The Manufacturers Life Insurance Company Sells 12,079 Shares of Fabrinet (NYSE:FN)

The Manufacturers Life Insurance Company cut its stake in Fabrinet (NYSE:FN) by 46.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,997 shares of the technology company’s stock after selling 12,079 shares during the period. The Manufacturers Life Insurance Company’s holdings in Fabrinet were worth $3,426,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of FN. Cim LLC bought a new stake in shares of Fabrinet in the fourth quarter valued at about $1,194,000. Norden Group LLC lifted its position in shares of Fabrinet by 1,775.2% in the 1st quarter. Norden Group LLC now owns 28,616 shares of the technology company’s stock worth $5,409,000 after acquiring an additional 27,090 shares during the period. Pitcairn Co. acquired a new stake in shares of Fabrinet during the 1st quarter worth approximately $544,000. Seven Eight Capital LP bought a new stake in shares of Fabrinet during the first quarter valued at approximately $1,588,000. Finally, DekaBank Deutsche Girozentrale increased its position in shares of Fabrinet by 27.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company’s stock valued at $15,036,000 after purchasing an additional 17,000 shares during the period. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on FN. Rosenblatt Securities lifted their price target on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. 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 upped their target price on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Needham & Company LLC increased 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. Finally, Jefferies Financial Group began coverage on Fabrinet in a report on Wednesday, June 26th. They set a “hold” rating and a $230.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $219.00.

Insiders Place Their Bets

In other news, EVP Edward T. Archer sold 8,690 shares of the firm’s 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 sale, the executive vice president now directly owns 8,333 shares in the company, valued at approximately $1,835,426.58. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Csaba Sverha sold 9,288 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.08, for a total value of $2,508,503.04. Following the completion of the transaction, the chief financial officer now owns 19,768 shares in the company, valued at $5,338,941.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Edward T. Archer sold 8,690 shares of the 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 owns 8,333 shares in the company, valued at $1,835,426.58. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,728 shares of company stock valued at $11,645,062. 0.51% of the stock is currently owned by corporate insiders.

Fabrinet Stock Up 1.1 %

Shares of Fabrinet stock opened at $244.99 on Wednesday. Fabrinet has a 12-month low of $149.19 and a 12-month high of $278.38. The stock has a market capitalization of $8.86 billion, a P/E ratio of 32.54 and a beta of 0.95. The company has a 50-day simple moving average of $228.71 and a 200 day simple moving average of $221.74.

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

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.