Sumitomo Mitsui Trust Holdings Inc. Grows Position in Fabrinet (NYSE:FN)

Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Fabrinet (NYSE:FN) by 468.3% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 36,103 shares of the technology company’s stock after purchasing an additional 29,750 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Fabrinet were worth $6,824,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Park Place Capital Corp purchased a new position in shares of Fabrinet in the 4th quarter worth approximately $26,000. Salem Investment Counselors Inc. purchased a new position in shares of Fabrinet in the 4th quarter worth approximately $29,000. GAMMA Investing LLC purchased a new position in shares of Fabrinet in the 4th quarter worth approximately $34,000. Parallel Advisors LLC boosted its holdings in shares of 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 during the period. Finally, McGlone Suttner Wealth Management Inc. purchased a new position in shares of Fabrinet in the 4th quarter worth approximately $52,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Jefferies Financial Group assumed coverage on Fabrinet in a report on Wednesday, June 26th. They set a “hold” rating and a $230.00 price objective for the company. Northland Securities upgraded Fabrinet from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $200.00 to $220.00 in a report on Thursday, March 21st. B. Riley dropped their price objective on Fabrinet from $173.00 to $171.00 and set a “neutral” rating for the company in a report on Tuesday, May 7th. JPMorgan Chase & Co. boosted their price objective on Fabrinet from $210.00 to $212.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Finally, Needham & Company LLC restated a “buy” rating and set a $220.00 price objective on shares of Fabrinet in a report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Fabrinet currently has a consensus rating of “Moderate Buy” and a consensus price target of $168.67.

Fabrinet Stock Up 1.2 %

Shares of NYSE FN opened at $242.89 on Thursday. The business has a fifty day simple moving average of $234.73 and a two-hundred day simple moving average of $208.17. The firm has a market cap of $8.78 billion, a PE ratio of 32.26 and a beta of 0.96. Fabrinet has a twelve month low of $114.83 and a twelve month high of $257.04.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, May 6th. The technology company reported $2.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.28. The business had revenue of $731.54 million during the quarter, compared to analyst estimates of $718.94 million. Fabrinet had a return on equity of 17.67% and a net margin of 9.90%. On average, research analysts expect that Fabrinet will post 7.95 earnings per share for the current year.

Insider Transactions at Fabrinet

In other news, Director Frank H. Levinson sold 6,000 shares of the business’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $241.71, for a total value of $1,450,260.00. Following the completion of the transaction, the director now directly owns 5,709 shares of the company’s stock, valued at approximately $1,379,922.39. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.51% of the company’s stock.

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.