Thrivent Financial for Lutherans Cuts Stock Position in Fabrinet $FN

Thrivent Financial for Lutherans lessened its position in shares of Fabrinet (NYSE:FN) by 32.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 210,685 shares of the technology company’s stock after selling 100,379 shares during the quarter. Thrivent Financial for Lutherans owned about 0.59% of Fabrinet worth $76,820,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of FN. Root Financial Partners LLC purchased a new stake in shares of Fabrinet during the 3rd quarter valued at $34,000. Elevation Point Wealth Partners LLC acquired a new position in Fabrinet during the 2nd quarter valued at about $35,000. First Horizon Advisors Inc. raised its stake in Fabrinet by 124.2% in the second quarter. First Horizon Advisors Inc. now owns 139 shares of the technology company’s stock valued at $41,000 after buying an additional 77 shares during the last quarter. Cullen Frost Bankers Inc. raised its stake in Fabrinet by 118.5% in the second quarter. Cullen Frost Bankers Inc. now owns 142 shares of the technology company’s stock valued at $42,000 after buying an additional 77 shares during the last quarter. Finally, REAP Financial Group LLC boosted its holdings in Fabrinet by 171.9% in the second quarter. REAP Financial Group LLC now owns 155 shares of the technology company’s stock worth $46,000 after acquiring an additional 98 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fabrinet

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

Fabrinet Price Performance

NYSE FN opened at $490.68 on Monday. Fabrinet has a 1 year low of $148.55 and a 1 year high of $531.22. The company has a market capitalization of $17.58 billion, a PE ratio of 50.53 and a beta of 1.04. The company has a fifty day moving average of $471.81 and a 200 day moving average of $404.81.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on FN shares. Zacks Research downgraded shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Needham & Company LLC upped their price target on shares of Fabrinet from $440.00 to $540.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Rosenblatt Securities raised their price target on shares of Fabrinet from $425.00 to $550.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. JPMorgan Chase & Co. boosted their price objective on shares of Fabrinet from $430.00 to $530.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Fabrinet in a research report on Monday, December 29th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $477.13.

About Fabrinet

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.