Saudi Central Bank Takes $1.41 Million Position in Fabrinet $FN

Key Points

• Saudi Central Bank initiated a $1.41 million position in Fabrinet during the second quarter, purchasing 2,508 shares. Institutional investors and hedge funds collectively own 97.38% of the company.
• Analyst sentiment remains favorable, with seven Buy ratings and three Holds; Fabrinet has a consensus “Moderate Buy” rating and an average price target of $649.50.
• Fabrinet’s latest quarterly results exceeded expectations, with $4.10 in EPS versus a $3.81 estimate and revenue of $1.32 billion, up 44.6% year over year. The stock opened at $417.19, well below its 52-week high of $748.89.

Saudi Central Bank bought a new position in shares of Fabrinet (NYSE:FN - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 2,508 shares of the technology company's stock, valued at approximately $1,410,000.

Other hedge funds have also modified their holdings of the company. Ashton Thomas Private Wealth LLC acquired a new position in shares of Fabrinet in the 1st quarter valued at about $203,000. Empowered Funds LLC purchased a new stake in Fabrinet in the 1st quarter worth $2,331,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Fabrinet by 4.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,444 shares of the technology company's stock worth $15,691,000 after purchasing an additional 3,717 shares in the last quarter. M&T Bank Corp purchased a new position in Fabrinet in the 2nd quarter valued at $214,000. Finally, EverSource Wealth Advisors LLC boosted its position in Fabrinet by 574.7% during the second quarter. EverSource Wealth Advisors LLC now owns 533 shares of the technology company's stock worth $157,000 after acquiring an additional 454 shares during the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on FN shares. Wall Street Zen cut shares of Fabrinet from a "buy" rating to a "hold" rating in a research note on Monday, July 20th. Needham & Company LLC restated a "buy" rating and issued a $650.00 price objective on shares of Fabrinet in a report on Tuesday, August 18th. Weiss Ratings raised Fabrinet from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, August 26th. JPMorgan Chase & Co. boosted their price target on shares of Fabrinet from $680.00 to $695.00 and gave the company a "neutral" rating in a research report on Tuesday, August 18th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $750.00 target price on shares of Fabrinet in a report on Tuesday, August 18th. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $649.50.

Insider Buying and Selling at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of the company's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the completion of the transaction, the executive vice president directly owned 7,007 shares of the company's stock, valued at approximately $2,704,071.37. This represents a 26.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.24% of the company's stock.

Fabrinet Stock Performance

NYSE FN opened at $417.19 on Wednesday. The company's 50 day moving average price is $476.83 and its 200 day moving average price is $562.97. Fabrinet has a one year low of $348.01 and a one year high of $748.89. The firm has a market capitalization of $14.95 billion, a price-to-earnings ratio of 31.97 and a beta of 1.21.

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

Fabrinet Company Profile

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.

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