Sumitomo Mitsui Trust Group Inc. Reduces Stake in Fabrinet (NYSE:FN)

Sumitomo Mitsui Trust Group Inc. lessened its position in shares of Fabrinet (NYSE:FN - Free Report) by 94.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,437 shares of the technology company's stock after selling 25,050 shares during the quarter. Sumitomo Mitsui Trust Group Inc.'s holdings in Fabrinet were worth $340,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. nVerses Capital LLC purchased a new position in shares of Fabrinet during the 3rd quarter worth $567,000. Pitcairn Co. purchased a new stake in Fabrinet during the 1st quarter valued at approximately $544,000. DekaBank Deutsche Girozentrale grew its holdings in Fabrinet by 27.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company's stock valued at $15,036,000 after buying an additional 17,000 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Fabrinet by 279.5% during the first quarter. Russell Investments Group Ltd. now owns 22,294 shares of the technology company's stock valued at $4,214,000 after buying an additional 16,420 shares during the last quarter. Finally, Park Avenue Securities LLC raised its position in shares of Fabrinet by 68.6% during the second quarter. Park Avenue Securities LLC now owns 6,533 shares of the technology company's stock valued at $1,599,000 after buying an additional 2,658 shares during the last quarter. Institutional investors own 97.38% of the company's stock.

Insider Buying and Selling at Fabrinet

In related news, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.00, for a total value of $7,195,500.00. Following the completion of the transaction, the chief executive officer now owns 37,643 shares in the company, valued at $10,163,610. The trade was a 41.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Csaba Sverha sold 9,288 shares of the company's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the transaction, the chief financial officer now owns 19,768 shares of the company's stock, valued at $5,338,941.44. This represents a 31.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,728 shares of company stock valued at $11,645,062. 0.38% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FN has been the subject of several research analyst reports. B. Riley cut shares of Fabrinet from a "neutral" rating to a "sell" rating and cut their target price for the company from $194.00 to $178.00 in a research note on Wednesday. Barclays started coverage on Fabrinet in a report on Thursday, November 14th. They set an "equal weight" rating and a $292.00 price objective on the stock. Needham & Company LLC assumed coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They issued a "buy" rating and a $280.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on shares of Fabrinet from $240.00 to $285.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 20th. Finally, Rosenblatt Securities lifted their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the stock a "buy" rating in a research note on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Fabrinet currently has an average rating of "Hold" and an average price target of $252.14.

Fabrinet Price Performance

FN stock opened at $226.24 on Thursday. Fabrinet has a 1-year low of $159.30 and a 1-year high of $278.38. The business has a 50-day moving average price of $243.63 and a 200 day moving average price of $237.37. The company has a market capitalization of $8.21 billion, a P/E ratio of 26.77 and a beta of 0.95.

Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.38 by $0.01. The firm had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The company's quarterly revenue was up 17.3% on a year-over-year basis. During the same period last year, the firm earned $1.78 earnings per share. On average, analysts anticipate that Fabrinet will post 9.1 earnings per share for the current fiscal year.

About Fabrinet

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.