Bank of Montreal Can Buys 7,025 Shares of Fabrinet (NYSE:FN)

Bank of Montreal Can lifted its stake in Fabrinet (NYSE:FN) by 61.6% in the third quarter, HoldingsChannel.com reports. The fund owned 18,425 shares of the technology company’s stock after purchasing an additional 7,025 shares during the period. Bank of Montreal Can’s holdings in Fabrinet were worth $4,418,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new stake in Fabrinet in the 2nd quarter worth approximately $28,000. Huntington National Bank increased its position in Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after acquiring an additional 57 shares during the last quarter. Banque Cantonale Vaudoise bought a new position in Fabrinet in the second quarter valued at about $35,000. Kimelman & Baird LLC purchased a new position in Fabrinet in the second quarter worth about $49,000. Finally, NBC Securities Inc. grew its stake in shares of Fabrinet by 732.0% during 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 period. 97.38% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fabrinet

In related news, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the sale, the executive vice president now owns 8,333 shares of the company’s stock, valued at $1,835,426.58. This represents a 51.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.38% of the company’s stock.

Fabrinet Stock Performance

Shares of Fabrinet stock opened at $235.35 on Wednesday. The company has a fifty day moving average of $244.14 and a 200 day moving average of $238.09. The company has a market capitalization of $8.54 billion, a P/E ratio of 27.85 and a beta of 0.92. Fabrinet has a fifty-two week low of $159.69 and a fifty-two week high of $278.38.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.01. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The company had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. During the same quarter last year, the company earned $1.78 EPS. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. Analysts forecast that Fabrinet will post 9.1 EPS for the current year.

Analysts Set New Price Targets

FN has been the topic of several recent research reports. JPMorgan Chase & Co. increased their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Barclays started coverage on Fabrinet in a research note on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price objective for the company. Needham & Company LLC began coverage on Fabrinet in a research report on Tuesday, November 5th. They set a “buy” rating and a $280.00 target price on the stock. Finally, Rosenblatt Securities upped their price target on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. One equities research 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, the company has a consensus rating of “Hold” and a consensus price target of $252.14.

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.