Short Interest in Fabrinet (NYSE:FN) Decreases By 5.9%

Fabrinet (NYSE:FN) was the target of a large decline in short interest in November. As of November 30th, there was short interest totalling 1,760,000 shares, a decline of 5.9% from the November 15th total of 1,870,000 shares. Approximately 4.9% of the company’s stock are sold short. Based on an average daily volume of 624,000 shares, the days-to-cover ratio is presently 2.8 days.

Institutional Investors Weigh In On Fabrinet

A number of institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its position in shares of Fabrinet by 1.7% during the third quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock worth $276,437,000 after buying an additional 19,677 shares during the period. Geode Capital Management LLC boosted its holdings in Fabrinet by 7.6% during the 3rd quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock valued at $233,359,000 after acquiring an additional 69,554 shares during the period. Whale Rock Capital Management LLC grew its position in Fabrinet by 25.8% in the 3rd quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock valued at $202,338,000 after acquiring an additional 175,684 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Fabrinet by 14.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock worth $113,621,000 after purchasing an additional 61,491 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Fabrinet by 4.1% during the second quarter. Bank of New York Mellon Corp now owns 314,665 shares of the technology company’s stock worth $77,027,000 after purchasing an additional 12,409 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FN has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted their target price on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Barclays assumed coverage on shares of Fabrinet in a research note on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price objective for the company. Rosenblatt Securities raised their target price on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Needham & Company LLC started coverage on Fabrinet in a research report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price target on the stock. Finally, B. Riley lowered Fabrinet from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $194.00 to $178.00 in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $252.14.

Fabrinet Trading Down 2.1 %

FN traded down $5.08 on Tuesday, hitting $232.55. 160,824 shares of the company’s stock were exchanged, compared to its average volume of 494,537. Fabrinet has a fifty-two week low of $159.69 and a fifty-two week high of $278.38. The stock has a market cap of $8.43 billion, a price-to-earnings ratio of 28.14 and a beta of 0.92. The firm has a 50-day moving average price of $244.92 and a 200-day moving average price of $238.08.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The firm had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. During the same quarter last year, the business posted $1.78 earnings per share. The firm’s revenue was up 17.3% compared to the same quarter last year. On average, equities analysts predict that Fabrinet will post 9.1 EPS for the current year.

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.