Rice Hall James & Associates LLC Trims Stock Position in Fabrinet $FN

Rice Hall James & Associates LLC trimmed its position in Fabrinet (NYSE:FN) by 9.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 110,950 shares of the technology company’s stock after selling 11,238 shares during the quarter. Fabrinet makes up approximately 2.2% of Rice Hall James & Associates LLC’s holdings, making the stock its 7th largest position. Rice Hall James & Associates LLC’s holdings in Fabrinet were worth $40,455,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Canada Pension Plan Investment Board lifted its position in shares of Fabrinet by 76.1% in the 1st 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 last quarter. Nordea Investment Management AB boosted its stake in Fabrinet by 0.3% in the second 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 grew its holdings in shares of Fabrinet by 240.9% during the first quarter. Value Aligned Research Advisors LLC now owns 114,443 shares of the technology company’s stock valued at $22,604,000 after purchasing an additional 80,873 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position 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 period. Finally, William Blair Investment Management LLC bought a new stake in shares of Fabrinet in the 2nd quarter worth approximately $26,243,000. 97.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FN. Barclays upped their price objective on Fabrinet from $329.00 to $499.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. JPMorgan Chase & Co. increased their price objective on shares of Fabrinet from $430.00 to $530.00 and gave the stock an “overweight” rating in a report on Tuesday, November 4th. Needham & Company LLC boosted their target price 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. Weiss Ratings restated a “buy (b-)” rating on shares of Fabrinet in a research report on Monday. Finally, Zacks Research upgraded Fabrinet from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $469.88.

Fabrinet Price Performance

NYSE FN opened at $477.79 on Friday. Fabrinet has a 12 month low of $148.55 and a 12 month high of $531.22. The firm has a market capitalization of $17.12 billion, a PE ratio of 49.21 and a beta of 1.05. The company’s 50 day simple moving average is $448.49 and its 200 day simple moving average is $368.75.

Insider Activity

In related news, Director Thomas F. Kelly sold 2,200 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $464.14, for a total value of $1,021,108.00. Following the sale, the director directly owned 18,789 shares in the company, valued at $8,720,726.46. The trade was a 10.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Seamus Grady sold 22,451 shares of the business’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $446.95, for a total value 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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 28,151 shares of company stock worth $12,643,707. 0.24% of the stock is owned by company insiders.

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.