Allianz Asset Management GmbH Sells 1,100 Shares of Fabrinet (NYSE:FN)

Key Points

• Allianz Asset Management GmbH decreased its stake in Fabrinet by 41.7% during the first quarter, owning 1,536 shares worth approximately $303,000 after selling 1,100 shares.
• Fabrinet reported $2.52 earnings per share (EPS) for the quarter, exceeding analysts' expectations, with revenue of $871.80 million, representing a 19.2% increase year-over-year.
• Analysts have mixed ratings on Fabrinet, with a consensus rating of "Hold" and an average price target of $261.33, following recent upgrades and adjustments by brokerage firms.

Allianz Asset Management GmbH reduced its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 41.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,536 shares of the technology company's stock after selling 1,100 shares during the quarter. Allianz Asset Management GmbH's holdings in Fabrinet were worth $303,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Private Trust Co. NA increased its position in shares of Fabrinet by 44.3% during the first quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock valued at $33,000 after buying an additional 51 shares during the period. KBC Group NV grew its stake in Fabrinet by 12.1% during the first quarter. KBC Group NV now owns 1,594 shares of the technology company's stock valued at $315,000 after acquiring an additional 172 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in Fabrinet during the 4th quarter worth approximately $1,945,000. Pictet Asset Management Holding SA lifted its stake in Fabrinet by 7.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 4,942 shares of the technology company's stock worth $1,087,000 after purchasing an additional 347 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in Fabrinet in the 1st quarter valued at $369,000. 97.38% of the stock is owned by institutional investors.

Fabrinet Trading Down 2.7%

Shares of Fabrinet stock opened at $315.12 on Monday. The firm has a market capitalization of $11.29 billion, a PE ratio of 35.09 and a beta of 1.02. Fabrinet has a 12 month low of $148.55 and a 12 month high of $332.61. The business's 50-day moving average price is $276.85 and its 200-day moving average price is $233.46.

Fabrinet (NYSE:FN - Get Free Report) last issued its earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.05. The business had revenue of $871.80 million during the quarter, compared to analyst estimates of $857.12 million. Fabrinet had a return on equity of 17.99% and a net margin of 10.00%. Fabrinet's revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.39 earnings per share. As a group, analysts predict that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on FN. Wolfe Research began coverage on Fabrinet in a research report on Tuesday, July 8th. They issued a "peer perform" rating on the stock. JPMorgan Chase & Co. raised their price target on Fabrinet from $235.00 to $318.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Barclays set a $234.00 price target on Fabrinet and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. Rosenblatt Securities upped their price objective on shares of Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $280.00 target price on shares of Fabrinet in a research report on Tuesday, May 6th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Fabrinet has a consensus rating of "Hold" and an average price target of $261.33.

Insiders Place Their Bets

In other news, Director Rollance E. Olson sold 2,500 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total transaction of $559,950.00. Following the transaction, the director directly owned 23,201 shares of the company's stock, valued at approximately $5,196,559.98. This trade represents a 9.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Harpal Gill sold 18,675 shares of Fabrinet stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total value of $4,482,000.00. Following the completion of the transaction, the chief operating officer owned 18,068 shares in the company, valued at approximately $4,336,320. This represents a 50.83% decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by corporate insiders.

About Fabrinet

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.

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