Fabrinet (NYSE:FN) Shares Bought by IFG Advisory LLC

Key Points

• IFG Advisory LLC significantly increased its stake in Fabrinet by 388.7% in Q1, owning 8,919 shares valued at $1,762,000, as reported in its latest SEC filing.
• Fabrinet's stock has been positively reviewed by various analysts, with price targets raised by firms like Rosenblatt Securities and JPMorgan Chase & Co., now standing at $290.00 and $318.00 respectively.
• The company's recent earnings report revealed an EPS of $2.52, exceeding expectations, and a year-over-year revenue increase of 19.2%, demonstrating robust financial performance.

IFG Advisory LLC grew its stake in shares of Fabrinet (NYSE:FN - Free Report) by 388.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,919 shares of the technology company's stock after purchasing an additional 7,094 shares during the quarter. IFG Advisory LLC's holdings in Fabrinet were worth $1,762,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FN. Private Trust Co. NA grew its position in shares of Fabrinet by 44.3% during the first quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock worth $33,000 after acquiring an additional 51 shares during the last quarter. State of Alaska Department of Revenue grew its position in shares of Fabrinet by 1.7% during the first quarter. State of Alaska Department of Revenue now owns 4,205 shares of the technology company's stock worth $830,000 after acquiring an additional 70 shares during the last quarter. Henry James International Management Inc. grew its position in shares of Fabrinet by 5.6% during the first quarter. Henry James International Management Inc. now owns 1,317 shares of the technology company's stock worth $260,000 after acquiring an additional 70 shares during the last quarter. Illumine Investment Management LLC grew its position in Fabrinet by 2.2% in the 1st quarter. Illumine Investment Management LLC now owns 3,461 shares of the technology company's stock valued at $684,000 after buying an additional 75 shares during the last quarter. Finally, Signaturefd LLC grew its position in Fabrinet by 14.3% in the 1st quarter. Signaturefd LLC now owns 609 shares of the technology company's stock valued at $120,000 after buying an additional 76 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Rosenblatt Securities lifted their price objective on shares of Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. Needham & Company LLC reiterated a "buy" rating and issued a $280.00 price objective on shares of Fabrinet in a research report on Tuesday, May 6th. Barclays set a $234.00 price objective on shares of Fabrinet and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. lifted their price objective on shares of Fabrinet from $235.00 to $318.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, Wolfe Research assumed coverage on shares of Fabrinet in a research report on Tuesday, July 8th. They issued a "peer perform" rating on the stock. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, Fabrinet currently has an average rating of "Hold" and an average price target of $261.33.

Fabrinet Stock Performance

Fabrinet stock opened at $315.12 on Friday. Fabrinet has a one year low of $148.55 and a one year high of $332.61. The business has a fifty day moving average of $276.85 and a two-hundred day moving average of $233.48. The company has a market cap of $11.29 billion, a P/E ratio of 35.09 and a beta of 1.02.

Fabrinet (NYSE:FN - Get Free Report) last released its earnings results on Monday, May 5th. The technology company reported $2.52 EPS for the quarter, beating analysts' consensus estimates of $2.47 by $0.05. Fabrinet had a return on equity of 17.99% and a net margin of 10.00%. The company had revenue of $871.80 million during the quarter, compared to the consensus estimate of $857.12 million. During the same quarter last year, the company earned $2.39 earnings per share. Fabrinet's quarterly revenue was up 19.2% compared to the same quarter last year. Sell-side analysts predict that Fabrinet will post 9.4 EPS for the current year.

Insiders Place Their Bets

In other Fabrinet news, COO Harpal Gill sold 18,675 shares of the firm's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total value of $4,482,000.00. Following the completion of the sale, the chief operating officer owned 18,068 shares of the company's stock, valued at approximately $4,336,320. This trade represents a 50.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rollance E. Olson sold 2,500 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total value of $559,950.00. Following the completion of the sale, the director directly owned 23,201 shares of the company's stock, valued at approximately $5,196,559.98. This trade represents a 9.73% decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by company insiders.

Fabrinet Profile

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.

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