Congress Asset Management Co. Lowers Stake in Fabrinet (NYSE:FN)

Congress Asset Management Co. reduced its holdings in shares of Fabrinet (NYSE:FN) by 1.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 498,633 shares of the technology company’s stock after selling 9,246 shares during the quarter. Congress Asset Management Co. owned 1.38% of Fabrinet worth $117,897,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. Allspring Global Investments Holdings LLC increased its stake in Fabrinet by 19.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 67,823 shares of the technology company’s stock valued at $12,820,000 after buying an additional 11,035 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Fabrinet by 468.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 36,103 shares of the technology company’s stock valued at $6,824,000 after buying an additional 29,750 shares during the period. Norden Group LLC boosted its stake in Fabrinet by 1,775.2% during the first quarter. Norden Group LLC now owns 28,616 shares of the technology company’s stock valued at $5,409,000 after buying an additional 27,090 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in Fabrinet by 11.0% during the first quarter. Commonwealth Equity Services LLC now owns 3,598 shares of the technology company’s stock worth $680,000 after acquiring an additional 358 shares during the period. Finally, Van ECK Associates Corp raised its position in Fabrinet by 36.5% in the first quarter. Van ECK Associates Corp now owns 14,296 shares of the technology company’s stock worth $2,702,000 after acquiring an additional 3,824 shares in the last quarter. Institutional investors own 97.38% of the company’s stock.

Insider Buying and Selling

In other Fabrinet news, CFO Csaba Sverha sold 9,288 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the completion of the transaction, the chief financial officer now owns 19,768 shares in the company, valued at approximately $5,338,941.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Csaba Sverha sold 9,288 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.08, for a total value of $2,508,503.04. Following the completion of the transaction, the chief financial officer now owns 19,768 shares in the company, valued at $5,338,941.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.00, for a total value of $7,195,500.00. Following the completion of the sale, the chief executive officer now directly owns 37,643 shares in the company, valued at approximately $10,163,610. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,728 shares of company stock worth $11,645,062 in the last 90 days. Corporate insiders own 0.51% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FN. B. Riley lifted their target price on Fabrinet from $171.00 to $196.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. JPMorgan Chase & Co. boosted their price objective on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Needham & Company LLC upped their price objective on shares of Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Finally, Rosenblatt Securities lifted their target price on shares of Fabrinet from $260.00 to $280.00 and gave the stock 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 issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $219.00.

Fabrinet Trading Down 3.0 %

FN stock traded down $7.63 during midday trading on Thursday, reaching $242.72. The company had a trading volume of 111,015 shares, compared to its average volume of 476,446. The company has a 50 day moving average of $239.97 and a two-hundred day moving average of $229.28. The company has a market capitalization of $8.77 billion, a P/E ratio of 33.29 and a beta of 0.95. Fabrinet has a 1 year low of $149.19 and a 1 year high of $278.38.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.35. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. The firm had revenue of $753.26 million during the quarter, compared to analysts’ expectations of $732.63 million. During the same period in the previous year, the company earned $1.68 earnings per share. The company’s revenue was up 14.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Fabrinet will post 9.11 earnings per share for the current year.

About Fabrinet

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.