Engineers Gate Manager LP Takes Position in Fabrinet $FN

Key Points

• Engineers Gate Manager LP acquired 4,431 Fabrinet shares worth approximately $2.49 million during the second quarter. Institutional investors collectively own 97.38% of the company.
• Fabrinet shares opened at $383.26 after falling 7.6%, well below their 52-week high of $748.89. The stock has a market capitalization of $13.73 billion and a price-to-earnings ratio of 29.37.
• Fabrinet exceeded quarterly earnings and revenue estimates, reporting $4.10 in EPS and $1.32 billion in revenue, with revenue up 44.6% year over year. Analysts maintain a “Moderate Buy” consensus rating and a $649.50 average price target.

Engineers Gate Manager LP acquired a new position in Fabrinet (NYSE:FN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 4,431 shares of the technology company's stock, valued at approximately $2,491,000.

Several other institutional investors have also modified their holdings of the company. California State Teachers Retirement System grew its holdings in Fabrinet by 72,124.7% during the second quarter. California State Teachers Retirement System now owns 30,151,657 shares of the technology company's stock worth $16,947,643,000 after acquiring an additional 30,109,910 shares during the period. Geode Capital Management LLC lifted its holdings in Fabrinet by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 1,108,813 shares of the technology company's stock valued at $504,886,000 after acquiring an additional 50,708 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Fabrinet by 64.8% during the 4th quarter. JPMorgan Chase & Co. now owns 1,065,414 shares of the technology company's stock valued at $485,063,000 after purchasing an additional 419,081 shares in the last quarter. Polar Capital Holdings Plc boosted its position in shares of Fabrinet by 58.9% during the 4th quarter. Polar Capital Holdings Plc now owns 551,916 shares of the technology company's stock valued at $251,276,000 after purchasing an additional 204,612 shares in the last quarter. Finally, Paradigm Capital Management Inc. NY bought a new position in shares of Fabrinet during the 2nd quarter valued at about $298,183,000. Institutional investors and hedge funds own 97.38% of the company's stock.

Fabrinet Trading Down 7.6%

FN stock opened at $383.26 on Tuesday. Fabrinet has a one year low of $348.01 and a one year high of $748.89. The firm has a 50-day moving average of $468.29 and a two-hundred day moving average of $558.73. The firm has a market capitalization of $13.73 billion, a PE ratio of 29.37 and a beta of 1.21.

Fabrinet (NYSE:FN - Get Free Report) last released its earnings results on Tuesday, August 18th. The technology company reported $4.10 earnings per share for the quarter, topping the consensus estimate of $3.81 by $0.29. Fabrinet had a net margin of 10.19% and a return on equity of 21.23%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the firm posted $2.65 earnings per share. The firm's quarterly revenue was up 44.6% compared to the same quarter last year. On average, equities research analysts anticipate that Fabrinet will post 17.5 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Edward Archer sold 2,500 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total value of $964,775.00. Following the completion of the transaction, the executive vice president owned 7,007 shares of the company's stock, valued at approximately $2,704,071.37. This trade represents a 26.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.24% of the company's stock.

Wall Street Analyst Weigh In

FN has been the subject of several recent research reports. Fox Advisors raised shares of Fabrinet from an "equal weight" rating to an "overweight" rating in a research note on Wednesday, August 19th. Weiss Ratings lowered shares of Fabrinet from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, September 9th. Zacks Research cut Fabrinet from a "strong-buy" rating to a "hold" rating in a report on Monday, June 15th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $750.00 price target on shares of Fabrinet in a report on Tuesday, August 18th. Finally, Wall Street Zen downgraded Fabrinet from a "buy" rating to a "hold" rating in a research report on Monday, July 20th. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Fabrinet presently has a consensus rating of "Moderate Buy" and a consensus price target of $649.50.

About Fabrinet

Fabrinet NYSE: FN is a provider of advanced manufacturing services for original equipment manufacturers and other technology companies. The company specializes in precision optical, electromechanical and electronic manufacturing, helping customers design, assemble, test and package complex products.

Its capabilities support products used in optical communications, including components, modules and transceivers for telecommunications and data-center networks. Fabrinet also provides manufacturing services for industrial lasers, medical devices, automotive applications, and aerospace and defense products.

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