2,892 Shares of Fabrinet $FN Acquired by B.A. Schrock Wealth Management Inc.

Key Points

• B.A. Schrock Wealth Management acquired 2,892 Fabrinet shares worth approximately $1.305 million during the third quarter. Institutional investors collectively own 97.38% of the company.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $649.50, despite one downgrade to “Hold.”
• Fabrinet reported quarterly earnings of $4.10 per share, exceeding estimates of $3.81, while revenue rose 44.6% year over year to $1.32 billion. The stock opened at $393.11, well below its 52-week high of $748.89.

B.A. Schrock Wealth Management Inc. acquired a new stake in shares of Fabrinet (NYSE:FN - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,892 shares of the technology company's stock, valued at approximately $1,305,000.

A number of other hedge funds also recently bought and sold shares of the company. Avior Wealth Management LLC lifted its holdings in shares of Fabrinet by 77.9% in the 3rd quarter. Avior Wealth Management LLC now owns 790 shares of the technology company's stock worth $335,000 after acquiring an additional 346 shares during the last quarter. Wedmont Private Capital bought a new position in shares of Fabrinet during the 3rd quarter valued at $331,000. Byrne Asset Management LLC bought a new position in shares of Fabrinet during the 3rd quarter valued at $27,000. Cim Investment Management Inc. raised its position in Fabrinet by 7.4% in the 2nd quarter. Cim Investment Management Inc. now owns 1,113 shares of the technology company's stock worth $626,000 after purchasing an additional 77 shares during the period. Finally, QRG Capital Management Inc. raised its position in Fabrinet by 13.9% in the 2nd quarter. QRG Capital Management Inc. now owns 2,008 shares of the technology company's stock worth $1,128,000 after purchasing an additional 245 shares during the period. Institutional investors own 97.38% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Fox Advisors raised shares of Fabrinet from an "equal weight" rating to an "overweight" rating in a research note on Wednesday, August 19th. Zacks Research raised Fabrinet from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 5th. Weiss Ratings downgraded Fabrinet from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, September 9th. Rosenblatt Securities reiterated a "buy" rating and issued a $750.00 price objective on shares of Fabrinet in a report on Tuesday, August 18th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $650.00 price objective on shares of Fabrinet in a research report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $649.50.

Insider Transactions at Fabrinet

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the company's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total value of $964,775.00. Following the sale, the executive vice president owned 7,007 shares in the company, valued at approximately $2,704,071.37. This represents a 26.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.24% of the stock is currently owned by company insiders.

Fabrinet Price Performance

Shares of NYSE:FN opened at $393.11 on Thursday. Fabrinet has a 1 year low of $370.91 and a 1 year high of $748.89. The company has a market cap of $14.08 billion, a PE ratio of 32.44 and a beta of 1.23. The stock's 50-day moving average is $446.34 and its 200 day moving average is $541.12.

Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings results on Tuesday, August 18th. The technology company reported $4.10 EPS for the quarter, beating analysts' consensus estimates of $3.81 by $0.29. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Fabrinet had a return on equity of 21.23% and a net margin of 10.19%. Fabrinet's quarterly revenue was up 44.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.65 EPS. Analysts expect that Fabrinet will post 17.50 EPS for the current fiscal year.

Fabrinet Profile

Fabrinet NYSE: FN provides advanced manufacturing services for companies that develop optical, electro-optical, and precision-engineered products. The company supports customers from product design and engineering through manufacturing, assembly, testing, and supply-chain management.

Its products and manufacturing capabilities include optical communications components, modules, and assemblies; precision optical and optoelectronic systems; industrial lasers; and other complex products used in communications, industrial, automotive, medical, and other technology markets.

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