Principal Financial Group Inc. Cuts Stock Holdings in Fabrinet (NYSE:FN)

Principal Financial Group Inc. decreased its stake in shares of Fabrinet (NYSE:FNGet Rating) by 2.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 252,506 shares of the technology company’s stock after selling 6,236 shares during the period. Principal Financial Group Inc. owned about 0.68% of Fabrinet worth $29,914,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Morgan Stanley boosted its position in Fabrinet by 63.7% in the second quarter. Morgan Stanley now owns 159,568 shares of the technology company’s stock worth $15,298,000 after purchasing an additional 62,074 shares during the last quarter. Advisor Group Holdings Inc. boosted its position in Fabrinet by 27.5% in the third quarter. Advisor Group Holdings Inc. now owns 7,605 shares of the technology company’s stock worth $779,000 after purchasing an additional 1,640 shares during the last quarter. Truist Financial Corp purchased a new position in Fabrinet in the third quarter worth $1,010,000. Russell Investments Group Ltd. boosted its position in Fabrinet by 18.5% in the third quarter. Russell Investments Group Ltd. now owns 57,675 shares of the technology company’s stock worth $5,910,000 after purchasing an additional 9,021 shares during the last quarter. Finally, Swiss National Bank boosted its position in Fabrinet by 0.4% in the third quarter. Swiss National Bank now owns 81,540 shares of the technology company’s stock worth $8,359,000 after purchasing an additional 300 shares during the last quarter. 95.89% of the stock is currently owned by institutional investors.

In related news, EVP Edward T. Archer sold 2,146 shares of the business’s stock in a transaction on Tuesday, March 1st. The stock was sold at an average price of $98.73, for a total transaction of $211,874.58. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.42% of the company’s stock.

NYSE:FN opened at $90.74 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.92. Fabrinet has a 52-week low of $79.00 and a 52-week high of $126.28. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of 18.22 and a beta of 0.93. The business’s fifty day moving average is $98.78 and its 200 day moving average is $106.89.

Fabrinet (NYSE:FNGet Rating) last released its quarterly earnings data on Monday, May 2nd. The technology company reported $1.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.02). Fabrinet had a net margin of 8.54% and a return on equity of 16.00%. During the same period in the prior year, the business earned $1.03 EPS. Equities analysts predict that Fabrinet will post 5.29 EPS for the current fiscal year.

Several research analysts have weighed in on the company. Loop Capital assumed coverage on Fabrinet in a research report on Monday, April 25th. They issued a “buy” rating and a $129.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on Fabrinet from $115.00 to $125.00 and gave the company a “neutral” rating in a research note on Thursday, January 20th. B. Riley lowered their target price on Fabrinet from $100.00 to $96.00 in a research note on Tuesday, May 3rd. StockNews.com lowered Fabrinet from a “buy” rating to a “hold” rating in a research note on Monday, May 9th. Finally, Zacks Investment Research upgraded Fabrinet from a “hold” rating to a “buy” rating and set a $108.00 target price on the stock in a research note on Tuesday, April 19th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $109.25.

About Fabrinet (Get Rating)

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.

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Institutional Ownership by Quarter for Fabrinet (NYSE:FN)

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