Royce & Associates LP Reduces Position in Fabrinet (NYSE:FN)

Royce & Associates LP cut its holdings in shares of Fabrinet (NYSE:FN) by 2.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 169,384 shares of the technology company’s stock after selling 4,092 shares during the quarter. Royce & Associates LP’s holdings in Fabrinet were worth $40,049,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in FN. Epoch Investment Partners Inc. lifted its holdings in Fabrinet by 291.0% during the first quarter. Epoch Investment Partners Inc. now owns 275,531 shares of the technology company’s stock valued at $52,081,000 after purchasing an additional 205,057 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in shares of Fabrinet by 183.5% in the second quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock worth $68,046,000 after buying an additional 179,943 shares in the last quarter. Clearbridge Investments LLC purchased a new stake in shares of Fabrinet in the second quarter worth about $27,911,000. Kennedy Capital Management LLC purchased a new stake in shares of Fabrinet in the first quarter worth about $15,637,000. Finally, DekaBank Deutsche Girozentrale lifted its holdings in shares of Fabrinet by 3,831.4% in the third quarter. DekaBank Deutsche Girozentrale now owns 82,088 shares of the technology company’s stock worth $19,465,000 after buying an additional 80,000 shares in the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Price Performance

Shares of FN opened at $252.02 on Friday. The firm’s 50 day simple moving average is $241.33 and its 200 day simple moving average is $235.06. The company has a market capitalization of $9.14 billion, a P/E ratio of 29.82 and a beta of 0.95. Fabrinet has a 1-year low of $159.30 and a 1-year high of $278.38.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.01. The business had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. Fabrinet’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period last year, the firm posted $1.78 earnings per share. On average, equities analysts anticipate that Fabrinet will post 9.1 earnings per share for the current year.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, CFO Csaba Sverha sold 9,288 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the transaction, the chief financial officer now directly owns 19,768 shares in the company, valued at $5,338,941.44. This trade represents a 31.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Seamus Grady sold 26,650 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the transaction, the chief executive officer now owns 37,643 shares in the company, valued at $10,163,610. The trade was a 41.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,728 shares of company stock worth $11,645,062 over the last ninety days. Insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

FN has been the topic of a number of recent analyst reports. Rosenblatt Securities increased their price target on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. B. Riley lowered their price target on shares of Fabrinet from $196.00 to $194.00 and set a “neutral” rating on the stock in a report on Tuesday, November 5th. Needham & Company LLC initiated coverage on shares of Fabrinet in a report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target on the stock. JPMorgan Chase & Co. increased their price target on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Finally, Barclays initiated coverage on shares of Fabrinet in a report on Thursday. They issued an “equal weight” rating and a $292.00 price target on the stock. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $254.43.

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.