Crossmark Global Holdings Inc. Decreases Stake in Fabrinet (NYSE:FN)

Crossmark Global Holdings Inc. lessened its holdings in shares of Fabrinet (NYSE:FN) by 41.2% in the 3rd quarter, Holdings Channel reports. The fund owned 2,622 shares of the technology company’s stock after selling 1,834 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Fabrinet were worth $620,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. nVerses Capital LLC acquired a new position in shares of Fabrinet during the 3rd quarter worth approximately $567,000. Pitcairn Co. acquired a new stake in shares of Fabrinet in the 1st quarter worth $544,000. Seven Eight Capital LP purchased a new position in shares of Fabrinet during the 1st quarter worth $1,588,000. DekaBank Deutsche Girozentrale boosted its position in shares of Fabrinet by 27.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company’s stock valued at $15,036,000 after acquiring an additional 17,000 shares during the last quarter. Finally, M&G Plc purchased a new stake in shares of Fabrinet in the first quarter valued at about $9,719,000. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Trading Down 6.8 %

FN stock opened at $234.90 on Friday. The business’s fifty day moving average price is $241.87 and its 200 day moving average price is $235.18. Fabrinet has a 12-month low of $159.30 and a 12-month high of $278.38. The company has a market capitalization of $8.52 billion, a PE ratio of 28.73 and a beta of 0.95.

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

Insiders Place Their Bets

In related news, CFO Csaba Sverha sold 100 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.00, for a total transaction of $27,000.00. Following the completion of the transaction, the chief financial officer now directly owns 19,347 shares of the company’s stock, valued at $5,223,690. The trade was a 0.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through 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 value of $1,914,059.40. Following the sale, the executive vice president now owns 8,333 shares in the company, valued at approximately $1,835,426.58. This trade represents a 51.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,728 shares of company stock worth $11,645,062 in the last ninety days. 0.38% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

FN has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Barclays started coverage on Fabrinet in a report on Thursday. They issued an “equal weight” rating and a $292.00 price objective on the stock. Rosenblatt Securities lifted their target price on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Needham & Company LLC assumed coverage on Fabrinet in a report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price target for the company. Finally, B. Riley reduced their price objective on shares of Fabrinet from $196.00 to $194.00 and set a “neutral” rating on the stock in a report on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $254.43.

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.