Fabrinet (NYSE:FN) Short Interest Update

Fabrinet (NYSE:FN) was the target of a large growth in short interest in December. As of December 15th, there was short interest totalling 1,940,000 shares, a growth of 10.2% from the November 30th total of 1,760,000 shares. Based on an average daily volume of 514,700 shares, the days-to-cover ratio is currently 3.8 days. Currently, 5.4% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Needham & Company LLC initiated coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target for the company. B. Riley lowered Fabrinet from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. Finally, Barclays assumed coverage on Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price target on the stock. 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $252.14.

Fabrinet Stock Performance

Shares of Fabrinet stock traded up $5.12 during midday trading on Wednesday, hitting $219.88. The company had a trading volume of 416,107 shares, compared to its average volume of 493,455. Fabrinet has a 52-week low of $159.69 and a 52-week high of $278.38. The stock has a market capitalization of $7.97 billion, a P/E ratio of 26.02 and a beta of 0.92. The company has a 50 day moving average of $237.27 and a 200 day moving average of $236.78.

Fabrinet (NYSE:FN) last released 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. The firm had revenue of $804.20 million for the quarter, compared to analysts’ expectations of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The company’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.78 earnings per share. Equities research analysts forecast that Fabrinet will post 9.1 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FN. JPMorgan Chase & Co. grew its holdings in shares of Fabrinet by 3.8% during the third quarter. JPMorgan Chase & Co. now owns 660,401 shares of the technology company’s stock valued at $156,145,000 after buying an additional 24,439 shares during the last quarter. Principal Financial Group Inc. lifted its position in Fabrinet by 18.5% in the 3rd quarter. Principal Financial Group Inc. now owns 227,300 shares of the technology company’s stock valued at $53,743,000 after acquiring an additional 35,504 shares in the last quarter. Retirement Systems of Alabama purchased a new stake in Fabrinet during the 3rd quarter valued at $10,382,000. Franklin Resources Inc. increased its holdings in shares of Fabrinet by 41.3% in the 3rd quarter. Franklin Resources Inc. now owns 133,791 shares of the technology company’s stock worth $31,634,000 after purchasing an additional 39,076 shares in the last quarter. Finally, Tidal Investments LLC raised its stake in shares of Fabrinet by 46.3% in the third quarter. Tidal Investments LLC now owns 3,089 shares of the technology company’s stock worth $730,000 after purchasing an additional 978 shares during the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

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.