Oppenheimer Asset Management Inc. Trims Stake in Fabrinet (NYSE:FN)

Oppenheimer Asset Management Inc. decreased its position in shares of Fabrinet (NYSE:FN) by 18.1% during the third quarter, according to its most recent filing with the SEC. The firm owned 14,450 shares of the technology company’s stock after selling 3,192 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Fabrinet were worth $3,417,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Aigen Investment Management LP purchased a new position in shares of Fabrinet during the 3rd quarter worth approximately $442,000. WCM Investment Management LLC grew its holdings in shares of Fabrinet by 31.2% during the 3rd quarter. WCM Investment Management LLC now owns 51,723 shares of the technology company’s stock worth $12,402,000 after acquiring an additional 12,289 shares during the period. Nations Financial Group Inc. IA ADV purchased a new position in shares of Fabrinet during the 3rd quarter worth approximately $679,000. Versor Investments LP grew its holdings in shares of Fabrinet by 118.3% during the 3rd quarter. Versor Investments LP now owns 7,374 shares of the technology company’s stock worth $1,744,000 after acquiring an additional 3,996 shares during the period. Finally, Chartwell Investment Partners LLC grew its holdings in shares of Fabrinet by 101.7% during the 3rd quarter. Chartwell Investment Partners LLC now owns 5,283 shares of the technology company’s stock worth $1,250,000 after acquiring an additional 2,664 shares during the period. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Wall Street Analyst Weigh In

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

Fabrinet Trading Down 6.8 %

Shares of FN opened at $234.90 on Friday. The business’s fifty day simple moving average is $241.87 and its two-hundred day simple moving average is $235.18. Fabrinet has a 12 month low of $159.30 and a 12 month high of $278.38. The company has a market cap of $8.52 billion, a price-to-earnings ratio of 27.80 and a beta of 0.95.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.38 by $0.01. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The business had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. During the same period last year, the business posted $1.78 EPS. The company’s revenue was up 17.3% compared to the same quarter last year. As a group, research analysts forecast that Fabrinet will post 9.1 EPS for the current year.

Insider Buying and Selling at Fabrinet

In other news, CFO Csaba Sverha sold 9,288 shares of the stock in a transaction on Friday, August 23rd. The stock was 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 of the company’s stock, valued at $5,338,941.44. This represents a 31.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Edward T. Archer sold 8,690 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following the transaction, the executive vice president now directly owns 8,333 shares in the company, valued at $1,835,426.58. The trade was a 51.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,728 shares of company stock worth $11,645,062. 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.