Fabrinet (NYSE:FN) Sees Large Drop in Short Interest

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FN. Rosenblatt Securities raised their target price on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Barclays started coverage on Fabrinet in a report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price objective for the company. B. Riley lowered Fabrinet from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. Needham & Company LLC started coverage on Fabrinet in a report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their price objective on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $252.14.

Fabrinet Trading Down 2.7 %

NYSE FN traded down $6.48 on Tuesday, hitting $231.15. 68,057 shares of the company traded hands, compared to its average volume of 494,129. The company has a market capitalization of $8.38 billion, a price-to-earnings ratio of 28.14 and a beta of 0.92. The business’s 50 day moving average price is $244.92 and its 200-day moving average price is $238.08. Fabrinet has a 52-week low of $159.69 and a 52-week high of $278.38.

Fabrinet (NYSE:FN) last posted its earnings results 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 company had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. During the same period in the previous year, the business earned $1.78 earnings per share. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. As a group, sell-side analysts predict that Fabrinet will post 9.1 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Retirement Systems of Alabama purchased a new stake in shares of Fabrinet in the third quarter valued at approximately $10,382,000. Franklin Resources Inc. lifted its holdings in Fabrinet by 41.3% during the third quarter. Franklin Resources Inc. now owns 133,791 shares of the technology company’s stock worth $31,634,000 after buying an additional 39,076 shares during the period. Tidal Investments LLC lifted its holdings in Fabrinet by 46.3% during the third quarter. Tidal Investments LLC now owns 3,089 shares of the technology company’s stock worth $730,000 after buying an additional 978 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Fabrinet during the 3rd quarter valued at $70,000. Finally, World Investment Advisors LLC purchased a new stake in shares of Fabrinet during the 3rd quarter valued at $20,187,000. 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.