Oppenheimer Asset Management Inc. Boosts Stock Position in Fabrinet (NYSE:FN)

Oppenheimer Asset Management Inc. boosted its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 20.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,008 shares of the technology company's stock after purchasing an additional 2,685 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Fabrinet were worth $3,162,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FN. Ausbil Investment Management Ltd increased its holdings in shares of Fabrinet by 42.6% in the 1st quarter. Ausbil Investment Management Ltd now owns 4,169 shares of the technology company's stock worth $823,000 after buying an additional 1,245 shares during the last quarter. Illumine Investment Management LLC grew its position in Fabrinet by 2.2% in the first quarter. Illumine Investment Management LLC now owns 3,461 shares of the technology company's stock worth $684,000 after acquiring an additional 75 shares in the last quarter. Johnson Investment Counsel Inc. increased its stake in Fabrinet by 30.2% during the first quarter. Johnson Investment Counsel Inc. now owns 11,475 shares of the technology company's stock worth $2,266,000 after acquiring an additional 2,660 shares during the last quarter. State of Alaska Department of Revenue raised its position in 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 valued at $830,000 after purchasing an additional 70 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Fabrinet by 4.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,610 shares of the technology company's stock valued at $911,000 after purchasing an additional 208 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company's stock.

Fabrinet Trading Up 3.7%

NYSE FN opened at $286.71 on Thursday. The stock has a market cap of $10.27 billion, a PE ratio of 31.93 and a beta of 0.98. Fabrinet has a 12 month low of $148.55 and a 12 month high of $288.72. The company's 50-day moving average price is $227.46 and its 200-day moving average price is $219.95.

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

Insiders Place Their Bets

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

Analyst Ratings Changes

Several research firms recently weighed in on FN. JPMorgan Chase & Co. increased their price target on Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Rosenblatt Securities lifted their price target on shares of Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. B. Riley upgraded shares of Fabrinet from a "sell" rating to a "neutral" rating and cut their price target for the company from $178.00 to $176.00 in a report on Friday, April 4th. Barclays set a $234.00 price objective on shares of Fabrinet and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Finally, Needham & Company LLC restated a "buy" rating and set a $280.00 target price on shares of Fabrinet in a research report on Tuesday, May 6th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, Fabrinet presently has a consensus rating of "Hold" and an average price target of $245.00.

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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