Principal Financial Group Inc. Sells 6,031 Shares of Fabrinet (NYSE:FN)

Principal Financial Group Inc. cut its holdings in Fabrinet (NYSE:FN - Free Report) by 2.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 212,949 shares of the technology company's stock after selling 6,031 shares during the quarter. Principal Financial Group Inc. owned 0.59% of Fabrinet worth $42,060,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. KBC Group NV boosted its stake in shares of Fabrinet by 12.1% in the 1st quarter. KBC Group NV now owns 1,594 shares of the technology company's stock worth $315,000 after buying an additional 172 shares during the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in shares of Fabrinet in the 4th quarter worth $1,945,000. Pictet Asset Management Holding SA boosted its stake in shares of Fabrinet by 7.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 4,942 shares of the technology company's stock worth $1,087,000 after buying an additional 347 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Fabrinet in the 1st quarter worth $369,000. Finally, Intech Investment Management LLC boosted its stake in shares of Fabrinet by 33.5% in the 4th quarter. Intech Investment Management LLC now owns 34,088 shares of the technology company's stock worth $7,495,000 after buying an additional 8,553 shares during the last quarter. 97.38% of the stock is owned by institutional investors.

Fabrinet Stock Down 0.0%

FN stock traded down $0.09 during trading on Wednesday, reaching $286.27. The company's stock had a trading volume of 382,035 shares, compared to its average volume of 648,089. Fabrinet has a 1 year low of $148.55 and a 1 year high of $300.29. The company has a market capitalization of $10.26 billion, a P/E ratio of 31.88 and a beta of 1.04. The company's fifty day moving average is $245.60 and its 200-day moving average is $223.37.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $871.80 million during the quarter, compared to analyst estimates of $857.12 million. Fabrinet had a return on equity of 17.99% and a net margin of 10.00%. The business's quarterly revenue was up 19.2% compared to the same quarter last year. During the same quarter last year, the business posted $2.39 earnings per share. Analysts anticipate that Fabrinet will post 9.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Needham & Company LLC restated a "buy" rating and issued a $280.00 price target on shares of Fabrinet in a research note on Tuesday, May 6th. Rosenblatt Securities raised their target price on Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a report on Thursday, June 12th. Barclays set a $234.00 target price on Fabrinet and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. raised their target price on Fabrinet from $220.00 to $235.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Finally, B. Riley raised Fabrinet from a "sell" rating to a "neutral" rating and decreased their target price for the stock from $178.00 to $176.00 in a report on Friday, April 4th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $247.50.

Insider Activity

In related news, COO Harpal Gill sold 18,675 shares of Fabrinet stock in a transaction dated 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. This trade represents a 50.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 completion of the transaction, the director 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. Company insiders own 0.38% of the company's stock.

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.