Fabrinet (NYSE:FN) Stock Position Decreased by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. has reduced its holdings in Fabrinet by 50.8%, owning 5,393 shares worth approximately $1,065,000 after selling 5,573 shares in the first quarter.
• Several hedge funds have increased their stakes recently, with Versant Capital Management boosting its holdings by 353.7%, reflecting a growing interest from institutional investors as 97.38% of Fabrinet's stock is owned by them.
• Analyst reports indicate a mix of ratings, with a price target increase to $318.00 by JPMorgan Chase & Co., while the stock has an average rating of "Hold" and a projected price target of $261.33.

Pacer Advisors Inc. reduced its position in Fabrinet (NYSE:FN - Free Report) by 50.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 5,393 shares of the technology company's stock after selling 5,573 shares during the period. Pacer Advisors Inc.'s holdings in Fabrinet were worth $1,065,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FN. Private Trust Co. NA grew its stake 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 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% during the 1st quarter. KBC Group NV now owns 1,594 shares of the technology company's stock valued at $315,000 after acquiring an additional 172 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in shares of Fabrinet during the 4th quarter valued at $1,945,000. Pictet Asset Management Holding SA lifted its holdings in shares of Fabrinet by 7.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 4,942 shares of the technology company's stock valued at $1,087,000 after acquiring an additional 347 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Fabrinet during the 1st quarter valued at $369,000. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Trading Down 2.7%

FN stock traded down $8.62 during trading on Friday, reaching $315.12. The stock had a trading volume of 561,507 shares, compared to its average volume of 712,227. Fabrinet has a 1-year low of $148.55 and a 1-year high of $332.61. The company has a market capitalization of $11.29 billion, a P/E ratio of 35.09 and a beta of 1.04. The firm has a fifty day moving average price of $275.16 and a 200 day moving average price of $232.87.

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

Insider Transactions at Fabrinet

In other news, COO Harpal Gill sold 18,675 shares of the company's 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 in the company, valued at approximately $4,336,320. This represents 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 dated Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total transaction of $559,950.00. Following the sale, the director directly owned 23,201 shares of the company's stock, valued at approximately $5,196,559.98. This represents a 9.73% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

FN has been the topic of several recent research reports. Wolfe Research initiated coverage on shares of Fabrinet in a report on Tuesday, July 8th. They set a "peer perform" rating on the stock. JPMorgan Chase & Co. lifted their target price on shares of Fabrinet from $235.00 to $318.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Needham & Company LLC restated a "buy" rating and set a $280.00 target price on shares of Fabrinet in a report on Tuesday, May 6th. Rosenblatt Securities lifted their target price on shares of Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Finally, B. Riley upgraded shares of Fabrinet from a "sell" rating to a "neutral" rating and reduced their target price for the company from $178.00 to $176.00 in a report on Friday, April 4th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $261.33.

Fabrinet 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.