Thrivent Financial for Lutherans Sells 4,316 Shares of Fabrinet (NYSE:FN)

Thrivent Financial for Lutherans cut its holdings in Fabrinet (NYSE:FN) by 1.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 426,332 shares of the technology company’s stock after selling 4,316 shares during the period. Thrivent Financial for Lutherans’ holdings in Fabrinet were worth $104,361,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Opal Wealth Advisors LLC purchased a new stake in shares of Fabrinet during the second quarter valued at approximately $28,000. Banque Cantonale Vaudoise bought a new stake in Fabrinet during the 2nd quarter valued at $35,000. Parallel Advisors LLC raised its holdings in Fabrinet by 59.7% during the 4th quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock valued at $39,000 after buying an additional 77 shares during the last quarter. GAMMA Investing LLC boosted its position in Fabrinet by 60.6% during the 1st quarter. GAMMA Investing LLC now owns 289 shares of the technology company’s stock valued at $55,000 after buying an additional 109 shares during the period. Finally, UMB Bank n.a. purchased a new position in shares of Fabrinet in the first quarter valued at about $57,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Fabrinet Stock Down 1.2 %

FN opened at $231.56 on Friday. The stock has a market cap of $8.37 billion, a PE ratio of 30.75 and a beta of 0.96. The business has a 50 day moving average of $229.29 and a 200-day moving average of $219.25. Fabrinet has a 52 week low of $149.19 and a 52 week high of $278.38.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, August 19th. The technology company reported $2.41 EPS for the quarter, beating the consensus estimate of $2.06 by $0.35. The business had revenue of $753.26 million during the quarter, compared to analyst estimates of $732.63 million. Fabrinet had a return on equity of 18.10% and a net margin of 10.27%. The company’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.68 earnings per share. Equities analysts anticipate that Fabrinet will post 9.11 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Rosenblatt Securities increased their target price on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. B. Riley lifted their price objective on Fabrinet from $171.00 to $196.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Jefferies Financial Group began coverage on Fabrinet in a report on Wednesday, June 26th. They set a “hold” rating and a $230.00 target price for the company. JPMorgan Chase & Co. raised their price target on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Finally, Needham & Company LLC boosted their price objective on shares of Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Fabrinet has a consensus rating of “Hold” and an average price target of $219.00.

Insider Buying and Selling

In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were 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 owns 37,643 shares of the company’s stock, valued at $10,163,610. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now directly owns 37,643 shares of the company’s stock, valued at $10,163,610. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Edward T. Archer sold 8,690 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following the transaction, the executive vice president now owns 8,333 shares of the company’s stock, valued at $1,835,426.58. The disclosure for this sale can be found here. Insiders have sold 44,728 shares of company stock valued at $11,645,062 over the last quarter. Corporate insiders own 0.51% of the company’s stock.

Fabrinet Company 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.