Royce & Associates LP Sells 14,146 Shares of Fabrinet (NYSE:FN)

Key Points

• Royce & Associates LP has reduced its holdings in Fabrinet by 18.0%, selling 14,146 shares and retaining a total of 64,555 shares worth approximately $12.75 million.
• A variety of other institutional investors have made adjustments to their positions in Fabrinet, with notable increases from firms like Private Trust Co. NA and Signaturefd LLC.
• Analysts are optimistic about Fabrinet, with several firms setting price targets above $250, with JPMorgan Chase & Co. raising their target to $318 and maintaining a "neutral" rating.

Royce & Associates LP reduced its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 18.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 64,555 shares of the technology company's stock after selling 14,146 shares during the period. Royce & Associates LP owned about 0.18% of Fabrinet worth $12,750,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in FN. Private Trust Co. NA lifted its holdings in shares of Fabrinet by 44.3% during the first quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock valued at $33,000 after acquiring an additional 51 shares during the period. State of Alaska Department of Revenue increased 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 in the last quarter. Henry James International Management Inc. lifted its holdings in Fabrinet by 5.6% during the 1st quarter. Henry James International Management Inc. now owns 1,317 shares of the technology company's stock valued at $260,000 after purchasing an additional 70 shares during the last quarter. Illumine Investment Management LLC lifted its holdings in Fabrinet by 2.2% during the 1st quarter. Illumine Investment Management LLC now owns 3,461 shares of the technology company's stock valued at $684,000 after purchasing an additional 75 shares during the last quarter. Finally, Signaturefd LLC boosted its position in Fabrinet by 14.3% in the first quarter. Signaturefd LLC now owns 609 shares of the technology company's stock valued at $120,000 after buying an additional 76 shares in the last quarter. Institutional investors own 97.38% of the company's stock.

Insider Activity

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $280.00 price objective on shares of Fabrinet in a report on Tuesday, May 6th. Rosenblatt Securities increased their price target on Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Barclays set a $234.00 price target on Fabrinet and gave the company an "equal weight" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. boosted their price objective on Fabrinet from $235.00 to $318.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Finally, B. Riley upgraded 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 equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $261.33.

Fabrinet Trading Up 1.1%

Shares of FN stock opened at $308.29 on Friday. Fabrinet has a 1 year low of $148.55 and a 1 year high of $314.47. The firm's 50 day moving average is $267.74 and its 200-day moving average is $230.36. The firm has a market capitalization of $11.05 billion, a price-to-earnings ratio of 34.33 and a beta of 1.04.

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

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.

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