Principal Financial Group Inc. Sells 7,794 Shares of Fabrinet (NYSE:FN)

Principal Financial Group Inc. lessened its stake in shares of Fabrinet (NYSE:FN) by 3.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 191,796 shares of the technology company’s stock after selling 7,794 shares during the period. Principal Financial Group Inc.’s holdings in Fabrinet were worth $46,950,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Opal Wealth Advisors LLC purchased a new position in shares of Fabrinet during the 2nd quarter valued at $28,000. GAMMA Investing LLC bought a new stake in Fabrinet during the fourth quarter valued at about $34,000. Parallel Advisors LLC raised its holdings in Fabrinet by 59.7% during the fourth quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock valued at $39,000 after acquiring an additional 77 shares during the period. UMB Bank n.a. bought a new stake in Fabrinet during the first quarter valued at about $57,000. Finally, Headlands Technologies LLC bought a new stake in Fabrinet during the first quarter valued at about $63,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Insider Buying and Selling

In related news, CFO Csaba Sverha sold 100 shares of Fabrinet stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $270.00, for a total value of $27,000.00. Following the completion of the transaction, the chief financial officer now owns 19,347 shares in the company, valued at $5,223,690. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the completion of the transaction, the chief executive officer now owns 37,643 shares in the company, valued at $10,163,610. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Csaba Sverha sold 100 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 19,347 shares of the company’s stock, valued at approximately $5,223,690. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,038 shares of company stock worth $9,731,003. Corporate insiders own 0.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FN shares. B. Riley raised their price target on Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Needham & Company LLC raised their price target on Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Jefferies Financial Group started coverage on Fabrinet in a report on Wednesday, June 26th. They set a “hold” rating and a $230.00 price target on the stock. Rosenblatt Securities raised their price target on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Finally, JPMorgan Chase & Co. lifted their target price on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Fabrinet has a consensus rating of “Hold” and a consensus price target of $219.00.

Fabrinet Trading Up 0.3 %

Shares of FN stock opened at $243.67 on Friday. Fabrinet has a 12-month low of $146.65 and a 12-month high of $278.38. The stock’s 50-day moving average price is $234.96 and its 200-day moving average price is $216.93. The stock has a market capitalization of $8.81 billion, a price-to-earnings ratio of 32.36 and a beta of 0.96.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, August 19th. The technology company reported $2.41 EPS for the quarter, topping the consensus estimate of $2.06 by $0.35. The company had revenue of $753.26 million during the quarter, compared to analyst estimates of $732.63 million. Fabrinet had a return on equity of 17.67% and a net margin of 9.90%. The firm’s revenue was up 14.8% on a year-over-year basis. During the same quarter last year, the business posted $1.68 earnings per share. As a group, research analysts predict that Fabrinet will post 7.95 EPS for the current fiscal year.

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.