Covestor Ltd Trims Stake in Fabrinet (NYSE:FN)

Covestor Ltd lessened its position in shares of Fabrinet (NYSE:FN) by 22.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 499 shares of the technology company’s stock after selling 144 shares during the quarter. Covestor Ltd’s holdings in Fabrinet were worth $118,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in FN. Opal Wealth Advisors LLC purchased a new stake in shares of Fabrinet in the second quarter valued at about $28,000. Banque Cantonale Vaudoise purchased a new stake in Fabrinet during the 2nd quarter valued at approximately $35,000. Kimelman & Baird LLC acquired a new stake in Fabrinet during the 2nd quarter worth approximately $49,000. NBC Securities Inc. grew its stake in shares of Fabrinet by 732.0% in the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock valued at $49,000 after purchasing an additional 183 shares during the last quarter. Finally, UMB Bank n.a. increased its holdings in shares of Fabrinet by 252.9% in the third quarter. UMB Bank n.a. now owns 240 shares of the technology company’s stock valued at $57,000 after purchasing an additional 172 shares during the period. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Trading Down 4.5 %

Shares of FN opened at $258.85 on Wednesday. Fabrinet has a twelve month low of $159.30 and a twelve month high of $278.38. The firm has a market capitalization of $9.39 billion, a P/E ratio of 32.06 and a beta of 0.95. The firm’s 50-day moving average is $240.03 and its two-hundred day moving average is $234.35.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.01. The business had revenue of $804.20 million during the quarter, compared to the consensus estimate of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The business’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.78 EPS. Analysts predict that Fabrinet will post 9.11 EPS for the current year.

Analyst Upgrades and Downgrades

FN has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price target on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Needham & Company LLC began coverage on shares of Fabrinet in a report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 target price on the stock. B. Riley dropped their price target on shares of Fabrinet from $196.00 to $194.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 5th. Finally, Rosenblatt Securities raised 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. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Fabrinet has an average rating of “Moderate Buy” and an average price target of $248.17.

Insider Buying and Selling

In related news, CEO Seamus Grady sold 26,650 shares of the stock in a transaction 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 sale, the chief executive officer now owns 37,643 shares of the company’s stock, valued at $10,163,610. This trade 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 at the SEC website. In other Fabrinet news, CFO Csaba Sverha sold 100 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.00, for a total transaction of $27,000.00. Following the transaction, the chief financial officer now owns 19,347 shares of the company’s stock, valued at $5,223,690. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction on 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. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 44,728 shares of company stock worth $11,645,062 in the last ninety days. Insiders own 0.38% of the company’s stock.

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.