Wealth Alliance Sells 60 Shares of Fabrinet (NYSE:FN)

Wealth Alliance lowered its position in shares of Fabrinet (NYSE:FN) by 5.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,039 shares of the technology company’s stock after selling 60 shares during the quarter. Wealth Alliance’s holdings in Fabrinet were worth $254,000 at the end of the most recent quarter.

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

Fabrinet Trading Down 1.2 %

NYSE:FN opened at $231.53 on Friday. The company has a market cap of $8.37 billion, a PE ratio of 30.75 and a beta of 0.96. The company has a 50 day simple moving average of $229.29 and a two-hundred day simple moving average of $219.26. Fabrinet has a 12 month low of $149.19 and a 12 month high of $278.38.

Fabrinet (NYSE:FN) last issued its quarterly earnings data 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 return on equity of 18.10% and a net margin of 10.27%. The company had revenue of $753.26 million during the quarter, compared to analyst estimates of $732.63 million. During the same quarter in the previous year, the company posted $1.68 earnings per share. Fabrinet’s revenue was up 14.8% compared to the same quarter last year. Research analysts forecast that Fabrinet will post 9.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 37,643 shares in the company, valued at $10,163,610. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was 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 owns 37,643 shares in the company, valued at $10,163,610. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Csaba Sverha sold 9,288 shares of Fabrinet stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.08, for a total value of $2,508,503.04. Following the transaction, the chief financial officer now directly owns 19,768 shares in the company, valued at $5,338,941.44. The disclosure for this sale can be found here. Insiders sold 44,728 shares of company stock valued at $11,645,062 in the last quarter. 0.51% of the stock is currently owned by insiders.

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.