Bank of New York Mellon Corp Buys 14,364 Shares of Fabrinet (NYSE:FN)

Bank of New York Mellon Corp boosted its stake in Fabrinet (NYSE:FNGet Rating) by 4.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 359,405 shares of the technology company’s stock after purchasing an additional 14,364 shares during the period. Bank of New York Mellon Corp owned about 0.98% of Fabrinet worth $34,305,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. increased its stake in shares of Fabrinet by 546.3% in the second quarter. Meeder Asset Management Inc. now owns 349 shares of the technology company’s stock valued at $28,000 after buying an additional 295 shares during the period. Ellevest Inc. raised its stake in shares of Fabrinet by 164.5% during the third quarter. Ellevest Inc. now owns 291 shares of the technology company’s stock valued at $28,000 after acquiring an additional 181 shares during the last quarter. Wipfli Financial Advisors LLC acquired a new position in shares of Fabrinet during the third quarter worth $48,000. Atlas Capital Advisors LLC bought a new stake in shares of Fabrinet in the third quarter worth $56,000. Finally, Signaturefd LLC grew its stake in shares of Fabrinet by 74.4% in the third quarter. Signaturefd LLC now owns 586 shares of the technology company’s stock worth $56,000 after purchasing an additional 250 shares during the last quarter. Institutional investors and hedge funds own 97.13% of the company’s stock.

Fabrinet Stock Down 2.0 %

NYSE:FN opened at $115.75 on Tuesday. Fabrinet has a twelve month low of $74.57 and a twelve month high of $140.18. The company has a fifty day moving average of $127.49 and a 200-day moving average of $118.66. The firm has a market capitalization of $4.24 billion, a P/E ratio of 18.29 and a beta of 1.17.

Insider Buying and Selling at Fabrinet

In related news, Director Rollance E. Olson sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 14th. The stock was sold at an average price of $126.33, for a total transaction of $631,650.00. Following the transaction, the director now directly owns 34,699 shares of the company’s stock, valued at approximately $4,383,524.67. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on FN shares. Northland Securities lifted their target price on Fabrinet from $132.50 to $155.00 and gave the stock an “outperform” rating in a report on Tuesday, February 7th. Loop Capital upped their target price on Fabrinet from $146.00 to $158.00 in a report on Tuesday, February 7th. JPMorgan Chase & Co. upgraded shares of Fabrinet from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $126.00 to $156.00 in a report on Tuesday, December 20th. B. Riley upped their price objective on shares of Fabrinet from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Tuesday, February 7th. Finally, Needham & Company LLC lifted their target price on shares of Fabrinet from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, February 7th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $129.00.

About Fabrinet

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Fabrinet engages in the provision of optical packaging and electronic manufacturing services to original equipment manufacturers. The firm’s engineering services include process design, failure analysis, reliability testing, tooling design, and real-time traceability system. Its manufacturing operations offer sensors, subsystems, customized optics, and optical modules and components.

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Institutional Ownership by Quarter for Fabrinet (NYSE:FN)

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