Yousif Capital Management LLC Cuts Stock Holdings in Fabrinet (NYSE:FN)

Yousif Capital Management LLC reduced its stake in shares of Fabrinet (NYSE:FN) by 2.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 12,396 shares of the technology company’s stock after selling 345 shares during the period. Yousif Capital Management LLC’s holdings in Fabrinet were worth $2,448,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Fabrinet by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 4,137,579 shares of the technology company’s stock valued at $909,771,000 after purchasing an additional 113,186 shares during the last quarter. FMR LLC raised its holdings in shares of Fabrinet by 13.1% in the 4th quarter. FMR LLC now owns 2,213,887 shares of the technology company’s stock worth $486,789,000 after purchasing an additional 257,164 shares during the period. Wasatch Advisors LP lifted its position in Fabrinet by 47.0% during the fourth quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company’s stock valued at $249,044,000 after buying an additional 362,064 shares in the last quarter. Geode Capital Management LLC boosted its position in Fabrinet by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 1,006,858 shares of the technology company’s stock worth $221,430,000 after purchasing an additional 20,045 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Fabrinet by 1.4% in the fourth quarter. JPMorgan Chase & Co. now owns 669,459 shares of the technology company’s stock worth $147,201,000 after buying an additional 9,058 shares during the period. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Trading Down 4.7%

NYSE FN opened at $244.97 on Friday. The company has a 50-day moving average price of $214.78 and a two-hundred day moving average price of $218.02. Fabrinet has a 52 week low of $148.55 and a 52 week high of $281.79. The stock has a market cap of $8.78 billion, a price-to-earnings ratio of 27.40 and a beta of 0.98.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, May 5th. The technology company reported $2.52 EPS for the quarter, beating the consensus estimate of $2.47 by $0.05. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The firm had revenue of $871.80 million for the quarter, compared to analysts’ expectations of $857.12 million. During the same period last year, the firm earned $2.39 EPS. The firm’s revenue was up 19.2% compared to the same quarter last year. As a group, equities research analysts expect that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Fabrinet

In related news, Director Rollance E. Olson sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total transaction of $559,950.00. Following the completion of the transaction, the director now owns 23,201 shares of the company’s stock, valued at $5,196,559.98. This trade represents a 9.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Harpal Gill sold 18,675 shares of the business’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total transaction of $4,482,000.00. Following the completion of the sale, the chief operating officer now owns 18,068 shares in the company, valued at approximately $4,336,320. This trade represents a 50.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.38% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FN. Fox Advisors assumed coverage on Fabrinet in a research note on Tuesday, February 18th. They set an “overweight” rating and a $270.00 target price for the company. Rosenblatt Securities upped their target price on shares of Fabrinet from $250.00 to $290.00 and gave the company a “buy” rating in a research note on Thursday. Barclays set a $234.00 price target on shares of Fabrinet and gave the stock an “equal weight” rating in a research report on Tuesday, May 6th. B. Riley raised Fabrinet from a “sell” rating to a “neutral” rating and lowered their price objective for the company from $178.00 to $176.00 in a report on Friday, April 4th. Finally, Needham & Company LLC restated a “buy” rating and set a $280.00 price objective on shares of Fabrinet in a research note on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $245.00.

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.