Vaughan Nelson Investment Management L.P. Sells 52,530 Shares of Fabrinet (NYSE:FN)

Vaughan Nelson Investment Management L.P. cut its position in shares of Fabrinet (NYSE:FN) by 18.8% in the third quarter, HoldingsChannel reports. The firm owned 227,305 shares of the technology company’s stock after selling 52,530 shares during the period. Vaughan Nelson Investment Management L.P.’s holdings in Fabrinet were worth $53,744,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in FN. Huntington National Bank increased its stake in shares of Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after buying an additional 57 shares during the period. KBC Group NV grew its holdings in Fabrinet by 12.2% during the 3rd quarter. KBC Group NV now owns 1,022 shares of the technology company’s stock worth $242,000 after acquiring an additional 111 shares in the last quarter. Aigen Investment Management LP purchased a new position in Fabrinet during the 3rd quarter valued at about $442,000. WCM Investment Management LLC raised its holdings in shares of Fabrinet by 31.2% in the 3rd quarter. WCM Investment Management LLC now owns 51,723 shares of the technology company’s stock valued at $12,402,000 after purchasing an additional 12,289 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV purchased a new stake in shares of Fabrinet in the 3rd quarter worth approximately $679,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FN has been the topic of several research reports. Barclays assumed coverage on shares of Fabrinet in a report on Thursday. They set an “equal weight” rating and a $292.00 price objective on the stock. Rosenblatt Securities boosted their price target on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. B. Riley dropped their price objective on Fabrinet from $196.00 to $194.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. JPMorgan Chase & Co. boosted their target price 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, Needham & Company LLC assumed coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price target for the company. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Fabrinet presently has an average rating of “Hold” and a consensus price target of $254.43.

Insiders Place Their Bets

In related news, CFO Csaba Sverha sold 9,288 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 19,768 shares of the company’s stock, valued at approximately $5,338,941.44. This trade represents a 31.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the sale, the executive vice president now owns 8,333 shares in the company, valued at approximately $1,835,426.58. This trade represents a 51.05 % 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 valued at $11,645,062 over the last ninety days. Company insiders own 0.38% of the company’s stock.

Fabrinet Price Performance

Shares of Fabrinet stock opened at $234.85 on Friday. The stock’s 50 day simple moving average is $242.35 and its 200-day simple moving average is $235.59. The stock has a market cap of $8.52 billion, a P/E ratio of 27.79 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 issued its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.01. The company had revenue of $804.20 million during the quarter, compared to analysts’ expectations of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.78 EPS. As a group, research analysts expect that Fabrinet will post 9.1 EPS for the current fiscal year.

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.