Fabrinet $FN Stock: Penobscot Investment Management Company Inc. Lowers Position

Penobscot Investment Management Company Inc. reduced its position in shares of Fabrinet (NYSE:FN) by 14.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,532 shares of the technology company’s stock after selling 1,945 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Fabrinet were worth $4,893,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Paradigm Capital Management Inc. NY bought a new stake in Fabrinet in the 2nd quarter worth about $298,183,000. Janus Henderson Group PLC lifted its position in shares of Fabrinet by 15.9% during the 1st quarter. Janus Henderson Group PLC now owns 291,659 shares of the technology company’s stock worth $152,071,000 after buying an additional 40,090 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Fabrinet by 15.0% in the 1st quarter. Principal Financial Group Inc. now owns 216,049 shares of the technology company’s stock worth $112,674,000 after buying an additional 28,166 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Fabrinet by 108.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,146 shares of the technology company’s stock worth $88,350,000 after buying an additional 85,780 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its holdings in shares of Fabrinet by 11.5% in the second quarter. Wedge Capital Management L L P NC now owns 128,795 shares of the technology company’s stock valued at $72,393,000 after acquiring an additional 13,245 shares in the last quarter. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $750.00 price target on shares of Fabrinet in a research report on Tuesday, August 18th. Fox Advisors raised Fabrinet from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, August 19th. B. Riley Financial cut their price objective on Fabrinet from $598.00 to $431.00 and set a “neutral” rating on the stock in a research report on Thursday, October 15th. Barclays upped their price objective on Fabrinet from $702.00 to $739.00 and gave the company an “overweight” rating in a research note on Tuesday, August 18th. Finally, JPMorgan Chase & Co. raised their target price on Fabrinet from $680.00 to $695.00 and gave the company a “neutral” rating in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Fabrinet presently has an average rating of “Moderate Buy” and an average price target of $631.88.

Fabrinet Trading Up 5.8%

FN opened at $344.24 on Wednesday. Fabrinet has a twelve month low of $305.63 and a twelve month high of $748.89. The company’s 50-day moving average price is $411.21 and its two-hundred day moving average price is $523.86.

Fabrinet (NYSE:FN) last released its earnings results on Tuesday, August 18th. The technology company reported $4.10 earnings per share for the quarter, beating analysts’ consensus estimates of $3.81 by $0.29. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the company earned $2.65 earnings per share. The firm’s revenue was up 44.6% on a year-over-year basis. Sell-side analysts expect that Fabrinet will post 17.50 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the firm’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total value of $964,775.00. Following the completion of the sale, the executive vice president directly owned 7,007 shares of the company’s stock, valued at $2,704,071.37. This trade represents a 26.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.22% of the company’s stock.

Fabrinet Company Profile

Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.