Wedge Capital Management L L P NC Purchases 13,245 Shares of Fabrinet $FN

Wedge Capital Management L L P NC lifted its holdings in Fabrinet (NYSE:FN) by 11.5% during the 2nd quarter, Holdings Channel reports. The fund owned 128,795 shares of the technology company’s stock after acquiring an additional 13,245 shares during the quarter. Fabrinet makes up approximately 1.2% of Wedge Capital Management L L P NC’s portfolio, making the stock its 20th biggest position. Wedge Capital Management L L P NC’s holdings in Fabrinet were worth $72,393,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Swedbank AB bought a new position in Fabrinet in the 4th quarter valued at $5,372,000. M&T Bank Corp grew its holdings in shares of Fabrinet by 196.5% during the fourth quarter. M&T Bank Corp now owns 2,345 shares of the technology company’s stock worth $1,068,000 after purchasing an additional 1,554 shares during the last quarter. JSF Financial LLC acquired a new stake in shares of Fabrinet in the fourth quarter valued at $957,000. Sei Investments Co. increased its stake in shares of Fabrinet by 22.0% in the first quarter. Sei Investments Co. now owns 89,843 shares of the technology company’s stock valued at $46,854,000 after buying an additional 16,218 shares in the last quarter. Finally, California State Teachers Retirement System raised its holdings in shares of Fabrinet by 23.0% in the first quarter. California State Teachers Retirement System now owns 41,747 shares of the technology company’s stock valued at $21,772,000 after buying an additional 7,819 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Fabrinet news, Director Homa Bahrami sold 2,500 shares of Fabrinet stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $711.91, for a total transaction of $1,779,775.00. Following the completion of the sale, the director owned 16,233 shares of the company’s stock, valued at approximately $11,556,435.03. The trade was a 13.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.24% of the company’s stock.

Fabrinet Price Performance

Shares of NYSE:FN opened at $526.97 on Wednesday. The stock has a market cap of $18.88 billion, a price-to-earnings ratio of 45.27 and a beta of 1.23. The company has a 50 day moving average of $533.97 and a 200-day moving average of $566.55. Fabrinet has a one year low of $272.49 and a one year high of $748.89.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on FN shares. Fox Advisors downgraded shares of Fabrinet from a “strong-buy” rating to an “equal weight” rating in a research report on Tuesday, May 5th. Rosenblatt Securities raised their price objective on shares of Fabrinet from $715.00 to $750.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Zacks Research downgraded shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. JPMorgan Chase & Co. reduced their target price on shares of Fabrinet from $700.00 to $680.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. Finally, Northland Securities set a $800.00 price target on shares of Fabrinet in a research note on Monday, April 20th. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $643.00.

Fabrinet 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.