Wedge Capital Management L L P NC Sells 72,108 Shares of Fabrinet $FN

Wedge Capital Management L L P NC decreased its holdings in shares of Fabrinet (NYSE:FN) by 27.2% during the third quarter, according to its most recent filing with the SEC. The firm owned 192,572 shares of the technology company’s stock after selling 72,108 shares during the period. Fabrinet accounts for about 1.2% of Wedge Capital Management L L P NC’s portfolio, making the stock its 11th largest position. Wedge Capital Management L L P NC’s holdings in Fabrinet were worth $70,216,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of FN. Canada Pension Plan Investment Board lifted its holdings in Fabrinet by 76.1% during the first quarter. Canada Pension Plan Investment Board now owns 69,400 shares of the technology company’s stock worth $13,707,000 after buying an additional 30,000 shares during the period. Nordea Investment Management AB increased its holdings in shares of Fabrinet by 0.3% in the 2nd quarter. Nordea Investment Management AB now owns 43,411 shares of the technology company’s stock valued at $12,845,000 after acquiring an additional 132 shares during the period. Value Aligned Research Advisors LLC raised its position in shares of Fabrinet by 240.9% in the 1st quarter. Value Aligned Research Advisors LLC now owns 114,443 shares of the technology company’s stock worth $22,604,000 after acquiring an additional 80,873 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Fabrinet by 1.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 424,741 shares of the technology company’s stock worth $125,163,000 after purchasing an additional 4,043 shares during the last quarter. Finally, Epoch Investment Partners Inc. boosted its position in Fabrinet by 12.8% during the first quarter. Epoch Investment Partners Inc. now owns 389,247 shares of the technology company’s stock valued at $76,880,000 after purchasing an additional 44,182 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Insiders Place Their Bets

In other news, Director Thomas F. Kelly sold 2,200 shares of Fabrinet stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $464.14, for a total transaction of $1,021,108.00. Following the completion of the sale, the director directly owned 18,789 shares in the company, valued at approximately $8,720,726.46. The trade was a 10.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Seamus Grady sold 22,451 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $446.95, for a total transaction of $10,034,474.45. Following the sale, the chief executive officer directly owned 23,573 shares in the company, valued at $10,535,952.35. This trade represents a 48.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 28,151 shares of company stock valued at $12,643,707. Insiders own 0.24% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Zacks Research upgraded shares of Fabrinet from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 23rd. Needham & Company LLC lifted their price objective on shares of Fabrinet from $440.00 to $540.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Rosenblatt Securities boosted their price objective on shares of Fabrinet from $425.00 to $550.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Susquehanna started coverage on shares of Fabrinet in a research note on Monday, December 15th. They issued a “positive” rating and a $550.00 target price for the company. Finally, Northland Securities set a $550.00 price target on shares of Fabrinet in a report on Tuesday, November 4th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $463.63.

Fabrinet Stock Up 5.2%

Shares of Fabrinet stock opened at $476.03 on Friday. The company has a 50 day moving average price of $439.70 and a 200 day moving average price of $361.01. The firm has a market capitalization of $17.06 billion, a P/E ratio of 49.02 and a beta of 1.05. Fabrinet has a 52 week low of $148.55 and a 52 week high of $531.22.

Fabrinet Company Profile

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.