Los Angeles Capital Management LLC Sells 8,471 Shares of Fabrinet (NYSE:FN)

Los Angeles Capital Management LLC decreased its position in shares of Fabrinet (NYSE:FN) by 33.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 16,836 shares of the technology company’s stock after selling 8,471 shares during the period. Los Angeles Capital Management LLC’s holdings in Fabrinet were worth $3,182,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in FN. Park Place Capital Corp purchased a new position in Fabrinet during the 4th quarter valued at about $26,000. Salem Investment Counselors Inc. bought a new position in shares of Fabrinet during the fourth quarter valued at approximately $29,000. GAMMA Investing LLC purchased a new position in shares of Fabrinet during the fourth quarter valued at approximately $34,000. Parallel Advisors LLC boosted its position 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 in the last quarter. Finally, McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Fabrinet in the 4th quarter worth approximately $52,000. Institutional investors own 97.38% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Fabrinet from $210.00 to $212.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price target on shares of Fabrinet in a research note on Tuesday, May 7th. Northland Securities upgraded shares of Fabrinet from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $200.00 to $220.00 in a research note on Thursday, March 21st. Finally, B. Riley dropped their target price on shares of Fabrinet from $173.00 to $171.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 7th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $161.00.

Insider Buying and Selling

In other Fabrinet news, Director Frank H. Levinson sold 6,000 shares of the stock in a transaction dated 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 transaction, the director now owns 5,709 shares of the company’s stock, valued at $1,379,922.39. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.51% of the stock is currently owned by corporate insiders.

Fabrinet Stock Down 3.3 %

FN opened at $245.83 on Friday. The stock has a market capitalization of $8.89 billion, a price-to-earnings ratio of 32.65 and a beta of 0.99. The firm has a 50 day moving average price of $214.53 and a 200-day moving average price of $201.72. Fabrinet has a twelve month low of $114.83 and a twelve month high of $257.04.

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

About Fabrinet

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.