Harbor Capital Advisors Inc. Decreases Holdings in Fabrinet (NYSE:FN)

Harbor Capital Advisors Inc. trimmed its position in Fabrinet (NYSE:FN) by 2.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,526 shares of the technology company’s stock after selling 375 shares during the period. Harbor Capital Advisors Inc.’s holdings in Fabrinet were worth $2,672,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Assetmark Inc. increased its holdings in shares of Fabrinet by 12.0% during the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock valued at $106,000 after acquiring an additional 52 shares in the last quarter. CIBC Asset Management Inc grew its position in Fabrinet by 5.7% during the 4th quarter. CIBC Asset Management Inc now owns 1,113 shares of the technology company’s stock worth $245,000 after purchasing an additional 60 shares during the last quarter. Nations Financial Group Inc. IA ADV increased its stake in Fabrinet by 2.4% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 2,941 shares of the technology company’s stock valued at $647,000 after purchasing an additional 68 shares in the last quarter. Cim LLC increased its stake in Fabrinet by 1.4% during the 4th quarter. Cim LLC now owns 6,013 shares of the technology company’s stock valued at $1,322,000 after purchasing an additional 82 shares in the last quarter. Finally, Transamerica Financial Advisors Inc. raised its holdings in shares of Fabrinet by 17.2% in the fourth quarter. Transamerica Financial Advisors Inc. now owns 565 shares of the technology company’s stock worth $125,000 after buying an additional 83 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on FN. Barclays set a $234.00 price objective on shares of Fabrinet and gave the company an “equal weight” rating in a report on Tuesday, May 6th. Fox Advisors assumed coverage on Fabrinet in a research note on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price target on the stock. JPMorgan Chase & Co. raised their price objective on Fabrinet from $220.00 to $235.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. B. Riley raised Fabrinet from a “sell” rating to a “neutral” rating and decreased their target price for the stock from $178.00 to $176.00 in a report on Friday, April 4th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $280.00 price target on shares of Fabrinet in a report on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $239.29.

Fabrinet Stock Up 2.3%

Shares of FN stock opened at $243.22 on Thursday. Fabrinet has a 52-week low of $148.55 and a 52-week high of $281.79. The stock has a market cap of $8.71 billion, a PE ratio of 27.21 and a beta of 0.98. The business has a 50-day simple moving average of $211.80 and a 200-day simple moving average of $217.81.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.05. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The company had revenue of $871.80 million during the quarter, compared to analysts’ expectations of $857.12 million. During the same period last year, the business earned $2.39 earnings per share. Fabrinet’s quarterly revenue was up 19.2% on a year-over-year basis. Sell-side analysts anticipate that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Rollance E. Olson sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total value of $559,950.00. Following the completion of the sale, the director now directly owns 23,201 shares in the company, valued at $5,196,559.98. The trade was a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Harpal Gill sold 18,675 shares of the company’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total value of $4,482,000.00. Following the transaction, the chief operating officer now directly owns 18,068 shares of the company’s stock, valued at approximately $4,336,320. The trade was a 50.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.38% of the company’s stock.

Fabrinet Profile

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.