Legato Capital Management LLC Purchases New Holdings in Fabrinet (NYSE:FN)

Legato Capital Management LLC purchased a new stake in shares of Fabrinet (NYSE:FN) in the second quarter, Holdings Channel reports. The firm purchased 6,518 shares of the technology company’s stock, valued at approximately $1,596,000.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Fabrinet by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 4,348,671 shares of the technology company’s stock valued at $821,986,000 after purchasing an additional 38,999 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Fabrinet by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 977,459 shares of the technology company’s stock valued at $186,051,000 after purchasing an additional 16,551 shares in the last quarter. Congress Asset Management Co. MA grew its stake in shares of Fabrinet by 0.7% in the 1st quarter. Congress Asset Management Co. MA now owns 524,068 shares of the technology company’s stock worth $99,059,000 after acquiring an additional 3,684 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Fabrinet by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 427,946 shares of the technology company’s stock worth $81,451,000 after purchasing an additional 7,156 shares during the last quarter. Finally, TD Asset Management Inc raised its position in Fabrinet by 216.1% in the 1st quarter. TD Asset Management Inc now owns 409,761 shares of the technology company’s stock worth $77,453,000 after buying an additional 280,145 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Price Performance

Shares of FN stock traded down $3.07 on Tuesday, hitting $248.99. 189,005 shares of the stock traded hands, compared to its average volume of 441,968. The company has a market capitalization of $9.00 billion, a PE ratio of 33.44 and a beta of 0.96. Fabrinet has a 1-year low of $146.65 and a 1-year high of $278.38. The company’s fifty day moving average is $235.43 and its 200 day moving average is $215.98.

Fabrinet (NYSE:FN) last released its earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.35. The company had revenue of $753.26 million for the quarter, compared to the consensus estimate of $732.63 million. Fabrinet had a net margin of 9.90% and a return on equity of 17.67%. Fabrinet’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.68 EPS. As a group, equities research analysts expect that Fabrinet will post 7.95 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Csaba Sverha sold 9,288 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.08, for a total value of $2,508,503.04. Following the completion of the sale, the chief financial officer now owns 19,768 shares of the company’s stock, valued at $5,338,941.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.51% of the stock is owned by insiders.

Analysts Set New Price Targets

FN has been the topic of several recent analyst reports. Rosenblatt Securities upped their price target on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Jefferies Financial Group began coverage on shares of Fabrinet in a research note on Wednesday, June 26th. They set a “hold” rating and a $230.00 price objective for the company. Needham & Company LLC lifted their target price on shares of Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. JPMorgan Chase & Co. upped their target price on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Finally, B. Riley boosted their target price on shares of Fabrinet from $171.00 to $196.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $219.00.

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.