Fabrinet (NYSE:FN) Sees Significant Decline in Short Interest

Fabrinet (NYSE:FN) was the target of a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 1,890,000 shares, a decrease of 8.7% from the January 15th total of 2,070,000 shares. Approximately 5.3% of the shares of the stock are sold short. Based on an average trading volume of 609,500 shares, the days-to-cover ratio is presently 3.1 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on FN shares. Needham & Company LLC reissued a “buy” rating and set a $280.00 target price on shares of Fabrinet in a report on Tuesday, February 4th. Fox Advisors initiated coverage on Fabrinet in a report on Tuesday. They issued an “overweight” rating and a $270.00 price target for the company. JPMorgan Chase & Co. cut their price target on Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a report on Tuesday, February 4th. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and cut their price target for the company from $194.00 to $178.00 in a report on Wednesday, November 20th. Finally, Barclays cut their price target on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Fabrinet has a consensus rating of “Hold” and a consensus price target of $246.63.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Huntington National Bank boosted its position in shares of Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after buying an additional 57 shares during the period. NBC Securities Inc. boosted its position in shares of Fabrinet by 732.0% during the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after buying an additional 183 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Fabrinet during the third quarter worth $52,000. Quarry LP boosted its position in shares of Fabrinet by 315.8% during the fourth quarter. Quarry LP now owns 237 shares of the technology company’s stock worth $52,000 after buying an additional 180 shares during the period. Finally, Eastern Bank purchased a new position in shares of Fabrinet during the third quarter worth $59,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Fabrinet Stock Performance

Shares of Fabrinet stock opened at $240.37 on Wednesday. The firm has a market capitalization of $8.72 billion, a price-to-earnings ratio of 26.89 and a beta of 0.92. Fabrinet has a fifty-two week low of $159.69 and a fifty-two week high of $281.79. The stock has a 50 day moving average of $226.93 and a 200 day moving average of $233.63.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. Analysts forecast that Fabrinet will post 9.4 EPS for the current year.

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.