BNP Paribas Financial Markets Sells 2,992 Shares of Fabrinet (NYSE:FN)

BNP Paribas Financial Markets decreased its holdings in Fabrinet (NYSE:FN) by 12.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,514 shares of the technology company’s stock after selling 2,992 shares during the period. BNP Paribas Financial Markets owned about 0.06% of Fabrinet worth $4,850,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in FN. nVerses Capital LLC bought a new position in Fabrinet in the 3rd quarter valued at about $567,000. Charles Schwab Investment Management Inc. increased its stake in shares of Fabrinet by 14.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock worth $113,621,000 after purchasing an additional 61,491 shares during the period. Pathstone Holdings LLC lifted its holdings in Fabrinet by 40.7% during the 3rd quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company’s stock worth $1,943,000 after purchasing an additional 2,378 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Fabrinet in the 3rd quarter valued at $2,398,000. Finally, LMR Partners LLP grew its holdings in Fabrinet by 68.4% in the 3rd quarter. LMR Partners LLP now owns 39,493 shares of the technology company’s stock valued at $9,338,000 after buying an additional 16,037 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Stock Performance

Fabrinet stock opened at $235.35 on Wednesday. The stock has a fifty day moving average of $244.14 and a 200-day moving average of $238.09. The stock has a market capitalization of $8.54 billion, a P/E ratio of 27.85 and a beta of 0.92. Fabrinet has a 52 week low of $159.69 and a 52 week high of $278.38.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. The firm had revenue of $804.20 million during the quarter, compared to analysts’ expectations of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.78 earnings per share. On average, research analysts forecast that Fabrinet will post 9.1 earnings per share for the current year.

Insider Activity

In other news, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the transaction, 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 filing with the SEC, which is available through this hyperlink. 0.38% of the stock is owned by corporate insiders.

Analyst Ratings Changes

FN has been the subject of a number of recent research reports. Needham & Company LLC began coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 target price for the company. Barclays started coverage on shares of Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 target price on the stock. Rosenblatt Securities boosted their price target on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. increased their price target on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Finally, B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $194.00 to $178.00 in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average 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.