Healthcare of Ontario Pension Plan Trust Fund Trims Holdings in Fabrinet (NYSE:FN)

Healthcare of Ontario Pension Plan Trust Fund lowered its stake in shares of Fabrinet (NYSE:FN) by 42.4% in the third quarter, Holdings Channel reports. The institutional investor owned 8,000 shares of the technology company’s stock after selling 5,900 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Fabrinet were worth $1,892,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in FN. Blueshift Asset Management LLC acquired a new position in Fabrinet during the 3rd quarter worth $397,000. Freedom Investment Management Inc. lifted its position in shares of Fabrinet by 106.2% during the third quarter. Freedom Investment Management Inc. now owns 4,969 shares of the technology company’s stock worth $1,175,000 after purchasing an additional 2,559 shares during the last quarter. Cynosure Group LLC grew its stake in Fabrinet by 3.4% in the third quarter. Cynosure Group LLC now owns 1,560 shares of the technology company’s stock worth $369,000 after purchasing an additional 51 shares in the last quarter. Transamerica Financial Advisors Inc. bought a new stake in Fabrinet in the third quarter valued at about $114,000. Finally, The Manufacturers Life Insurance Company raised its stake in Fabrinet by 150.4% during the third quarter. The Manufacturers Life Insurance Company now owns 35,047 shares of the technology company’s stock valued at $8,287,000 after buying an additional 21,050 shares in the last quarter. Institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Up 3.9 %

Shares of NYSE:FN opened at $234.58 on Monday. The company’s 50-day moving average price is $244.01 and its 200 day moving average price is $238.06. The company has a market cap of $8.51 billion, a PE ratio of 27.76 and a beta of 0.95. Fabrinet has a fifty-two week low of $159.30 and a fifty-two week high of $278.38.

Fabrinet (NYSE:FN) last announced 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. The company had revenue of $804.20 million during the quarter, compared to analyst estimates of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.78 EPS. As a group, equities analysts anticipate that Fabrinet will post 9.1 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Rosenblatt Securities boosted their price target on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. B. Riley lowered shares of Fabrinet from a “neutral” rating to a “sell” rating and lowered their target price for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. JPMorgan Chase & Co. raised their price target 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. Barclays initiated coverage on shares of Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price objective for the company. Finally, Needham & Company LLC started coverage on shares of Fabrinet in a report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 target price on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $252.14.

Insider Buying and Selling

In related news, EVP Edward T. Archer sold 8,690 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the transaction, the executive vice president now owns 8,333 shares in the company, valued at $1,835,426.58. This trade represents a 51.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.38% 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.