Fabrinet (NYSE:FN) Sees Significant Growth in Short Interest

Fabrinet (NYSE:FN) saw a significant growth in short interest during the month of May. As of May 31st, there was short interest totalling 1,380,000 shares, a growth of 9.5% from the May 15th total of 1,260,000 shares. Based on an average daily trading volume, of 466,000 shares, the short-interest ratio is presently 3.0 days. Approximately 3.8% of the shares of the company are sold short.

Fabrinet Trading Up 2.4 %

Shares of FN opened at $254.15 on Wednesday. The business’s 50 day moving average is $211.64 and its 200 day moving average is $201.04. The company has a market capitalization of $9.19 billion, a PE ratio of 33.75 and a beta of 0.99. Fabrinet has a 12-month low of $114.83 and a 12-month high of $256.51.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, May 6th. The technology company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.28. The company had revenue of $731.54 million for the quarter, compared to the consensus estimate of $718.94 million. Fabrinet had a return on equity of 17.67% and a net margin of 9.90%. Equities research analysts predict that Fabrinet will post 7.95 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $220.00 target price on shares of Fabrinet in a research report on Tuesday, May 7th. B. Riley dropped their target price on Fabrinet from $173.00 to $171.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. Northland Securities raised Fabrinet from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $200.00 to $220.00 in a research note on Thursday, March 21st. Finally, JPMorgan Chase & Co. raised their price objective on Fabrinet from $210.00 to $212.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $161.00.

Insider Activity at Fabrinet

In other Fabrinet news, Director Frank H. Levinson sold 6,000 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $241.71, for a total value of $1,450,260.00. Following the transaction, the director now directly owns 5,709 shares of the company’s stock, valued at $1,379,922.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.51% of the stock is currently owned by insiders.

Institutional Trading of Fabrinet

Several institutional investors and hedge funds have recently added to or reduced their stakes in FN. DekaBank Deutsche Girozentrale increased its stake in Fabrinet by 27.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company’s stock worth $15,036,000 after acquiring an additional 17,000 shares during the last quarter. EULAV Asset Management increased its stake in Fabrinet by 13.8% in the 1st quarter. EULAV Asset Management now owns 70,200 shares of the technology company’s stock worth $13,269,000 after acquiring an additional 8,500 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in Fabrinet by 8.5% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 25,083 shares of the technology company’s stock worth $4,741,000 after acquiring an additional 1,968 shares during the last quarter. Cetera Advisors LLC increased its stake in Fabrinet by 54.0% in the 1st quarter. Cetera Advisors LLC now owns 3,606 shares of the technology company’s stock worth $682,000 after acquiring an additional 1,265 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in Fabrinet by 20.4% in the 1st quarter. Janus Henderson Group PLC now owns 276,354 shares of the technology company’s stock worth $52,233,000 after acquiring an additional 46,864 shares during the last quarter. Institutional investors own 97.38% of the company’s stock.

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.