Wells Fargo & Company MN cut its position in Fabrinet (NYSE:FN) by 10.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,102 shares of the technology company’s stock after selling 8,771 shares during the quarter. Wells Fargo & Company MN owned 0.19% of Fabrinet worth $2,672,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of FN. Suntrust Banks Inc. lifted its holdings in shares of Fabrinet by 0.5% in the 2nd quarter. Suntrust Banks Inc. now owns 7,829 shares of the technology company’s stock valued at $333,000 after purchasing an additional 37 shares during the last quarter. Pinebridge Investments L.P. increased its position in Fabrinet by 2.0% in the 2nd quarter. Pinebridge Investments L.P. now owns 4,918 shares of the technology company’s stock valued at $210,000 after acquiring an additional 98 shares during the period. YorkBridge Wealth Partners LLC increased its position in Fabrinet by 14.1% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 2,727 shares of the technology company’s stock valued at $117,000 after acquiring an additional 338 shares during the period. ETRADE Capital Management LLC increased its position in Fabrinet by 1.9% in the 2nd quarter. ETRADE Capital Management LLC now owns 19,460 shares of the technology company’s stock valued at $830,000 after acquiring an additional 356 shares during the period. Finally, Profund Advisors LLC increased its position in Fabrinet by 9.1% in the 2nd quarter. Profund Advisors LLC now owns 7,195 shares of the technology company’s stock valued at $307,000 after acquiring an additional 600 shares during the period. 96.45% of the stock is owned by institutional investors and hedge funds.
Fabrinet (NYSE:FN) traded down $0.95 during mid-day trading on Monday, reaching $24.05. The company had a trading volume of 1,115,229 shares, compared to its average volume of 715,967. Fabrinet has a 12-month low of $24.02 and a 12-month high of $49.63. The stock has a market cap of $931.07, a price-to-earnings ratio of 9.58, a P/E/G ratio of 0.97 and a beta of 0.75. The company has a current ratio of 2.70, a quick ratio of 1.85 and a debt-to-equity ratio of 0.03.
Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, November 6th. The technology company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.07). The business had revenue of $357.31 million for the quarter, compared to analysts’ expectations of $358.91 million. Fabrinet had a return on equity of 14.35% and a net margin of 6.60%. analysts anticipate that Fabrinet will post 2.14 EPS for the current year.
In other news, insider David T. Mitchell sold 8,600 shares of the firm’s stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $30.02, for a total transaction of $258,172.00. Following the completion of the sale, the insider now directly owns 111,057 shares in the company, valued at $3,333,931.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David T. Mitchell sold 50,000 shares of the firm’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $30.93, for a total value of $1,546,500.00. Following the sale, the insider now owns 111,057 shares of the company’s stock, valued at $3,434,993.01. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 108,600 shares of company stock valued at $3,306,172. Insiders own 3.30% of the company’s stock.
Several brokerages recently issued reports on FN. JPMorgan Chase & Co. cut Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 price target on the stock. in a research report on Tuesday, November 7th. Northland Securities set a $37.00 target price on Fabrinet and gave the stock a “buy” rating in a research report on Monday, January 29th. Needham & Company LLC dropped their target price on Fabrinet from $60.00 to $45.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, November 7th. Piper Jaffray Companies reiterated a “buy” rating on shares of Fabrinet in a research report on Friday, November 10th. Finally, B. Riley lowered their price target on Fabrinet from $46.50 to $42.50 and set a “buy” rating on the stock in a report on Friday, November 3rd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $42.08.
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Fabrinet Company Profile
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.
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