Calamos Advisors LLC Acquires 48,500 Shares of Fabrinet $FN

Key Points

• Calamos Advisors increased its Fabrinet stake by 1,469.7%, buying 48,500 shares in the third quarter to reach 51,800 shares, valued at about $22 million.
• Fabrinet reported quarterly EPS of $4.34, beating the $4.21 consensus, while revenue of $1.47 billion exceeded estimates and rose 50.7% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $548.88; recent opinions ranged from upgrades to Hold ratings and included sharply differing target-price changes.

Calamos Advisors LLC grew its stake in shares of Fabrinet (NYSE:FN - Free Report) by 1,469.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,800 shares of the technology company's stock after acquiring an additional 48,500 shares during the quarter. Calamos Advisors LLC owned about 0.14% of Fabrinet worth $21,977,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of FN. Kestra Advisory Services LLC boosted its stake in Fabrinet by 23.0% in the 3rd quarter. Kestra Advisory Services LLC now owns 3,315 shares of the technology company's stock worth $1,406,000 after purchasing an additional 619 shares in the last quarter. Richardson Financial Services Inc. grew its position in Fabrinet by 26.8% during the 3rd quarter. Richardson Financial Services Inc. now owns 189 shares of the technology company's stock worth $80,000 after purchasing an additional 40 shares during the last quarter. Westhampton Capital LLC increased its stake in Fabrinet by 45.5% during the 3rd quarter. Westhampton Capital LLC now owns 1,192 shares of the technology company's stock valued at $506,000 after purchasing an additional 373 shares in the last quarter. Torray Investment Partners LLC increased its stake in Fabrinet by 23.1% during the 3rd quarter. Torray Investment Partners LLC now owns 7,376 shares of the technology company's stock valued at $3,129,000 after purchasing an additional 1,382 shares in the last quarter. Finally, MBA Advisors LLC acquired a new position in Fabrinet during the 3rd quarter valued at approximately $212,000. Institutional investors and hedge funds own 97.38% of the company's stock.

Insider Activity

In other news, EVP Edward Archer sold 2,500 shares of the company's stock in a transaction dated Thursday, September 3rd. The stock was 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 $2,704,071.37. This represents a 26.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.22% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Zacks Research upgraded shares of Fabrinet from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 5th. JPMorgan Chase & Co. upped their target price on Fabrinet from $465.00 to $470.00 and gave the company a "neutral" rating in a research report on Tuesday, November 3rd. Susquehanna cut their target price on Fabrinet from $850.00 to $600.00 and set a "positive" rating on the stock in a research report on Wednesday, October 21st. Weiss Ratings lowered Fabrinet from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, September 9th. Finally, Wall Street Zen cut Fabrinet from a "buy" rating to a "hold" rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $548.88.

Fabrinet Trading Up 12.0%

NYSE FN opened at $328.22 on Friday. Fabrinet has a 1 year low of $286.07 and a 1 year 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 company has a market capitalization of $11.72 billion, a PE ratio of 24.77 and a beta of 1.35. The company has a fifty day moving average of $394.16 and a 200 day moving average of $518.32.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings results on Monday, November 2nd. The technology company reported $4.34 earnings per share for the quarter, topping the consensus estimate of $4.21 by $0.13. The company had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.42 billion. Fabrinet had a return on equity of 22.32% and a net margin of 9.35%. The firm's revenue for the quarter was up 50.7% compared to the same quarter last year. During the same period last year, the firm earned $2.92 EPS. Research analysts forecast that Fabrinet will post 18.96 earnings per share for the current year.

Fabrinet Company Profile

Fabrinet NYSE: FN is a provider of advanced optical packaging and precision manufacturing services. The company works with original equipment manufacturers and other technology companies to produce complex products that require specialized engineering and manufacturing capabilities.

Its services include product design and engineering support, prototyping, supply-chain management, and manufacturing. Fabrinet's products serve markets including optical communications, industrial lasers, automotive technology, and medical devices.

Founded in 1999, Fabrinet serves customers around the world through manufacturing operations in multiple countries.

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