Mutual of America Capital Management LLC Decreases Position in Fabrinet $FN

Mutual of America Capital Management LLC lowered its position in Fabrinet (NYSE:FN) by 5.0% in the third quarter, HoldingsChannel reports. The institutional investor owned 41,537 shares of the technology company’s stock after selling 2,171 shares during the period. Mutual of America Capital Management LLC’s holdings in Fabrinet were worth $15,145,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wasatch Advisors LP boosted its position in shares of Fabrinet by 45.1% in the 2nd quarter. Wasatch Advisors LP now owns 1,779,665 shares of the technology company’s stock worth $524,432,000 after buying an additional 553,196 shares in the last quarter. Norges Bank acquired a new position in Fabrinet during the second quarter worth about $124,046,000. Invesco Ltd. lifted its holdings in shares of Fabrinet by 446.6% in the second quarter. Invesco Ltd. now owns 511,553 shares of the technology company’s stock valued at $150,744,000 after purchasing an additional 417,959 shares in the last quarter. Westfield Capital Management Co. LP lifted its holdings 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 purchasing an additional 336,173 shares in the last quarter. Finally, Epoch Investment Partners Inc. grew its position in shares of Fabrinet by 34.1% in the second quarter. Epoch Investment Partners Inc. now owns 522,027 shares of the technology company’s stock valued at $153,831,000 after purchasing an additional 132,780 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on FN shares. Rosenblatt Securities raised 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. Northland Securities set a $600.00 target price on Fabrinet in a report on Monday, December 22nd. JPMorgan Chase & Co. boosted their price target on Fabrinet from $430.00 to $530.00 and gave the stock an “overweight” rating in a report on Tuesday, November 4th. Barclays upgraded Fabrinet from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $499.00 to $537.00 in a research report on Wednesday, January 14th. Finally, Needham & Company LLC lifted their price objective on Fabrinet from $440.00 to $540.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $477.13.

Fabrinet Price Performance

NYSE FN opened at $467.33 on Monday. The company has a market cap of $16.74 billion, a P/E ratio of 48.13 and a beta of 1.04. Fabrinet has a 12 month low of $148.55 and a 12 month high of $531.22. The company has a 50-day moving average of $462.91 and a 200-day moving average of $397.88.

Insider Buying and Selling

In other Fabrinet news, CEO Seamus Grady sold 22,451 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer owned 23,573 shares of the company’s stock, valued at $10,535,952.35. This trade represents a 48.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Homa Bahrami sold 3,500 shares of Fabrinet stock in a transaction 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 completion of the transaction, the director owned 18,316 shares in the company, valued at approximately $8,310,885. This trade represents a 16.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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.

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.