Vaughan Nelson Investment Management L.P. Lowers Stake in Fabrinet (NYSE:FN)

Vaughan Nelson Investment Management L.P. trimmed its holdings in Fabrinet (NYSE:FN) by 5.6% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 379,885 shares of the technology company’s stock after selling 22,419 shares during the period. Vaughan Nelson Investment Management L.P. owned 1.05% of Fabrinet worth $71,805,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in FN. Vanguard Group Inc. boosted its holdings in shares of Fabrinet by 0.4% in the third quarter. Vanguard Group Inc. now owns 4,333,317 shares of the technology company’s stock valued at $722,017,000 after acquiring an additional 16,228 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Fabrinet by 1.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 977,459 shares of the technology company’s stock worth $186,051,000 after acquiring an additional 16,551 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Fabrinet by 21.3% during the 3rd quarter. Wellington Management Group LLP now owns 904,505 shares of the technology company’s stock worth $150,709,000 after purchasing an additional 159,037 shares during the period. Baillie Gifford & Co. increased its holdings in shares of Fabrinet by 190.0% in the 4th quarter. Baillie Gifford & Co. now owns 563,805 shares of the technology company’s stock valued at $107,309,000 after purchasing an additional 369,389 shares in the last quarter. Finally, Congress Asset Management Co. MA lifted its stake in shares of Fabrinet by 0.7% in the first quarter. Congress Asset Management Co. MA now owns 524,068 shares of the technology company’s stock valued at $99,059,000 after purchasing an additional 3,684 shares during the period. Institutional investors and hedge funds own 97.38% of the company’s stock.

Analysts Set New Price Targets

FN has been the topic of several recent research reports. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price objective on shares of Fabrinet in a research report on Tuesday, May 7th. Jefferies Financial Group began coverage on shares of Fabrinet in a research note on Wednesday, June 26th. They set a “hold” rating and a $230.00 price objective for the company. B. Riley dropped their price target on Fabrinet from $173.00 to $171.00 and set a “neutral” rating for the company in a research report on Tuesday, May 7th. JPMorgan Chase & Co. upped their price objective on Fabrinet from $210.00 to $212.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Finally, Northland Securities upgraded Fabrinet from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $200.00 to $220.00 in a research report on Thursday, March 21st. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $168.67.

Fabrinet Trading Up 0.8 %

FN traded up $1.91 on Tuesday, hitting $244.81. 11,212 shares of the company’s stock were exchanged, compared to its average volume of 448,309. The stock has a fifty day moving average of $225.14 and a two-hundred day moving average of $205.81. Fabrinet has a twelve month low of $114.83 and a twelve month high of $257.04. The firm has a market cap of $8.85 billion, a PE ratio of 32.25 and a beta of 0.96.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, May 6th. The technology company reported $2.21 EPS for the quarter, topping the consensus estimate 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 net margin of 9.90% and a return on equity of 17.67%. On average, analysts predict that Fabrinet will post 7.95 EPS for the current year.

Insiders Place Their Bets

In related news, Director Frank H. Levinson sold 6,000 shares of the stock in a transaction dated Friday, May 24th. The shares were 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 owns 5,709 shares in the company, valued at approximately $1,379,922.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.51% of the stock is currently owned by insiders.

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.