Wellington Management Group LLP Decreases Stake in Fabrinet $FN

Key Points

• Wellington Management Group LLP has reduced its holdings in Fabrinet by 28.9%, selling 192,679 shares and owning 473,682 shares worth approximately $93.6 million.
• Multiple hedge funds have significantly increased their stakes in Fabrinet, with Mariner LLC growing its ownership by 129.3% and Marshall Wace LLP by 205.6% in the last quarter.
• JPMorgan and Barclays have raised their price targets for Fabrinet to $318.00 and $329.00 respectively, while a consensus price target stands at $307.83.

Wellington Management Group LLP trimmed its holdings in Fabrinet (NYSE:FN - Free Report) by 28.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 473,682 shares of the technology company's stock after selling 192,679 shares during the period. Wellington Management Group LLP owned 1.32% of Fabrinet worth $93,557,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Baillie Gifford & Co. raised its position in shares of Fabrinet by 16.5% in the first quarter. Baillie Gifford & Co. now owns 644,557 shares of the technology company's stock valued at $127,306,000 after buying an additional 91,519 shares in the last quarter. Northern Trust Corp raised its position in shares of Fabrinet by 14.6% in the fourth quarter. Northern Trust Corp now owns 499,356 shares of the technology company's stock valued at $109,798,000 after buying an additional 63,686 shares in the last quarter. TD Asset Management Inc raised its position in shares of Fabrinet by 17.8% in the first quarter. TD Asset Management Inc now owns 478,104 shares of the technology company's stock valued at $94,430,000 after buying an additional 72,385 shares in the last quarter. Nuveen Asset Management LLC raised its position in Fabrinet by 4.2% during the fourth quarter. Nuveen Asset Management LLC now owns 351,041 shares of the technology company's stock valued at $77,187,000 after purchasing an additional 14,082 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Fabrinet during the first quarter worth $64,274,000. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Fabrinet Trading Up 1.3%

NYSE FN traded up $4.18 during trading hours on Wednesday, hitting $334.84. The company's stock had a trading volume of 234,194 shares, compared to its average volume of 727,068. Fabrinet has a 52 week low of $148.55 and a 52 week high of $356.55. The company has a market capitalization of $11.96 billion, a PE ratio of 36.43 and a beta of 1.02. The company's 50-day simple moving average is $304.18 and its two-hundred day simple moving average is $244.28.

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

Wall Street Analyst Weigh In

FN has been the subject of several recent analyst reports. Needham & Company LLC restated a "buy" rating and set a $350.00 target price on shares of Fabrinet in a research note on Tuesday, August 19th. JPMorgan Chase & Co. upgraded shares of Fabrinet from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $318.00 to $345.00 in a report on Monday. B. Riley increased their price objective on Fabrinet from $184.00 to $220.00 and gave the company a "neutral" rating in a report on Tuesday, August 19th. Wolfe Research assumed coverage on Fabrinet in a report on Tuesday, July 8th. They issued a "peer perform" rating for the company. Finally, Barclays upped 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. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $312.33.

Insiders Place Their Bets

In related news, COO Harpal Gill sold 18,675 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $240.00, for a total value 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 trade represents a 50.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.38% of the company's stock.

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.