Fabrinet (NYSE:FN) Shares Bought by TD Asset Management Inc

TD Asset Management Inc increased its stake in shares of Fabrinet (NYSE:FN - Free Report) by 17.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 478,104 shares of the technology company's stock after purchasing an additional 72,385 shares during the period. TD Asset Management Inc owned 1.33% of Fabrinet worth $94,430,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Private Trust Co. NA raised its position in shares of Fabrinet by 44.3% during the 1st quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock worth $33,000 after purchasing an additional 51 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of Fabrinet by 1.7% during the 1st quarter. State of Alaska Department of Revenue now owns 4,205 shares of the technology company's stock worth $830,000 after purchasing an additional 70 shares during the last quarter. Henry James International Management Inc. raised its position in shares of Fabrinet by 5.6% during the 1st quarter. Henry James International Management Inc. now owns 1,317 shares of the technology company's stock worth $260,000 after purchasing an additional 70 shares during the last quarter. Illumine Investment Management LLC raised its position in shares of Fabrinet by 2.2% during the 1st quarter. Illumine Investment Management LLC now owns 3,461 shares of the technology company's stock worth $684,000 after purchasing an additional 75 shares during the last quarter. Finally, Signaturefd LLC raised its position in shares of Fabrinet by 14.3% during the 1st quarter. Signaturefd LLC now owns 609 shares of the technology company's stock worth $120,000 after purchasing an additional 76 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fabrinet

In other news, Director Rollance E. Olson sold 2,500 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total transaction of $559,950.00. Following the completion of the sale, the director directly owned 23,201 shares of the company's stock, valued at $5,196,559.98. The trade was a 9.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Harpal Gill sold 18,675 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $240.00, for a total transaction of $4,482,000.00. Following the sale, the chief operating officer directly owned 18,068 shares of the company's stock, valued at $4,336,320. This represents a 50.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.38% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FN. B. Riley upgraded Fabrinet from a "sell" rating to a "neutral" rating and cut their price objective for the stock from $178.00 to $176.00 in a research report on Friday, April 4th. Barclays set a $234.00 price target on Fabrinet and gave the company an "equal weight" rating in a report on Tuesday, May 6th. Rosenblatt Securities boosted their price target on Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Wolfe Research started coverage on Fabrinet in a report on Tuesday, July 8th. They issued a "peer perform" rating for the company. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $280.00 price target on shares of Fabrinet in a report on Tuesday, May 6th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Fabrinet has an average rating of "Hold" and a consensus price target of $261.33.

Fabrinet Stock Performance

Shares of FN opened at $308.29 on Friday. The stock has a fifty day moving average of $267.74 and a two-hundred day moving average of $230.34. The company has a market capitalization of $11.05 billion, a PE ratio of 34.33 and a beta of 1.04. Fabrinet has a fifty-two week low of $148.55 and a fifty-two week high of $314.47.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.05. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The company had revenue of $871.80 million during the quarter, compared to analysts' expectations of $857.12 million. During the same period in the previous year, the company earned $2.39 EPS. The business's quarterly revenue was up 19.2% compared to the same quarter last year. As a group, equities research analysts forecast that Fabrinet will post 9.4 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.