Thrivent Financial for Lutherans Sells 18,186 Shares of Fabrinet (NYSE:FN)

Thrivent Financial for Lutherans decreased its position in Fabrinet (NYSE:FN) by 4.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 408,146 shares of the technology company’s stock after selling 18,186 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Fabrinet were worth $96,502,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Epoch Investment Partners Inc. grew its stake in shares of Fabrinet by 291.0% in the first quarter. Epoch Investment Partners Inc. now owns 275,531 shares of the technology company’s stock worth $52,081,000 after acquiring an additional 205,057 shares during the last quarter. Driehaus Capital Management LLC grew its position in Fabrinet by 183.5% during the 2nd quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock valued at $68,046,000 after purchasing an additional 179,943 shares during the last quarter. Clearbridge Investments LLC purchased a new stake in Fabrinet during the 2nd quarter valued at about $27,911,000. Kennedy Capital Management LLC bought a new stake in Fabrinet during the 1st quarter valued at about $15,637,000. Finally, DekaBank Deutsche Girozentrale raised its holdings in 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 during the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Insider Activity at Fabrinet

In related news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 8,333 shares in the company, valued at $1,835,426.58. The trade was a 51.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Csaba Sverha sold 100 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $270.00, for a total value of $27,000.00. Following the sale, the chief financial officer now owns 19,347 shares of the company’s stock, valued at approximately $5,223,690. This represents a 0.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 44,728 shares of company stock worth $11,645,062 in the last 90 days. 0.38% of the stock is owned by corporate insiders.

Fabrinet Trading Down 6.8 %

FN opened at $234.85 on Monday. The stock has a 50-day moving average of $242.35 and a 200 day moving average of $236.02. Fabrinet has a 12 month low of $159.30 and a 12 month high of $278.38. The firm has a market cap of $8.52 billion, a P/E ratio of 27.79 and a beta of 0.95.

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 the consensus estimate 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%. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.78 earnings per share. On average, research analysts forecast that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.