Millennium Management LLC Acquires 15,837 Shares of Fabrinet (NYSE:FN)

Millennium Management LLC boosted its holdings in Fabrinet (NYSE:FN) by 19.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 99,282 shares of the technology company’s stock after purchasing an additional 15,837 shares during the quarter. Millennium Management LLC owned about 0.27% of Fabrinet worth $24,303,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Opal Wealth Advisors LLC purchased a new stake in Fabrinet in the 2nd quarter valued at $28,000. Banque Cantonale Vaudoise purchased a new position in Fabrinet during the second quarter worth about $35,000. Parallel Advisors LLC grew its position in Fabrinet by 59.7% in the 4th quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock worth $39,000 after purchasing an additional 77 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Fabrinet by 60.6% during the 1st quarter. GAMMA Investing LLC now owns 289 shares of the technology company’s stock worth $55,000 after buying an additional 109 shares in the last quarter. Finally, UMB Bank n.a. purchased a new stake in shares of Fabrinet during the first quarter valued at approximately $57,000. 97.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Needham & Company LLC upped their price objective on Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Rosenblatt Securities raised their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Jefferies Financial Group initiated coverage on shares of Fabrinet in a research report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 price objective on the stock. B. Riley increased their target price on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. 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 report on Tuesday, August 20th. Five investment 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, Fabrinet currently has a consensus rating of “Hold” and an average price target of $219.00.

Insider Activity

In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.00, for a total value of $7,195,500.00. Following the transaction, the chief executive officer now directly owns 37,643 shares of the company’s stock, valued at approximately $10,163,610. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 37,643 shares of the company’s stock, valued at approximately $10,163,610. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 transaction, the executive vice president now owns 8,333 shares in the company, valued at approximately $1,835,426.58. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,728 shares of company stock valued at $11,645,062. 0.51% of the stock is currently owned by insiders.

Fabrinet Price Performance

FN stock opened at $234.23 on Friday. The firm has a 50 day simple moving average of $227.82 and a two-hundred day simple moving average of $220.77. The stock has a market cap of $8.47 billion, a PE ratio of 31.11 and a beta of 0.96. Fabrinet has a one year low of $149.19 and a one year high of $278.38.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, August 19th. The technology company reported $2.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.35. The firm had revenue of $753.26 million during the quarter, compared to analysts’ expectations of $732.63 million. Fabrinet had a return on equity of 18.10% and a net margin of 10.27%. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.68 EPS. On average, research analysts expect that Fabrinet will post 9.11 EPS for the current fiscal 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.