Fabrinet $FN Stock: Sumitomo Mitsui Trust Group Inc. Reduces Position

Sumitomo Mitsui Trust Group Inc. lessened its position in shares of Fabrinet (NYSE:FN) by 4.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 68,614 shares of the technology company’s stock after selling 3,513 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Fabrinet were worth $29,111,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Fabrinet in the third quarter valued at approximately $4,752,000. Americana Partners LLC increased its holdings in shares of Fabrinet by 14.9% in the 3rd quarter. Americana Partners LLC now owns 2,576 shares of the technology company’s stock valued at $1,093,000 after acquiring an additional 334 shares during the period. State of Wyoming increased its holdings in shares of Fabrinet by 102.8% in the 3rd quarter. State of Wyoming now owns 943 shares of the technology company’s stock valued at $400,000 after acquiring an additional 478 shares during the period. Motley Fool Asset Management LLC raised its position in Fabrinet by 41.7% in the 3rd quarter. Motley Fool Asset Management LLC now owns 27,020 shares of the technology company’s stock valued at $11,464,000 after purchasing an additional 7,954 shares during the last quarter. Finally, North Dakota State Investment Board raised its position in Fabrinet by 3.9% in the 3rd quarter. North Dakota State Investment Board now owns 1,096 shares of the technology company’s stock valued at $465,000 after purchasing an additional 41 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Insider Transactions at Fabrinet

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total transaction of $964,775.00. Following the completion of the transaction, the executive vice president owned 7,007 shares in the company, valued at approximately $2,704,071.37. This represents a 26.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.22% of the company’s stock.

Fabrinet Trading Down 14.1%

NYSE:FN opened at $293.62 on Friday. Fabrinet has a 12-month low of $286.07 and a 12-month high of $748.89. The company has a current ratio of 2.04, a quick ratio of 1.52 and a debt-to-equity ratio of 0.03. The stock’s 50 day simple moving average is $396.23 and its 200-day simple moving average is $519.09. The firm has a market cap of $10.49 billion, a P/E ratio of 23.48 and a beta of 1.35.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, November 2nd. The technology company reported $4.34 earnings per share for the quarter, topping the consensus estimate of $4.21 by $0.13. Fabrinet had a return on equity of 22.32% and a net margin of 9.35%. The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period last year, the company earned $2.92 earnings per share. The company’s revenue for the quarter was up 50.7% on a year-over-year basis. Equities analysts anticipate that Fabrinet will post 17.57 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of Fabrinet from $465.00 to $470.00 and gave the stock a “neutral” rating in a research note on Tuesday. Rosenblatt Securities dropped their price objective on shares of Fabrinet from $750.00 to $600.00 and set a “buy” rating on the stock in a research note on Tuesday. Wall Street Zen cut shares of Fabrinet from a “buy” rating to a “hold” rating in a report on Monday, July 20th. Zacks Research upgraded shares of Fabrinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Finally, Barclays lowered their price target on Fabrinet from $739.00 to $496.00 and set an “overweight” rating on the stock in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $548.88.

About Fabrinet

Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.