Fabrinet $FN Stock: Sumitomo Mitsui Trust Group Inc. Cuts Position

Key Points

• Sumitomo Mitsui Trust Group cut its Fabrinet stake by 4.9% in the third quarter, selling 3,513 shares; it still held 68,614 shares valued at about $29.1 million.
• Fabrinet reported quarterly earnings of $4.34 per share, topping the $4.21 consensus estimate, while revenue rose 50.7% year over year to $1.47 billion.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $548.88; shares opened at $293.62, far below their 50- and 200-day averages.

Sumitomo Mitsui Trust Group Inc. lowered its stake in Fabrinet (NYSE:FN - Free Report) by 4.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,614 shares of the technology company's stock after selling 3,513 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.19% of Fabrinet worth $29,111,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. Continuum Advisory LLC acquired a new position in shares of Fabrinet during the second quarter worth about $25,000. Cassaday & Co Wealth Management LLC acquired a new stake in Fabrinet in the first quarter valued at approximately $31,000. Byrne Asset Management LLC acquired a new stake in Fabrinet in the third quarter valued at approximately $27,000. Root Financial Partners LLC purchased a new position in Fabrinet in the third quarter worth approximately $40,000. Finally, Reyes Financial Architecture Inc. purchased a new position in Fabrinet in the third quarter worth approximately $52,000. Institutional investors and hedge funds own 97.38% of the company's stock.

Fabrinet Price Performance

FN stock opened at $293.62 on Friday. The business has a 50 day moving average price of $396.23 and a 200 day moving average price of $519.09. The stock has a market cap of $10.49 billion, a price-to-earnings ratio of 23.48 and a beta of 1.35. Fabrinet has a fifty-two week low of $286.07 and a fifty-two week high of $748.89. The company has a quick ratio of 1.52, a current ratio of 2.04 and a debt-to-equity ratio of 0.03.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings results on Monday, November 2nd. The technology company reported $4.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.21 by $0.13. The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.42 billion. Fabrinet had a return on equity of 22.32% and a net margin of 9.35%. The firm's quarterly revenue was up 50.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.92 earnings per share. Equities research analysts anticipate that Fabrinet will post 17.57 earnings per share for the current fiscal year.

Insider Activity at Fabrinet

In related news, EVP Edward Archer sold 2,500 shares of the stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total value of $964,775.00. Following the transaction, the executive vice president directly owned 7,007 shares of the company's stock, valued at $2,704,071.37. This trade represents a 26.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.22% of the stock is owned by company insiders.

Analyst Ratings Changes

FN has been the subject of several analyst reports. Fox Advisors upgraded shares of Fabrinet from an "equal weight" rating to an "overweight" rating in a report on Wednesday, August 19th. Needham & Company LLC restated a "buy" rating and issued a $500.00 price objective on shares of Fabrinet in a report on Tuesday. Rosenblatt Securities decreased their price objective on shares of Fabrinet from $750.00 to $600.00 and set a "buy" rating for the company in a research report on Tuesday. B. Riley Financial lowered their target price on shares of Fabrinet from $431.00 to $385.00 and set a "neutral" rating for the company in a research note on Friday, October 30th. Finally, JPMorgan Chase & Co. increased their target price on Fabrinet from $465.00 to $470.00 and gave the company a "neutral" rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $548.88.

Fabrinet Company Profile

Fabrinet NYSE: FN is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.

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