Neumeier Poma Investment Counsel LLC Purchases 44,491 Shares of Fabrinet (NYSE:FN)

Key Points

• Neumeier Poma Investment Counsel LLC increased its stake in Fabrinet by 79.7%, acquiring an additional 44,491 shares, bringing their total ownership to 100,303 shares valued at approximately $19.8 million.
• Several institutional investors, including Banque Cantonale Vaudoise and Wayfinding Financial LLC, have recently purchased new stakes in Fabrinet, contributing to a total 97.38% ownership by institutional investors.
• Fabrinet's stock received favorable forecasts from analysts, with targets ranging from $234.00 to $318.00, while the company reported a 19.2% year-over-year revenue growth.

Neumeier Poma Investment Counsel LLC lifted its position in Fabrinet (NYSE:FN - Free Report) by 79.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,303 shares of the technology company's stock after acquiring an additional 44,491 shares during the quarter. Fabrinet makes up approximately 2.1% of Neumeier Poma Investment Counsel LLC's portfolio, making the stock its 21st largest position. Neumeier Poma Investment Counsel LLC owned about 0.28% of Fabrinet worth $19,811,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in FN. Banque Cantonale Vaudoise purchased a new stake in Fabrinet during the first quarter valued at about $29,000. Wayfinding Financial LLC purchased a new stake in Fabrinet during the first quarter valued at about $30,000. Berbice Capital Management LLC purchased a new stake in Fabrinet during the first quarter valued at about $30,000. Private Trust Co. NA lifted its holdings in Fabrinet by 44.3% during the first quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock valued at $33,000 after purchasing an additional 51 shares during the last quarter. Finally, SBI Securities Co. Ltd. lifted its holdings in Fabrinet by 93.5% during the first quarter. SBI Securities Co. Ltd. now owns 180 shares of the technology company's stock valued at $36,000 after purchasing an additional 87 shares during the last quarter. Institutional investors own 97.38% of the company's stock.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on FN shares. Needham & Company LLC reaffirmed a "buy" rating and set a $280.00 price objective on shares of Fabrinet in a report on Tuesday, May 6th. Barclays set a $234.00 price target on shares of Fabrinet and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. Rosenblatt Securities increased their price target on shares of Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a report on Thursday, June 12th. Wolfe Research started coverage on shares of Fabrinet in a report on Tuesday, July 8th. They issued a "peer perform" rating on the stock. Finally, JPMorgan Chase & Co. increased their price target on shares of Fabrinet from $235.00 to $318.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $261.33.

Fabrinet Price Performance

Shares of FN opened at $332.60 on Thursday. The firm's 50 day simple moving average is $280.72 and its 200 day simple moving average is $234.73. The company has a market capitalization of $11.92 billion, a P/E ratio of 37.04 and a beta of 1.02. Fabrinet has a 1-year low of $148.55 and a 1-year high of $333.79.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly 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 net margin of 10.00% and a return on equity of 17.99%. The business had revenue of $871.80 million for the quarter, compared to analysts' expectations of $857.12 million. During the same period last year, the business earned $2.39 earnings per share. The business's quarterly revenue was up 19.2% on a year-over-year basis. On average, equities analysts anticipate that Fabrinet will post 9.4 earnings per share for the current year.

Fabrinet Company 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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