Fabrinet (NYSE:FN) Short Interest Down 8.7% in January

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

Fabrinet Price Performance

Shares of NYSE FN opened at $240.37 on Wednesday. Fabrinet has a 1 year low of $159.69 and a 1 year high of $281.79. The stock has a market cap of $8.72 billion, a P/E ratio of 26.89 and a beta of 0.92. The firm 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 results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. Research analysts expect that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Barclays PLC raised its holdings in Fabrinet by 304.6% in the third quarter. Barclays PLC now owns 69,128 shares of the technology company’s stock worth $16,345,000 after buying an additional 52,042 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Fabrinet by 14.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock worth $113,621,000 after buying an additional 61,491 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Fabrinet in the third quarter worth about $2,398,000. Pathstone Holdings LLC raised its holdings in Fabrinet by 40.7% in the third quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company’s stock worth $1,943,000 after buying an additional 2,378 shares during the last quarter. Finally, Freedom Investment Management Inc. raised its holdings in Fabrinet by 106.2% in the third quarter. Freedom Investment Management Inc. now owns 4,969 shares of the technology company’s stock worth $1,175,000 after buying an additional 2,559 shares during the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FN has been the topic of a number of recent analyst reports. Barclays cut their price target on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. B. Riley lowered shares of Fabrinet from a “neutral” rating to a “sell” rating and cut their target price for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $280.00 target price on shares of Fabrinet in a research note on Tuesday, February 4th. Rosenblatt Securities lifted their target price on shares of Fabrinet from $280.00 to $285.00 and gave the company a “buy” rating in a research note on Tuesday, February 4th. Finally, Fox Advisors assumed coverage on shares of Fabrinet in a research note on Tuesday. They set an “overweight” rating and a $270.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Fabrinet presently has an average rating of “Hold” and an average price target of $246.63.

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.