Bank of New York Mellon Corp Sells 3,765 Shares of Fabrinet (NYSE:FN)

Bank of New York Mellon Corp lessened its stake in Fabrinet (NYSE:FN - Free Report) by 1.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 280,127 shares of the technology company's stock after selling 3,765 shares during the period. Bank of New York Mellon Corp owned 0.78% of Fabrinet worth $55,328,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Wayfinding Financial LLC bought a new stake in shares of Fabrinet during the 1st quarter valued at $30,000. Private Trust Co. NA raised its position in shares of Fabrinet by 44.3% during the 1st quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock valued at $33,000 after acquiring an additional 51 shares during the last quarter. Versant Capital Management Inc raised its position in shares of Fabrinet by 353.7% during the 1st quarter. Versant Capital Management Inc now owns 186 shares of the technology company's stock valued at $37,000 after acquiring an additional 145 shares during the last quarter. Huntington National Bank raised its position in shares of Fabrinet by 66.7% during the 4th quarter. Huntington National Bank now owns 230 shares of the technology company's stock valued at $51,000 after acquiring an additional 92 shares during the last quarter. Finally, Quarry LP raised its position in shares of Fabrinet by 315.8% during 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. Institutional investors own 97.38% of the company's stock.

Insiders Place Their Bets

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

Fabrinet Trading Up 0.7%

Shares of NYSE FN opened at $291.27 on Friday. The firm has a market cap of $10.44 billion, a PE ratio of 32.44 and a beta of 1.04. Fabrinet has a 1-year low of $148.55 and a 1-year high of $300.29. The company has a fifty day moving average price of $250.27 and a 200 day moving average price of $224.78.

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

Wall Street Analyst Weigh In

Several brokerages have commented on FN. JPMorgan Chase & Co. upped their target price on shares of Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. B. Riley upgraded shares of Fabrinet from a "sell" rating to a "neutral" rating and lowered their price objective for the company from $178.00 to $176.00 in a research report on Friday, April 4th. Wolfe Research initiated coverage on shares of Fabrinet in a research report on Tuesday, July 8th. They issued a "peer perform" rating for the company. Needham & Company LLC restated a "buy" rating and issued a $280.00 price objective on shares of Fabrinet in a research report on Tuesday, May 6th. Finally, Rosenblatt Securities upped their price objective on shares of Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Fabrinet presently has an average rating of "Hold" and an average price target of $247.50.

Fabrinet 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.

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