Saudi Central Bank Makes New Investment in Fabrinet $FN

Saudi Central Bank purchased a new position in Fabrinet (NYSE:FN) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,508 shares of the technology company’s stock, valued at approximately $1,410,000.

Other hedge funds have also made changes to their positions in the company. Core Wealth Advisors LLC acquired a new position in Fabrinet during the 4th quarter worth $25,000. Continuum Advisory LLC acquired a new stake in shares of Fabrinet in the second quarter valued at about $25,000. Harbour Investments Inc. increased its stake in shares of Fabrinet by 75.0% in the fourth quarter. Harbour Investments Inc. now owns 63 shares of the technology company’s stock worth $29,000 after purchasing an additional 27 shares during the period. Cassaday & Co Wealth Management LLC acquired a new position in shares of Fabrinet during the 1st quarter worth about $31,000. Finally, Creative Financial Designs Inc. ADV acquired a new position in shares of Fabrinet during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 97.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FN. Weiss Ratings raised shares of Fabrinet from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, August 26th. Fox Advisors upgraded shares of Fabrinet from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, August 19th. Wall Street Zen lowered Fabrinet from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Zacks Research cut Fabrinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Finally, Barclays boosted their price target on shares of Fabrinet from $702.00 to $739.00 and gave the company an “overweight” rating in a report on Tuesday, August 18th. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $649.50.

Insider Activity

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

Fabrinet Stock Performance

FN opened at $417.19 on Wednesday. The firm has a market cap of $14.95 billion, a price-to-earnings ratio of 31.97 and a beta of 1.21. Fabrinet has a twelve month low of $348.01 and a twelve month high of $748.89. The firm’s 50-day simple moving average is $476.83 and its 200-day simple moving average is $562.97.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Tuesday, August 18th. The technology company reported $4.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.81 by $0.29. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Fabrinet had a return on equity of 21.23% and a net margin of 10.19%.The firm’s revenue for the quarter was up 44.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.65 earnings per share. As a group, sell-side analysts anticipate that Fabrinet will post 17.5 EPS for the current fiscal year.

Fabrinet 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.