Freemont Management S.A. Purchases New Position in Fabrinet (NYSE:FN)

Key Points

• Freemont Management S.A. acquired a new position in Fabrinet, purchasing 7,800 shares valued at approximately $1.54 million, according to a recent SEC filing.
• Institutional ownership of Fabrinet is significant, with 97.38% of the stock held by institutional investors, indicating strong interest from financial institutions.
• In recent transactions, key insiders, including Director Rollance E. Olson and COO Harpal Gill, sold a substantial number of shares, reducing their ownership stakes in Fabrinet.

Freemont Management S.A. acquired a new stake in Fabrinet (NYSE:FN - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,800 shares of the technology company's stock, valued at approximately $1,541,000.

A number of other hedge funds also recently made changes to their positions in FN. Commonwealth Equity Services LLC raised its position in shares of Fabrinet by 11.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 3,940 shares of the technology company's stock worth $866,000 after acquiring an additional 391 shares in the last quarter. Sei Investments Co. grew its stake in Fabrinet by 26.0% during the fourth quarter. Sei Investments Co. now owns 99,245 shares of the technology company's stock worth $21,822,000 after purchasing an additional 20,462 shares during the period. KLP Kapitalforvaltning AS acquired a new position in Fabrinet in the fourth quarter valued at approximately $1,627,000. LPL Financial LLC increased its stake in shares of Fabrinet by 110.4% in the 4th quarter. LPL Financial LLC now owns 14,531 shares of the technology company's stock valued at $3,195,000 after acquiring an additional 7,624 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Fabrinet by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 4,137,579 shares of the technology company's stock worth $909,771,000 after acquiring an additional 113,186 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors.

Insider Transactions at Fabrinet

In other news, Director Rollance E. Olson sold 2,500 shares of Fabrinet stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total value of $559,950.00. Following the transaction, the director owned 23,201 shares in the company, valued at approximately $5,196,559.98. The trade was a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Harpal Gill sold 18,675 shares of the 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 sale, the chief operating officer 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. Company insiders own 0.38% of the company's stock.

Fabrinet Trading Down 0.2%

FN stock opened at $304.45 on Friday. The firm has a 50 day moving average of $266.18 and a 200-day moving average of $229.81. The firm has a market capitalization of $10.91 billion, a P/E ratio of 33.90 and a beta of 1.04. Fabrinet has a 12 month low of $148.55 and a 12 month high of $314.47.

Fabrinet (NYSE:FN - Get Free Report) last announced its earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, beating analysts' consensus estimates of $2.47 by $0.05. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The business had revenue of $871.80 million for the quarter, compared to the consensus estimate of $857.12 million. During the same period last year, the firm posted $2.39 earnings per share. Fabrinet's quarterly revenue was up 19.2% on a year-over-year basis. Sell-side analysts predict that Fabrinet will post 9.4 EPS for the current year.

Analyst Ratings Changes

FN has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Fabrinet from $235.00 to $318.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Wolfe Research initiated coverage on shares of Fabrinet in a research report on Tuesday, July 8th. They issued a "peer perform" rating on the stock. Barclays set a $234.00 target price on shares of 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 price target on shares of Fabrinet in a report on Tuesday, May 6th. Finally, B. Riley raised Fabrinet from a "sell" rating to a "neutral" rating and reduced their price objective for the company from $178.00 to $176.00 in a report on Friday, April 4th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $261.33.

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.

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