Bank of America Corp DE Has $65.55 Million Position in Fabrinet $FN

Key Points

• Bank of America increased its Fabrinet stake by 40.8% in the first quarter, holding 125,683 shares worth approximately $65.55 million, or about 0.35% of the company.
• Institutional investors own 97.38% of Fabrinet’s shares, while analysts maintain a “Moderate Buy” consensus with an average price target of $643; six analysts rate the stock Buy and four rate it Hold.
• Fabrinet shares opened at $527.72, with a 52-week range of $272.49 to $748.89 and a market capitalization of approximately $18.91 billion. A company director recently sold 2,500 shares for about $1.78 million.

Bank of America Corp DE boosted its position in Fabrinet (NYSE:FN - Free Report) by 40.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 125,683 shares of the technology company's stock after buying an additional 36,419 shares during the quarter. Bank of America Corp DE owned approximately 0.35% of Fabrinet worth $65,546,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in FN. Core Wealth Advisors LLC bought a new position in Fabrinet during the fourth quarter valued at about $25,000. Harbour Investments Inc. lifted its position in shares of Fabrinet by 75.0% in the 4th quarter. Harbour Investments Inc. now owns 63 shares of the technology company's stock worth $29,000 after acquiring an additional 27 shares during the period. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Fabrinet during the 1st quarter worth approximately $31,000. Creative Financial Designs Inc. ADV acquired a new stake in shares of Fabrinet during the 4th quarter worth approximately $32,000. Finally, Quarry LP increased its position in shares of Fabrinet by 300.0% during the fourth quarter. Quarry LP now owns 72 shares of the technology company's stock valued at $33,000 after purchasing an additional 54 shares during the period. 97.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FN. Rosenblatt Securities upped their target price on Fabrinet from $715.00 to $750.00 and gave the company a "buy" rating in a research note on Tuesday, May 5th. Northland Securities set a $800.00 price target on shares of Fabrinet in a research note on Monday, April 20th. Wall Street Zen lowered shares of Fabrinet from a "buy" rating to a "hold" rating in a report on Monday, July 20th. Barclays increased their price objective on shares of Fabrinet from $548.00 to $702.00 and gave the company an "overweight" rating in a research note on Tuesday, May 5th. Finally, Weiss Ratings lowered Fabrinet from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, June 30th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $643.00.

Fabrinet Price Performance

FN opened at $527.72 on Tuesday. The firm has a 50 day simple moving average of $537.52 and a 200 day simple moving average of $566.28. Fabrinet has a fifty-two week low of $272.49 and a fifty-two week high of $748.89. The company has a market cap of $18.91 billion, a price-to-earnings ratio of 45.34 and a beta of 1.23.

Insiders Place Their Bets

In other Fabrinet news, Director Homa Bahrami sold 2,500 shares of the firm's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $711.91, for a total transaction of $1,779,775.00. Following the transaction, the director owned 16,233 shares in the company, valued at approximately $11,556,435.03. This trade represents a 13.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.24% of the company's stock.

About Fabrinet

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.

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