Hancock Whitney Corp Purchases New Shares in Fabrinet (NYSE:FN)

Hancock Whitney Corp purchased a new position in shares of Fabrinet (NYSE:FN) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 933 shares of the technology company’s stock, valued at approximately $228,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FN. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Fabrinet by 32.8% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,802 shares of the technology company’s stock valued at $686,000 after acquiring an additional 692 shares in the last quarter. Summit Trail Advisors LLC purchased a new position in Fabrinet in the second quarter worth $208,000. Canada Pension Plan Investment Board grew its stake in Fabrinet by 265.9% in 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 purchased a new stake in shares of Fabrinet during the 2nd quarter valued at $3,533,000. Finally, Inspire Investing LLC bought a new stake in shares of Fabrinet during the 2nd quarter worth $492,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Insider Buying and Selling

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were 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 directly owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Csaba Sverha sold 100 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $270.00, for a total value of $27,000.00. Following the sale, the chief financial officer now directly owns 19,347 shares of the company’s stock, valued at $5,223,690. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the transaction, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,728 shares of company stock valued at $11,645,062. Company insiders own 0.51% of the company’s stock.

Wall Street Analyst Weigh In

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

Fabrinet Stock Performance

Shares of NYSE FN opened at $230.96 on Wednesday. Fabrinet has a fifty-two week low of $149.19 and a fifty-two week high of $278.38. The stock has a market cap of $8.35 billion, a PE ratio of 30.67 and a beta of 0.96. The stock has a fifty day moving average of $228.13 and a 200-day moving average of $219.41.

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

Fabrinet Company 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.