Bank of Montreal Can Cuts Holdings in Fabrinet (NYSE:FN)

Bank of Montreal Can cut its position in shares of Fabrinet (NYSE:FN) by 1.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,400 shares of the technology company’s stock after selling 157 shares during the quarter. Bank of Montreal Can’s holdings in Fabrinet were worth $2,841,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several analysts have commented on FN shares. B. Riley lifted their price objective on shares of Fabrinet from $171.00 to $196.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Rosenblatt Securities lifted their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Needham & Company LLC lifted their price objective on shares of Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Jefferies Financial Group started coverage on shares of Fabrinet in a research report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 price objective on the stock. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $219.00.

Insider Activity at Fabrinet

In other news, CFO Csaba Sverha sold 9,288 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.08, for a total value of $2,508,503.04. Following the completion of the transaction, the chief financial officer now owns 19,768 shares of the company’s stock, valued at approximately $5,338,941.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, 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 transaction of $2,508,503.04. Following the completion of the transaction, the chief financial officer now directly owns 19,768 shares of the company’s stock, valued at approximately $5,338,941.44. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the sale, the executive vice president now owns 8,333 shares in the company, valued at approximately $1,835,426.58. The disclosure for this sale can be found here. Insiders have sold 44,728 shares of company stock worth $11,645,062 over the last 90 days. 0.51% of the stock is owned by company insiders.

Fabrinet Stock Performance

NYSE FN opened at $234.14 on Thursday. The stock has a market cap of $8.46 billion, a P/E ratio of 31.09 and a beta of 0.96. Fabrinet has a fifty-two week low of $149.19 and a fifty-two week high of $278.38. The stock has a 50 day simple moving average of $227.46 and a two-hundred day simple moving average of $220.68.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, beating 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 business had revenue of $753.26 million for the quarter, compared to analysts’ expectations of $732.63 million. During the same quarter in the previous year, the business posted $1.68 earnings per share. The firm’s revenue for the quarter was up 14.8% compared to the same quarter last year. Sell-side analysts predict 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.