Citigroup Inc. Cuts Stake in Fabrinet $FN

Key Points

• Citigroup Inc. has reduced its stake in Fabrinet by 11.9%, selling off 5,155 shares and holding 38,037 shares worth approximately $7.5 million at the end of the latest quarter.
• Several institutional investors, including Baillie Gifford & Co. and TD Asset Management Inc., have increased their stakes in Fabrinet, indicating varying confidence levels among institutional investors.
• Analysts have set a range of price targets for Fabrinet's stock, with JPMorgan Chase & Co. raising its target from $235 to $318, reflecting positive sentiment despite Citigroup's stake reduction.

Citigroup Inc. reduced its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 11.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,037 shares of the technology company's stock after selling 5,155 shares during the quarter. Citigroup Inc. owned 0.11% of Fabrinet worth $7,513,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Baillie Gifford & Co. lifted its holdings in shares of Fabrinet by 16.5% during the first quarter. Baillie Gifford & Co. now owns 644,557 shares of the technology company's stock valued at $127,306,000 after purchasing an additional 91,519 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Fabrinet by 14.6% during the fourth quarter. Northern Trust Corp now owns 499,356 shares of the technology company's stock valued at $109,798,000 after purchasing an additional 63,686 shares in the last quarter. TD Asset Management Inc increased its position in Fabrinet by 17.8% during the first quarter. TD Asset Management Inc now owns 478,104 shares of the technology company's stock valued at $94,430,000 after acquiring an additional 72,385 shares during the last quarter. Capital Research Global Investors increased its position in Fabrinet by 675.2% during the fourth quarter. Capital Research Global Investors now owns 417,020 shares of the technology company's stock valued at $91,694,000 after acquiring an additional 363,228 shares during the last quarter. Finally, Nuveen Asset Management LLC increased 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 acquiring an additional 14,082 shares during the last quarter. 97.38% of the stock is owned by institutional investors.

Fabrinet Stock Down 2.0%

FN traded down $5.6510 during midday trading on Wednesday, reaching $279.5790. The company had a trading volume of 390,452 shares, compared to its average volume of 719,980. The business has a 50-day moving average of $299.54 and a two-hundred day moving average of $241.42. The company has a market cap of $10.02 billion, a P/E ratio of 30.44 and a beta of 1.02. Fabrinet has a 1 year low of $148.55 and a 1 year high of $356.55.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings results on Monday, August 18th. The technology company reported $2.65 EPS for the quarter, topping analysts' consensus estimates of $2.63 by $0.02. The business had revenue of $909.69 million during the quarter, compared to analysts' expectations of $880.19 million. Fabrinet had a return on equity of 18.06% and a net margin of 9.72%.The business's quarterly revenue was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.41 earnings per share. Fabrinet has set its Q1 2026 guidance at 2.750-2.900 EPS. On average, equities research analysts predict that Fabrinet will post 9.4 EPS for the current year.

Insider Activity

In related news, 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 completion of the sale, the chief operating officer owned 18,068 shares in the company, valued at approximately $4,336,320. This trade represents a 50.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on FN shares. Wolfe Research started coverage on Fabrinet in a research report on Tuesday, July 8th. They set a "peer perform" rating for the company. Rosenblatt Securities reiterated a "buy" rating and set a $360.00 price objective on shares of Fabrinet in a research report on Tuesday. Barclays upped their price objective on Fabrinet from $234.00 to $329.00 and gave the company an "equal weight" rating in a research report on Tuesday. JPMorgan Chase & Co. upped their price objective on Fabrinet from $235.00 to $318.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $350.00 price objective on shares of Fabrinet in a research report on Tuesday. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Fabrinet presently has a consensus rating of "Hold" and an average target price of $307.83.

Fabrinet Company 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.