Janney Montgomery Scott LLC Has $756,000 Stake in Fabrinet (NYSE:FN)

Janney Montgomery Scott LLC trimmed its stake in shares of Fabrinet (NYSE:FN) by 31.9% during the third quarter, HoldingsChannel reports. The fund owned 3,197 shares of the technology company’s stock after selling 1,500 shares during the period. Janney Montgomery Scott LLC’s holdings in Fabrinet were worth $756,000 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 the stock. Epoch Investment Partners Inc. increased its stake in Fabrinet by 291.0% in the 1st quarter. Epoch Investment Partners Inc. now owns 275,531 shares of the technology company’s stock valued at $52,081,000 after buying an additional 205,057 shares during the last quarter. Driehaus Capital Management LLC increased its stake in Fabrinet by 183.5% in the 2nd quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock valued at $68,046,000 after buying an additional 179,943 shares during the last quarter. Clearbridge Investments LLC acquired a new stake in Fabrinet in the 2nd quarter valued at $27,911,000. Kennedy Capital Management LLC acquired a new stake in Fabrinet in the 1st quarter valued at $15,637,000. Finally, DekaBank Deutsche Girozentrale increased its stake in Fabrinet by 3,831.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 82,088 shares of the technology company’s stock valued at $19,465,000 after buying an additional 80,000 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Fabrinet 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 value of $2,508,503.04. Following the completion of the sale, the chief financial officer now owns 19,768 shares in the company, valued at $5,338,941.44. The trade was a 31.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the completion of the sale, the chief executive officer now owns 37,643 shares of the company’s stock, valued at $10,163,610. This trade represents a 41.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,728 shares of company stock valued at $11,645,062. Company insiders own 0.38% of the company’s stock.

Fabrinet Stock Performance

Shares of FN stock opened at $234.85 on Monday. The company has a market capitalization of $8.52 billion, a price-to-earnings ratio of 27.79 and a beta of 0.95. The company has a 50-day simple moving average of $242.35 and a 200 day simple moving average of $236.02. Fabrinet has a 52 week low of $159.30 and a 52 week high of $278.38.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.38 by $0.01. The business had revenue of $804.20 million during the quarter, compared to the consensus estimate of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. Fabrinet’s revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.78 EPS. Sell-side analysts forecast that Fabrinet will post 9.1 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.