Federated Hermes Inc. Has $577,000 Holdings in Fabrinet (NYSE:FN)

Key Points

• Federated Hermes Inc. has reduced its stock position in Fabrinet by 26.2%, now holding 2,923 shares valued at $577,000.
• In contrast, several other institutional investors, including Private Trust Co. NA and State of Alaska Department of Revenue, have increased their holdings in Fabrinet, highlighting divergent investment strategies.
• Analysts maintain a mixed outlook on Fabrinet, with a consensus rating of "Hold" and varied price targets ranging from $234.00 to $318.00.

Federated Hermes Inc. reduced its stake in shares of Fabrinet (NYSE:FN - Free Report) by 26.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,923 shares of the technology company's stock after selling 1,036 shares during the quarter. Federated Hermes Inc.'s holdings in Fabrinet were worth $577,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Cetera Investment Advisers grew its stake in shares of Fabrinet by 11.6% in the first quarter. Cetera Investment Advisers now owns 13,212 shares of the technology company's stock worth $2,610,000 after purchasing an additional 1,368 shares in the last quarter. Private Trust Co. NA lifted its holdings in shares of Fabrinet by 44.3% in the first quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock valued at $33,000 after buying an additional 51 shares during the period. KBC Group NV lifted its holdings in shares of Fabrinet by 12.1% in the first quarter. KBC Group NV now owns 1,594 shares of the technology company's stock valued at $315,000 after buying an additional 172 shares during the period. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Fabrinet during the fourth quarter valued at $1,945,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Fabrinet during the first quarter valued at $369,000. 97.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on FN shares. Rosenblatt Securities upped their target price on Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a report on Thursday, June 12th. JPMorgan Chase & Co. upped their target price on Fabrinet from $235.00 to $318.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Barclays set a $234.00 price target on Fabrinet and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $280.00 target price on shares of Fabrinet in a research report on Tuesday, May 6th. Finally, Wolfe Research began coverage on Fabrinet in a report on Tuesday, July 8th. They set a "peer perform" rating on the stock. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Fabrinet has an average rating of "Hold" and an average target price of $261.33.

Insider Activity at Fabrinet

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

Fabrinet Stock Down 3.3%

Shares of FN stock traded down $11.38 during mid-day trading on Monday, reaching $332.61. The stock had a trading volume of 574,186 shares, compared to its average volume of 705,476. The firm's 50 day simple moving average is $288.96 and its 200 day simple moving average is $236.78. Fabrinet has a one year low of $148.55 and a one year high of $345.71. The firm has a market cap of $11.92 billion, a PE ratio of 37.04 and a beta of 1.02.

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.