250 Shares in Fabrinet (NYSE:FN) Bought by Eastern Bank

Eastern Bank purchased a new position in shares of Fabrinet (NYSE:FN) in the third quarter, HoldingsChannel reports. The institutional investor purchased 250 shares of the technology company’s stock, valued at approximately $59,000.

Other institutional investors have also recently added to or reduced their stakes in the company. nVerses Capital LLC purchased a new stake in Fabrinet during the 3rd quarter worth $567,000. Norden Group LLC boosted its position in Fabrinet by 1,775.2% during the 1st quarter. Norden Group LLC now owns 28,616 shares of the technology company’s stock worth $5,409,000 after purchasing an additional 27,090 shares during the period. Pitcairn Co. purchased a new stake in Fabrinet during the 1st quarter worth $544,000. Seven Eight Capital LP purchased a new stake in Fabrinet during the 1st quarter worth $1,588,000. Finally, DekaBank Deutsche Girozentrale boosted its position in Fabrinet by 27.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company’s stock worth $15,036,000 after purchasing an additional 17,000 shares during the period. 97.38% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, 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 transaction of $7,195,500.00. Following the sale, the chief executive officer now owns 37,643 shares in the company, valued at $10,163,610. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Fabrinet news, CFO Csaba Sverha sold 100 shares of the firm’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 sale, the chief financial officer now owns 19,347 shares in the company, valued at approximately $5,223,690. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Seamus Grady sold 26,650 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the completion of the sale, the chief executive officer now owns 37,643 shares in the company, valued at $10,163,610. The trade was a 0.00 % 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 worth $11,645,062 over the last quarter. 0.51% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Needham & Company LLC upped their price objective on shares of Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. JPMorgan Chase & Co. upped their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Rosenblatt Securities upped their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Finally, B. Riley upped their price objective on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Fabrinet has a consensus rating of “Hold” and an average target price of $219.00.

Fabrinet Stock Performance

Shares of Fabrinet stock opened at $246.60 on Friday. The firm has a market cap of $8.91 billion, a PE ratio of 32.75 and a beta of 0.95. The firm’s 50-day simple moving average is $240.45 and its 200-day simple moving average is $227.48. Fabrinet has a 1 year low of $149.19 and a 1 year high of $278.38.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.35. The business had revenue of $753.26 million for the quarter, compared to analyst estimates of $732.63 million. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. The company’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.68 EPS. On average, equities analysts predict that Fabrinet will post 9.11 earnings per share for the current year.

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.