Fabrinet (NYSE:FN) Position Cut by Sei Investments Co.

Sei Investments Co. lowered its position in shares of Fabrinet (NYSE:FN) by 0.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 96,636 shares of the technology company’s stock after selling 223 shares during the period. Sei Investments Co. owned 0.27% of Fabrinet worth $23,655,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Canada Pension Plan Investment Board boosted its stake in Fabrinet by 265.9% during the 2nd quarter. Canada Pension Plan Investment Board now owns 15,000 shares of the technology company’s stock valued at $3,672,000 after purchasing an additional 10,900 shares during the period. Intech Investment Management LLC acquired a new position in shares of Fabrinet during the second quarter worth approximately $3,533,000. Inspire Investing LLC bought a new position in Fabrinet in the 2nd quarter worth approximately $492,000. First Eagle Investment Management LLC increased its position in Fabrinet by 111.7% in the 2nd quarter. First Eagle Investment Management LLC now owns 49,104 shares of the technology company’s stock valued at $12,020,000 after acquiring an additional 25,912 shares during the period. Finally, Mercer Global Advisors Inc. ADV raised its stake in Fabrinet by 6.0% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 2,819 shares of the technology company’s stock valued at $690,000 after acquiring an additional 159 shares in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Jefferies Financial Group started coverage on Fabrinet in a research note on Wednesday, June 26th. They issued a “hold” rating and a $230.00 price target for the company. B. Riley increased their target price on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Needham & Company LLC boosted their price target on shares of Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Rosenblatt Securities increased their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $219.00.

Fabrinet Price Performance

Shares of FN opened at $230.96 on Wednesday. The firm’s 50 day moving average is $228.13 and its 200-day moving average is $219.41. Fabrinet has a 12-month low of $149.19 and a 12-month high of $278.38. The stock has a market capitalization of $8.35 billion, a P/E ratio of 30.67 and a beta of 0.96.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.35. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. The firm had revenue of $753.26 million for the quarter, compared to analyst estimates of $732.63 million. During the same quarter in the previous year, the business posted $1.68 earnings per share. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. As a group, equities research analysts forecast that Fabrinet will post 9.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Edward T. Archer sold 8,690 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the transaction, the executive vice president now owns 8,333 shares in the company, valued at approximately $1,835,426.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the sale, the executive vice president now owns 8,333 shares in the company, valued at $1,835,426.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Seamus Grady sold 26,650 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the completion of the transaction, the chief executive officer now directly owns 37,643 shares of the company’s stock, valued at approximately $10,163,610. The disclosure for this sale can be found here. Insiders have sold 44,728 shares of company stock worth $11,645,062 in the last three months. 0.51% of the stock is currently owned by insiders.

Fabrinet 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.