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

Fabrinet (NYSE:FN) was the target of 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 volume of 466,000 shares, the short-interest ratio is presently 3.0 days. Currently, 3.8% of the company’s stock are sold short.

Fabrinet Trading Up 2.4 %

NYSE FN traded up $5.87 during trading on Tuesday, reaching $254.15. 574,153 shares of the company’s stock were exchanged, compared to its average volume of 451,543. Fabrinet has a fifty-two week low of $114.83 and a fifty-two week high of $256.51. The company’s fifty day simple moving average is $211.64 and its 200-day simple moving average is $201.04. The firm has a market capitalization of $9.19 billion, a PE ratio of 33.75 and a beta of 0.99.

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 analysts’ consensus estimates of $1.93 by $0.28. Fabrinet had a net margin of 9.90% and a return on equity of 17.67%. The company had revenue of $731.54 million during the quarter, compared to analyst estimates of $718.94 million. Equities analysts forecast that Fabrinet will post 7.95 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on FN. Northland Securities upgraded shares of Fabrinet from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $200.00 to $220.00 in a research report on Thursday, March 21st. JPMorgan Chase & Co. raised their target price on Fabrinet from $210.00 to $212.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Needham & Company LLC reiterated a “buy” rating and set a $220.00 price target on shares of Fabrinet in a research report on Tuesday, May 7th. Finally, B. Riley lowered their price target on Fabrinet from $173.00 to $171.00 and set a “neutral” rating on the stock in a report on Tuesday, May 7th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Fabrinet currently has a consensus rating of “Moderate Buy” and an average target price of $161.00.

Insider Transactions at Fabrinet

In other Fabrinet news, Director Frank H. Levinson sold 6,000 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $241.71, for a total transaction of $1,450,260.00. Following the transaction, the director now owns 5,709 shares of the company’s stock, valued at approximately $1,379,922.39. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.51% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Janney Montgomery Scott LLC bought a new stake in Fabrinet during the third quarter worth approximately $241,000. PNC Financial Services Group Inc. grew its stake in Fabrinet by 8.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 5,660 shares of the technology company’s stock valued at $943,000 after buying an additional 451 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in Fabrinet in the 3rd quarter worth $349,000. QRG Capital Management Inc. acquired a new position in Fabrinet during the 3rd quarter worth $933,000. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in Fabrinet during the 3rd quarter worth $242,000. Institutional investors own 97.38% of the company’s stock.

About Fabrinet

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.