Empowered Funds LLC Sells 4,072 Shares of Fabrinet $FN

Key Points

• Empowered Funds LLC reduced its Fabrinet stake by 40.3% in the first quarter, selling 4,072 shares and retaining 6,024 shares valued at approximately $3.14 million.
• Fabrinet reported quarterly EPS of $3.72, beating estimates of $3.58, while revenue rose 39.3% year over year to $1.21 billion. Analysts maintain a “Moderate Buy” consensus with a $643 price target.
• Fabrinet shares opened at $456.09, with a market capitalization of $16.34 billion, while director Homa Bahrami sold 2,500 shares for approximately $1.78 million. Institutional investors own 97.38% of the company.

Empowered Funds LLC trimmed its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 40.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,024 shares of the technology company's stock after selling 4,072 shares during the quarter. Empowered Funds LLC's holdings in Fabrinet were worth $3,142,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in FN. Richardson Financial Services Inc. increased its stake in Fabrinet by 12.2% during the fourth quarter. Richardson Financial Services Inc. now owns 211 shares of the technology company's stock worth $96,000 after acquiring an additional 23 shares during the last quarter. REAP Financial Group LLC raised its position in Fabrinet by 15.7% during the fourth quarter. REAP Financial Group LLC now owns 192 shares of the technology company's stock valued at $87,000 after purchasing an additional 26 shares during the period. Harbour Investments Inc. lifted its stake in shares of Fabrinet by 75.0% in the 4th quarter. Harbour Investments Inc. now owns 63 shares of the technology company's stock valued at $29,000 after purchasing an additional 27 shares during the last quarter. Allworth Financial LP lifted its stake in shares of Fabrinet by 7.4% in the 4th quarter. Allworth Financial LP now owns 405 shares of the technology company's stock valued at $184,000 after purchasing an additional 28 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC lifted its stake in shares of Fabrinet by 2.8% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 1,134 shares of the technology company's stock valued at $516,000 after purchasing an additional 31 shares during the last quarter. Institutional investors own 97.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Rosenblatt Securities boosted their target price on Fabrinet from $715.00 to $750.00 and gave the company a "buy" rating in a research report on Tuesday, May 5th. Fox Advisors downgraded Fabrinet from a "strong-buy" rating to an "equal weight" rating in a research report on Tuesday, May 5th. Northland Securities set a $800.00 price target on Fabrinet in a research report on Monday, April 20th. Zacks Research lowered shares of Fabrinet from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 15th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Fabrinet from $700.00 to $680.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 5th. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $643.00.

Fabrinet Stock Up 4.8%

Shares of NYSE:FN opened at $456.09 on Tuesday. The stock has a market cap of $16.34 billion, a P/E ratio of 39.18 and a beta of 1.20. Fabrinet has a 52-week low of $272.49 and a 52-week high of $748.89. The business's 50 day moving average is $550.01 and its 200 day moving average is $564.55.

Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings data on Monday, May 4th. The technology company reported $3.72 earnings per share for the quarter, beating the consensus estimate of $3.58 by $0.14. Fabrinet had a return on equity of 19.83% and a net margin of 9.94%.The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the previous year, the company posted $2.52 earnings per share. The firm's quarterly revenue was up 39.3% on a year-over-year basis. On average, sell-side analysts anticipate that Fabrinet will post 12.97 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Homa Bahrami sold 2,500 shares of the business's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $711.91, for a total value of $1,779,775.00. Following the completion of the sale, the director owned 16,233 shares in the company, valued at approximately $11,556,435.03. The trade was a 13.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.24% of the company's stock.

Fabrinet Company Profile

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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