Bank of America Corp DE Cuts Stock Holdings in Fabrinet (NYSE:FN)

Bank of America Corp DE lowered its position in Fabrinet (NYSE:FN - Free Report) by 51.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 63,228 shares of the technology company's stock after selling 66,755 shares during the period. Bank of America Corp DE owned about 0.17% of Fabrinet worth $13,903,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of FN. Huntington National Bank lifted its holdings in shares of Fabrinet by 66.7% in the fourth quarter. Huntington National Bank now owns 230 shares of the technology company's stock worth $51,000 after buying an additional 92 shares in the last quarter. Quarry LP increased its holdings in Fabrinet by 315.8% in the 4th quarter. Quarry LP now owns 237 shares of the technology company's stock valued at $52,000 after acquiring an additional 180 shares during the last quarter. IFP Advisors Inc lifted its stake in Fabrinet by 576.2% in the 4th quarter. IFP Advisors Inc now owns 284 shares of the technology company's stock worth $63,000 after purchasing an additional 242 shares in the last quarter. Assetmark Inc. lifted its stake in Fabrinet by 12.0% in the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company's stock worth $106,000 after purchasing an additional 52 shares in the last quarter. Finally, Transamerica Financial Advisors Inc. lifted its position in shares of Fabrinet by 17.2% in the fourth quarter. Transamerica Financial Advisors Inc. now owns 565 shares of the technology company's stock worth $125,000 after buying an additional 83 shares in the last quarter. Institutional investors own 97.38% of the company's stock.

Wall Street Analysts Forecast Growth

FN has been the subject of a number of recent research reports. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and cut their target price for the company from $178.00 to $176.00 in a report on Friday, April 4th. JPMorgan Chase & Co. lifted their price objective on shares of Fabrinet from $220.00 to $235.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Fox Advisors began coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They set an "overweight" rating and a $270.00 target price on the stock. Rosenblatt Securities lifted their price target on Fabrinet from $230.00 to $250.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. Finally, Barclays set a $234.00 price objective on Fabrinet and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $239.29.

Fabrinet Price Performance

Shares of Fabrinet stock traded up $3.98 during trading on Tuesday, hitting $234.26. The stock had a trading volume of 481,619 shares, compared to its average volume of 627,871. Fabrinet has a 12 month low of $148.55 and a 12 month high of $281.79. The firm's fifty day simple moving average is $204.40 and its 200-day simple moving average is $218.20. The stock has a market cap of $8.39 billion, a PE ratio of 26.20 and a beta of 0.95.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings data 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 the consensus estimate of $857.12 million. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. The firm's quarterly revenue was up 19.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.39 earnings per share. Analysts expect that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Insider Transactions at Fabrinet

In other Fabrinet news, Director Rollance E. Olson sold 2,500 shares of Fabrinet stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total transaction of $559,950.00. Following the completion of the sale, the director now directly owns 23,201 shares of the company's stock, valued at $5,196,559.98. The trade was a 9.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate 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.