The Manufacturers Life Insurance Company Sells 2,531 Shares of Fabrinet $FN

The Manufacturers Life Insurance Company decreased its stake in Fabrinet (NYSE:FN) by 8.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,032 shares of the technology company’s stock after selling 2,531 shares during the quarter. The Manufacturers Life Insurance Company owned 0.08% of Fabrinet worth $14,098,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FN. Price T Rowe Associates Inc. MD grew its position in shares of Fabrinet by 163.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,041,227 shares of the technology company’s stock worth $1,839,891,000 after buying an additional 2,504,841 shares during the period. Wasatch Advisors LP raised its position in shares of Fabrinet by 45.1% in the 2nd quarter. Wasatch Advisors LP now owns 1,779,665 shares of the technology company’s stock valued at $524,432,000 after acquiring an additional 553,196 shares during the period. Norges Bank acquired a new stake in shares of Fabrinet in the 4th quarter valued at approximately $193,766,000. JPMorgan Chase & Co. boosted its stake in Fabrinet by 64.8% during the 4th quarter. JPMorgan Chase & Co. now owns 1,065,414 shares of the technology company’s stock worth $485,063,000 after acquiring an additional 419,081 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Fabrinet by 183.5% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 333,555 shares of the technology company’s stock worth $121,621,000 after acquiring an additional 215,903 shares during the last quarter. Institutional investors own 97.38% of the company’s stock.

Insider Buying and Selling at Fabrinet

In other news, Director Homa Bahrami sold 2,500 shares of Fabrinet stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $711.91, for a total value of $1,779,775.00. Following the sale, the director directly owned 16,233 shares in the company, valued at $11,556,435.03. This trade represents a 13.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.24% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

FN has been the subject of several recent analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Fabrinet from $700.00 to $680.00 and set a “neutral” rating for the company in a research note on Tuesday, May 5th. Fox Advisors cut shares of Fabrinet from a “strong-buy” rating to an “equal weight” rating in a research report on Tuesday, May 5th. Needham & Company LLC decreased their price target on shares of Fabrinet from $800.00 to $650.00 and set a “buy” rating for the company in a report on Wednesday, July 22nd. Barclays upped their price objective on shares of Fabrinet from $548.00 to $702.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. Finally, Wall Street Zen downgraded Fabrinet from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Fabrinet has a consensus rating of “Moderate Buy” and an average target price of $643.00.

Fabrinet Stock Performance

NYSE FN opened at $437.60 on Monday. The business has a 50 day simple moving average of $555.01 and a 200 day simple moving average of $564.78. Fabrinet has a 52-week low of $272.49 and a 52-week high of $748.89. The stock has a market cap of $15.68 billion, a price-to-earnings ratio of 37.59 and a beta of 1.23.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, May 4th. The technology company reported $3.72 earnings per share for the quarter, topping analysts’ consensus estimates of $3.58 by $0.14. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.19 billion. Fabrinet had a net margin of 9.94% and a return on equity of 19.83%. The company’s revenue for the quarter was up 39.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.52 EPS. On average, analysts predict that Fabrinet will post 12.97 EPS for the current year.

Fabrinet Profile

Fabrinet is a global provider of advanced optical packaging and precision optical, electro?mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high?precision fiber alignment, micro?assembly, testing and diagnostics, and integration of electro?optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.