Arrowstreet Capital Limited Partnership Has $34.67 Million Stock Position in Fabrinet $FN

Arrowstreet Capital Limited Partnership cut its holdings in Fabrinet (NYSE:FN) by 33.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 117,652 shares of the technology company’s stock after selling 59,850 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.33% of Fabrinet worth $34,670,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Geode Capital Management LLC lifted its position in Fabrinet by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,051,108 shares of the technology company’s stock worth $309,771,000 after buying an additional 5,114 shares in the last quarter. Westfield Capital Management Co. LP increased its position in shares of Fabrinet by 102.8% in the second quarter. Westfield Capital Management Co. LP now owns 663,310 shares of the technology company’s stock valued at $195,464,000 after acquiring an additional 336,173 shares during the last quarter. TD Asset Management Inc raised its holdings in Fabrinet by 25.4% during the second quarter. TD Asset Management Inc now owns 599,337 shares of the technology company’s stock worth $176,613,000 after acquiring an additional 121,233 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Fabrinet by 1.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 424,741 shares of the technology company’s stock valued at $125,163,000 after purchasing an additional 4,043 shares during the last quarter. Finally, Norges Bank bought a new position in Fabrinet in the second quarter valued at approximately $124,046,000. Institutional investors and hedge funds own 97.38% of the company’s stock.

Analyst Upgrades and Downgrades

FN has been the subject of several analyst reports. JPMorgan Chase & Co. raised their target price on shares of Fabrinet from $430.00 to $530.00 and gave the company an “overweight” rating in a research note on Tuesday, November 4th. B. Riley increased their price target on shares of Fabrinet from $184.00 to $220.00 and gave the company a “neutral” rating in a research note on Tuesday, August 19th. Barclays boosted their price objective on shares of Fabrinet from $329.00 to $499.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. Zacks Research upgraded shares of Fabrinet from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 23rd. Finally, Northland Securities set a $550.00 price target on Fabrinet in a report on Tuesday, November 4th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold 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 $451.29.

Fabrinet Stock Up 1.5%

Shares of NYSE:FN opened at $479.07 on Friday. The company’s 50 day moving average price is $418.24 and its two-hundred day moving average price is $343.04. Fabrinet has a 12-month low of $148.55 and a 12-month high of $498.00. The firm has a market cap of $17.16 billion, a PE ratio of 49.34 and a beta of 1.05.

Insider Buying and Selling

In related news, Director Homa Bahrami sold 3,500 shares of Fabrinet stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $453.75, for a total transaction of $1,588,125.00. Following the sale, the director directly owned 18,316 shares of the company’s stock, valued at approximately $8,310,885. The trade was a 16.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Thomas F. Kelly sold 2,200 shares of the business’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $464.14, for a total value of $1,021,108.00. Following the sale, the director owned 18,789 shares in the company, valued at $8,720,726.46. This represents a 10.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 28,151 shares of company stock valued at $12,643,707 over the last 90 days. 0.24% of the stock is owned by corporate insiders.

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.