DekaBank Deutsche Girozentrale Sells 77,000 Shares of Fabrinet (NYSE:FN)

DekaBank Deutsche Girozentrale lessened its stake in shares of Fabrinet (NYSE:FN) by 97.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,088 shares of the technology company’s stock after selling 77,000 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Fabrinet were worth $511,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of FN. Vanguard Group Inc. raised its holdings in shares of Fabrinet by 0.9% during the first quarter. Vanguard Group Inc. now owns 4,348,671 shares of the technology company’s stock valued at $821,986,000 after purchasing an additional 38,999 shares during the period. Congress Asset Management Co. MA raised its stake in Fabrinet by 0.7% during the 1st quarter. Congress Asset Management Co. MA now owns 524,068 shares of the technology company’s stock worth $99,059,000 after buying an additional 3,684 shares during the period. TD Asset Management Inc raised its stake in Fabrinet by 216.1% during the 1st quarter. TD Asset Management Inc now owns 409,761 shares of the technology company’s stock worth $77,453,000 after buying an additional 280,145 shares during the period. Bank of New York Mellon Corp boosted its holdings in Fabrinet by 4.1% in the second quarter. Bank of New York Mellon Corp now owns 314,665 shares of the technology company’s stock worth $77,027,000 after acquiring an additional 12,409 shares in the last quarter. Finally, Westfield Capital Management Co. LP grew its stake in Fabrinet by 13.4% in the first quarter. Westfield Capital Management Co. LP now owns 300,421 shares of the technology company’s stock valued at $56,786,000 after acquiring an additional 35,529 shares during the period. 97.38% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO Csaba Sverha sold 100 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $270.00, for a total value of $27,000.00. Following the transaction, the chief financial officer now directly owns 19,347 shares of the company’s stock, valued at approximately $5,223,690. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Fabrinet 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 completion of the transaction, the chief executive officer now directly owns 37,643 shares of the company’s stock, valued at $10,163,610. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Csaba Sverha sold 100 shares of the business’s stock in a transaction 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 completion of the sale, the chief financial officer now owns 19,347 shares in the company, valued at $5,223,690. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,728 shares of company stock worth $11,645,062. 0.51% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

FN has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their target price on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. 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 note on Tuesday, August 20th. B. Riley lifted their price objective on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Jefferies Financial Group started coverage on shares of Fabrinet in a report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 target price on the stock. Finally, Needham & Company LLC lifted their price target on Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $219.00.

Fabrinet Price Performance

FN opened at $231.53 on Friday. Fabrinet has a fifty-two week low of $149.19 and a fifty-two week high of $278.38. The firm has a market capitalization of $8.37 billion, a P/E ratio of 30.75 and a beta of 0.96. The company’s 50-day moving average is $229.29 and its 200 day moving average is $219.26.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, August 19th. The technology company reported $2.41 EPS for the quarter, topping the consensus estimate of $2.06 by $0.35. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. The firm had revenue of $753.26 million for the quarter, compared to analysts’ expectations of $732.63 million. During the same quarter last year, the firm earned $1.68 EPS. The company’s quarterly revenue was up 14.8% compared to the same quarter last year. On average, equities research analysts expect 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.