Vestcor Inc Invests $502,000 in Fabrinet (NYSE:FN)

Key Points

• Vestcor Inc has acquired a new stake in Fabrinet (NYSE:FN), purchasing 2,541 shares valued at approximately $502,000 during the first quarter.
• Several institutional investors have also increased their holdings in Fabrinet, with 97.38% of the stock owned by hedge funds and other institutions.
• Fabrinet reported quarterly earnings with an EPS of $2.52, surpassing analysts' expectations, driven by a 19.2% year-over-year revenue increase to $871.80 million.

Vestcor Inc bought a new stake in Fabrinet (NYSE:FN - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,541 shares of the technology company's stock, valued at approximately $502,000.

A number of other institutional investors and hedge funds have also made changes to their positions in FN. Banque Cantonale Vaudoise purchased a new stake in shares of Fabrinet during the first quarter worth approximately $29,000. Inlet Private Wealth LLC acquired a new position in Fabrinet in the 1st quarter valued at $908,000. LPL Financial LLC increased its stake in Fabrinet by 19.0% in the 1st quarter. LPL Financial LLC now owns 17,293 shares of the technology company's stock valued at $3,415,000 after buying an additional 2,762 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Fabrinet by 2.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,789 shares of the technology company's stock worth $1,933,000 after buying an additional 255 shares during the last quarter. Finally, TD Asset Management Inc lifted its stake in shares of Fabrinet by 17.8% in the 1st quarter. TD Asset Management Inc now owns 478,104 shares of the technology company's stock worth $94,430,000 after acquiring an additional 72,385 shares during the period. 97.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, Director Rollance E. Olson sold 2,500 shares of Fabrinet stock in a transaction 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 directly owned 23,201 shares of the company's stock, valued at approximately $5,196,559.98. The trade was a 9.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Harpal Gill sold 18,675 shares of the business's 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company's stock.

Fabrinet Trading Down 2.7%

FN stock opened at $315.12 on Monday. The company's 50-day moving average price is $276.85 and its 200 day moving average price is $233.46. Fabrinet has a 52 week low of $148.55 and a 52 week high of $332.61. The company has a market cap of $11.29 billion, a P/E ratio of 35.09 and a beta of 1.02.

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

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.

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