Fabrinet (NYSE:FN) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. decreased its stake in Fabrinet (NYSE:FN) by 94.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,437 shares of the technology company’s stock after selling 25,050 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Fabrinet were worth $340,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FN. Russell Investments Group Ltd. boosted its stake in Fabrinet by 279.5% during the 1st quarter. Russell Investments Group Ltd. now owns 22,294 shares of the technology company’s stock worth $4,214,000 after purchasing an additional 16,420 shares during the period. State Board of Administration of Florida Retirement System raised its position in Fabrinet by 9.3% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 11,490 shares of the technology company’s stock worth $2,172,000 after buying an additional 980 shares during the last quarter. Vanguard Group Inc. raised its position in Fabrinet by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 4,348,671 shares of the technology company’s stock worth $821,986,000 after buying an additional 38,999 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in Fabrinet by 20.5% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 3,020 shares of the technology company’s stock worth $571,000 after buying an additional 514 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Fabrinet during the 1st quarter worth $244,000. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Stock Performance

NYSE FN opened at $226.24 on Thursday. Fabrinet has a one year low of $159.30 and a one year high of $278.38. The company’s 50 day moving average price is $243.63 and its 200 day moving average price is $237.37. The firm has a market capitalization of $8.21 billion, a price-to-earnings ratio of 26.77 and a beta of 0.95.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.01. The company had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The business’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.78 earnings per share. Sell-side analysts forecast that Fabrinet will post 9.1 EPS for the current fiscal year.

Analyst Ratings Changes

FN has been the subject of a number of analyst reports. Needham & Company LLC initiated coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective for the company. Rosenblatt Securities upped their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Barclays started coverage on shares of Fabrinet in a report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price target for the company. B. Riley downgraded shares of 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. Finally, JPMorgan Chase & Co. increased their price target on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Fabrinet currently has an average rating of “Hold” and a consensus target price of $252.14.

Insider Buying and Selling

In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.00, for a total value of $7,195,500.00. Following the completion of the sale, the chief executive officer now directly owns 37,643 shares of the company’s stock, valued at approximately $10,163,610. This represents a 41.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Csaba Sverha sold 100 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $270.00, for a total transaction of $27,000.00. Following the completion of the sale, the chief financial officer now directly owns 19,347 shares of the company’s stock, valued at $5,223,690. The trade was a 0.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,728 shares of company stock worth $11,645,062. Insiders own 0.38% of the company’s stock.

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.