Insider Selling: Fabrinet (FN) CEO Sells $2,164,050.00 in Stock

Fabrinet (NYSE:FN) CEO David T. Mitchell sold 52,500 shares of the stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $41.22, for a total transaction of $2,164,050.00. Following the transaction, the chief executive officer now owns 42,631 shares of the company’s stock, valued at $1,757,249.82. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Shares of Fabrinet (NYSE:FN) opened at 43.89 on Monday. The company has a 50-day moving average of $37.95 and a 200 day moving average of $39.72. The firm has a market capitalization of $1.64 billion, a P/E ratio of 18.45 and a beta of 1.08. Fabrinet has a 52 week low of $31.97 and a 52 week high of $49.63.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, May 8th. The technology company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.74 by $0.17. Fabrinet had a return on equity of 14.95% and a net margin of 6.74%. The firm had revenue of $366.80 million for the quarter, compared to analysts’ expectations of $362.07 million. During the same quarter last year, the firm posted $0.56 earnings per share. The firm’s revenue for the quarter was up 46.1% compared to the same quarter last year. Equities research analysts anticipate that Fabrinet will post $3.36 earnings per share for the current year.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Independence Advisors LLC purchased a new position in Fabrinet during the second quarter valued at $440,000. Clearbridge Investments LLC boosted its position in Fabrinet by 10.0% in the first quarter. Clearbridge Investments LLC now owns 8,810 shares of the technology company’s stock valued at $370,000 after buying an additional 800 shares during the period. Teachers Retirement System of The State of Kentucky boosted its position in Fabrinet by 30.5% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 13,700 shares of the technology company’s stock valued at $576,000 after buying an additional 3,200 shares during the period. Tower Research Capital LLC TRC boosted its position in Fabrinet by 1.9% in the first quarter. Tower Research Capital LLC TRC now owns 2,608 shares of the technology company’s stock valued at $110,000 after buying an additional 48 shares during the period. Finally, Meridian Wealth Management LLC boosted its position in Fabrinet by 1.7% in the first quarter. Meridian Wealth Management LLC now owns 7,571 shares of the technology company’s stock valued at $318,000 after buying an additional 125 shares during the period. Institutional investors and hedge funds own 94.28% of the company’s stock.

A number of equities analysts have recently commented on FN shares. B. Riley restated a “buy” rating and set a $44.75 price objective on shares of Fabrinet in a research note on Tuesday, May 9th. J P Morgan Chase & Co set a $57.00 price objective on shares of Fabrinet and gave the stock a “buy” rating in a research note on Thursday, June 1st. ValuEngine downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Piper Jaffray Companies restated an “overweight” rating on shares of Fabrinet in a research note on Wednesday, May 10th. Finally, Zacks Investment Research downgraded shares of Fabrinet from a “hold” rating to a “sell” rating in a research note on Tuesday, May 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $53.13.

Fabrinet Company Profile

Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.

Insider Buying and Selling by Quarter for Fabrinet (NYSE:FN)

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