note on Tuesday, February 4th. Finally, JPMorgan Chase & Co. dropped their price target on Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Fabrinet currently has an average rating of “Hold” and an average price target of $246.63.

Hedge Funds Weigh In On Fabrinet

Hedge funds have recently bought and sold shares of the business. Huntington National Bank boosted its position in Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after purchasing an additional 57 shares in the last quarter. NBC Securities Inc. raised its holdings in shares of Fabrinet by 732.0% during the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock valued at $49,000 after acquiring an additional 183 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Fabrinet during the third quarter valued at approximately $52,000. Quarry LP raised its holdings in shares of Fabrinet by 315.8% during the fourth quarter. Quarry LP now owns 237 shares of the technology company’s stock valued at $52,000 after acquiring an additional 180 shares during the last quarter. Finally, Eastern Bank acquired a new position in shares of Fabrinet during the third quarter valued at approximately $59,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Up 7.8 %

Shares of FN opened at $240.37 on Wednesday. Fabrinet has a 52 week low of $159.69 and a 52 week high of $281.79. The company has a market capitalization of $8.72 billion, a price-to-earnings ratio of 26.89 and a beta of 0.92. The stock’s 50-day moving average price is $226.93 and its 200-day moving average price is $233.63.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. As a group, equities analysts anticipate that Fabrinet will post 9.4 EPS for the current fiscal year.

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.