Sumitomo Mitsui Trust Holdings Inc. Buys 29,750 Shares of Fabrinet (NYSE:FN)

Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Fabrinet (NYSE:FNFree Report) by 468.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,103 shares of the technology company’s stock after purchasing an additional 29,750 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.10% of Fabrinet worth $6,824,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC boosted its position in shares of 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 acquiring an additional 11,035 shares during the last quarter. Congress Wealth Management LLC DE boosted its position in shares of Fabrinet by 4.0% during the 1st quarter. Congress Wealth Management LLC DE now owns 59,775 shares of the technology company’s stock valued at $11,299,000 after acquiring an additional 2,317 shares during the last quarter. Park Place Capital Corp boosted its position in shares of Fabrinet by 179.1% during the 1st quarter. Park Place Capital Corp now owns 388 shares of the technology company’s stock valued at $73,000 after acquiring an additional 249 shares during the last quarter. Wolff Wiese Magana LLC bought a new stake in shares of Fabrinet during the 1st quarter valued at about $246,000. Finally, Diversified Trust Co boosted its position in shares of Fabrinet by 4.3% during the 1st quarter. Diversified Trust Co now owns 9,006 shares of the technology company’s stock valued at $1,702,000 after acquiring an additional 371 shares during the last quarter. Institutional investors own 97.38% of the company’s stock.

Fabrinet Price Performance

Shares of Fabrinet stock opened at $242.89 on Thursday. Fabrinet has a one year low of $114.83 and a one year high of $257.04. The stock has a market capitalization of $8.78 billion, a P/E ratio of 32.26 and a beta of 0.96. The business’s 50 day simple moving average is $234.73 and its two-hundred day simple moving average is $208.17.

Fabrinet (NYSE:FNGet Free Report) last posted its earnings results on Monday, May 6th. The technology company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.28. Fabrinet had a return on equity of 17.67% and a net margin of 9.90%. The firm had revenue of $731.54 million for the quarter, compared to analysts’ expectations of $718.94 million. Sell-side analysts expect that Fabrinet will post 7.95 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Frank H. Levinson sold 6,000 shares of Fabrinet stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $241.71, for a total transaction of $1,450,260.00. Following the sale, the director now directly owns 5,709 shares in the company, valued at $1,379,922.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on FN shares. JPMorgan Chase & Co. boosted their target price on Fabrinet from $210.00 to $212.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Needham & Company LLC restated a “buy” rating and issued a $220.00 target price on shares of Fabrinet in a research report on Tuesday, May 7th. Jefferies Financial Group started coverage on Fabrinet in a research report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 target price for the company. B. Riley dropped their target price on Fabrinet from $173.00 to $171.00 and set a “neutral” rating for the company in a research report on Tuesday, May 7th. Finally, Northland Securities upgraded Fabrinet from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $200.00 to $220.00 in a research report on Thursday, March 21st. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $168.67.

Check Out Our Latest Analysis on Fabrinet

Fabrinet Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Fabrinet (NYSE:FN)

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