Sumitomo Mitsui Trust Group Inc. Has $340,000 Position in Fabrinet (NYSE:FN)

Sumitomo Mitsui Trust Group Inc. lowered its position in Fabrinet (NYSE:FN) by 94.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,437 shares of the technology company’s stock after selling 25,050 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Fabrinet were worth $340,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Fabrinet by 0.9% in the first quarter. Vanguard Group Inc. now owns 4,348,671 shares of the technology company’s stock worth $821,986,000 after purchasing an additional 38,999 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Fabrinet by 4.1% during the second quarter. Bank of New York Mellon Corp now owns 314,665 shares of the technology company’s stock valued at $77,027,000 after acquiring an additional 12,409 shares during the period. Epoch Investment Partners Inc. lifted its holdings in shares of Fabrinet by 9.6% during the second quarter. Epoch Investment Partners Inc. now owns 302,006 shares of the technology company’s stock valued at $73,928,000 after acquiring an additional 26,475 shares during the period. Driehaus Capital Management LLC increased its stake in shares of Fabrinet by 183.5% in the second quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock valued at $68,046,000 after buying an additional 179,943 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of Fabrinet by 20.4% in the first quarter. Janus Henderson Group PLC now owns 276,354 shares of the technology company’s stock valued at $52,233,000 after buying an additional 46,864 shares in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Insider Buying and Selling at Fabrinet

In other news, CFO Csaba Sverha sold 9,288 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.08, for a total value of $2,508,503.04. Following the completion of the sale, the chief financial officer now owns 19,768 shares of the company’s stock, valued at approximately $5,338,941.44. This represents a 31.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Seamus Grady sold 26,650 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.00, for a total value of $7,195,500.00. Following the completion of the sale, the chief executive officer now directly owns 37,643 shares of the company’s stock, valued at approximately $10,163,610. The trade was a 41.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,728 shares of company stock valued at $11,645,062 in the last ninety days. 0.38% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on FN shares. JPMorgan Chase & Co. lifted their price objective on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Rosenblatt Securities lifted their price objective on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Barclays started coverage on Fabrinet in a report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price objective on the stock. Needham & Company LLC initiated coverage on Fabrinet in a report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective on the stock. Finally, B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and cut their target price for the company from $194.00 to $178.00 in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $252.14.

Fabrinet Stock Down 9.0 %

Shares of Fabrinet stock opened at $226.24 on Thursday. Fabrinet has a 12-month low of $159.30 and a 12-month high of $278.38. The stock has a market cap of $8.21 billion, a P/E ratio of 26.77 and a beta of 0.95. The business’s 50 day moving average is $243.63 and its 200-day moving average is $237.37.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. The business had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The firm’s revenue was up 17.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.78 EPS. On average, sell-side analysts expect that Fabrinet will post 9.1 EPS for the current 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.