Corebridge Financial Inc. Lowers Holdings in Fabrinet $FN

Key Points

• Corebridge Financial Inc. decreased its stake in Fabrinet by 2.6%, owning approximately 57,378 shares valued at $11.33 million as of the latest quarter.
• Fabrinet reported a 20.8% increase in quarterly revenue, achieving $909.69 million compared to analyst expectations of $880.19 million.
• Multiple hedge funds have recently adjusted their positions in Fabrinet, reflecting a trend of increased institutional investment, with 97.38% of shares now held by institutional investors.

Corebridge Financial Inc. trimmed its stake in Fabrinet (NYSE:FN - Free Report) by 2.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 57,378 shares of the technology company's stock after selling 1,541 shares during the period. Corebridge Financial Inc. owned approximately 0.16% of Fabrinet worth $11,333,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of FN. Cetera Investment Advisers grew its position in Fabrinet by 11.6% during the first quarter. Cetera Investment Advisers now owns 13,212 shares of the technology company's stock valued at $2,610,000 after acquiring an additional 1,368 shares during the last quarter. Atria Wealth Solutions Inc. grew its position in Fabrinet by 40.8% during the first quarter. Atria Wealth Solutions Inc. now owns 5,457 shares of the technology company's stock valued at $1,078,000 after acquiring an additional 1,582 shares during the last quarter. Private Trust Co. NA grew its position in 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 acquiring an additional 51 shares during the last quarter. Deutsche Bank AG grew its position in Fabrinet by 13.9% during the first quarter. Deutsche Bank AG now owns 51,549 shares of the technology company's stock valued at $10,181,000 after acquiring an additional 6,272 shares during the last quarter. Finally, KBC Group NV grew its position 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 during the last quarter. 97.38% of the stock is currently owned by institutional investors.

Insider Transactions at Fabrinet

In other Fabrinet news, COO Harpal Gill sold 18,675 shares of the firm's 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 transaction, the chief operating officer directly owned 18,068 shares of the company's stock, valued at approximately $4,336,320. This trade represents a 50.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.38% of the company's stock.

Fabrinet Stock Down 6.8%

Shares of NYSE:FN traded down $24.12 on Friday, hitting $330.93. 1,004,118 shares of the company traded hands, compared to its average volume of 891,754. Fabrinet has a 52 week low of $148.55 and a 52 week high of $360.00. The stock has a 50 day simple moving average of $308.61 and a 200-day simple moving average of $246.98. The company has a market cap of $11.82 billion, a PE ratio of 36.05 and a beta of 1.02.

Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings data on Monday, August 18th. The technology company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.63 by $0.02. Fabrinet had a return on equity of 17.77% and a net margin of 9.72%.The company had revenue of $909.69 million during the quarter, compared to the consensus estimate of $880.19 million. During the same period last year, the company earned $2.41 EPS. Fabrinet's revenue for the quarter was up 20.8% on a year-over-year basis. Fabrinet has set its Q1 2026 guidance at 2.750-2.900 EPS. As a group, sell-side analysts anticipate that Fabrinet will post 9.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

FN has been the topic of a number of recent research reports. Barclays increased their price target on shares of Fabrinet from $234.00 to $329.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 19th. JPMorgan Chase & Co. upgraded shares of Fabrinet from a "neutral" rating to an "overweight" rating and increased their price target for the company from $318.00 to $345.00 in a research report on Monday, August 25th. Needham & Company LLC reissued a "buy" rating and set a $350.00 price objective on shares of Fabrinet in a research note on Tuesday, August 19th. Wolfe Research started coverage on Fabrinet in a research note on Tuesday, July 8th. They set a "peer perform" rating for the company. Finally, B. Riley increased their price objective on Fabrinet from $184.00 to $220.00 and gave the company a "neutral" rating in a research note on Tuesday, August 19th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $312.33.

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.