WINTON GROUP Ltd Acquires 5,881 Shares of Fabrinet $FN

Key Points

• WINTON GROUP Ltd increased its Fabrinet stake by 233% in the second quarter, purchasing 5,881 additional shares to hold 8,405 shares worth approximately $4.7 million.
• Fabrinet reported a strong quarter, with revenue rising 44.6% year over year to $1.32 billion and EPS of $4.10, exceeding analysts’ $3.81 estimate.
• Fabrinet shares opened at $403.25, down 3.6%, well below their 52-week high of $748.89. Analysts maintain a “Moderate Buy” consensus with an average price target of $649.50.

WINTON GROUP Ltd increased its holdings in Fabrinet (NYSE:FN - Free Report) by 233.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,405 shares of the technology company's stock after buying an additional 5,881 shares during the quarter. WINTON GROUP Ltd's holdings in Fabrinet were worth $4,724,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Engineers Gate Manager LP purchased a new stake in Fabrinet during the second quarter valued at approximately $2,491,000. Integrated Wealth Concepts LLC boosted its stake in shares of Fabrinet by 8.7% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 551 shares of the technology company's stock worth $310,000 after acquiring an additional 44 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of Fabrinet by 44.3% during the 2nd quarter. NewEdge Advisors LLC now owns 1,003 shares of the technology company's stock valued at $564,000 after acquiring an additional 308 shares during the period. Allworth Financial LP grew its position in shares of Fabrinet by 22.9% during the 2nd quarter. Allworth Financial LP now owns 537 shares of the technology company's stock valued at $302,000 after acquiring an additional 100 shares during the period. Finally, Arizona State Retirement System increased its stake in shares of Fabrinet by 4.5% in the 2nd quarter. Arizona State Retirement System now owns 10,272 shares of the technology company's stock worth $5,774,000 after purchasing an additional 440 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Stock Down 3.6%

Shares of Fabrinet stock opened at $403.25 on Friday. The company has a market capitalization of $14.45 billion, a price-to-earnings ratio of 30.90 and a beta of 1.21. The stock's 50-day simple moving average is $472.32 and its 200-day simple moving average is $561.31. Fabrinet has a 52 week low of $348.01 and a 52 week high of $748.89.

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

Insider Transactions at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of Fabrinet stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total transaction of $964,775.00. Following the sale, the executive vice president owned 7,007 shares in the company, valued at $2,704,071.37. This trade represents a 26.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.24% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FN has been the topic of several analyst reports. Zacks Research downgraded Fabrinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 15th. Barclays upped their price target on Fabrinet from $702.00 to $739.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 18th. JPMorgan Chase & Co. raised their price objective on Fabrinet from $680.00 to $695.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 18th. Wall Street Zen cut Fabrinet from a "buy" rating to a "hold" rating in a research report on Monday, July 20th. Finally, Weiss Ratings upgraded Fabrinet from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, August 26th. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $649.50.

Fabrinet Company Profile

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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