Mutual of America Capital Management LLC Sells 550 Shares of Fabrinet (NYSE:FN)

Mutual of America Capital Management LLC reduced its position in Fabrinet (NYSE:FN) by 1.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 43,228 shares of the technology company’s stock after selling 550 shares during the period. Mutual of America Capital Management LLC owned about 0.12% of Fabrinet worth $8,538,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in FN. Berbice Capital Management LLC purchased a new stake in shares of Fabrinet in the 1st quarter worth $30,000. Wayfinding Financial LLC purchased a new stake in shares of Fabrinet in the 1st quarter worth $30,000. Private Trust Co. NA increased its stake in shares of Fabrinet by 44.3% in the 1st quarter. Private Trust Co. NA now owns 166 shares of the technology company’s stock worth $33,000 after purchasing an additional 51 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of Fabrinet by 353.7% in the 1st quarter. Versant Capital Management Inc now owns 186 shares of the technology company’s stock worth $37,000 after purchasing an additional 145 shares in the last quarter. Finally, Quarry LP increased its stake in shares of Fabrinet by 315.8% in the 4th quarter. Quarry LP now owns 237 shares of the technology company’s stock worth $52,000 after purchasing an additional 180 shares in the last quarter. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fabrinet

In other news, Director Rollance E. Olson sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total value of $559,950.00. Following the sale, the director directly owned 23,201 shares of the company’s stock, valued at approximately $5,196,559.98. The trade was a 9.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Harpal Gill sold 18,675 shares of the business’s stock in a transaction that occurred on Wednesday, June 4th. The shares were 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 directly owned 18,068 shares in the company, valued at $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. Insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a report on Tuesday, May 6th. Wolfe Research started coverage on shares of Fabrinet in a report on Tuesday, July 8th. They set a “peer perform” rating for the company. Barclays set a $234.00 price objective on shares of Fabrinet and gave the company an “equal weight” rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. increased their price objective on shares of Fabrinet from $235.00 to $318.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. Finally, Rosenblatt Securities increased their price objective on shares of Fabrinet from $250.00 to $290.00 and gave the company a “buy” rating in a report on Thursday, June 12th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $261.33.

Fabrinet Trading Up 1.4%

NYSE:FN opened at $332.60 on Thursday. The firm has a fifty day simple moving average of $280.72 and a 200-day simple moving average of $234.73. Fabrinet has a 12 month low of $148.55 and a 12 month high of $333.79. The company has a market capitalization of $11.92 billion, a P/E ratio of 37.04 and a beta of 1.02.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.05. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The firm had revenue of $871.80 million during the quarter, compared to analysts’ expectations of $857.12 million. During the same quarter last year, the company posted $2.39 earnings per share. The firm’s revenue was up 19.2% compared to the same quarter last year. Equities analysts forecast that Fabrinet will post 9.4 EPS for the current year.

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.