M&G Plc Cuts Holdings in Fabrinet (NYSE:FN)

M&G PLC cut its stake in shares of Fabrinet (NYSE:FN - Free Report) by 18.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 39,718 shares of the technology company's stock after selling 9,210 shares during the quarter. M&G PLC owned approximately 0.11% of Fabrinet worth $9,373,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of FN. Opal Wealth Advisors LLC acquired a new position in shares of Fabrinet during the second quarter worth approximately $28,000. Banque Cantonale Vaudoise bought a new stake in Fabrinet during the 2nd quarter valued at $35,000. Kimelman & Baird LLC acquired a new position in Fabrinet during the second quarter worth $49,000. NBC Securities Inc. lifted its stake in shares of Fabrinet by 732.0% in the third quarter. NBC Securities Inc. now owns 208 shares of the technology company's stock valued at $49,000 after buying an additional 183 shares in the last quarter. Finally, UMB Bank n.a. grew its holdings in shares of Fabrinet by 252.9% during the third quarter. UMB Bank n.a. now owns 240 shares of the technology company's stock valued at $57,000 after buying an additional 172 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Fabrinet Stock Performance

NYSE:FN traded up $8.70 on Friday, hitting $271.10. The stock had a trading volume of 681,477 shares, compared to its average volume of 491,708. Fabrinet has a 1 year low of $159.30 and a 1 year high of $278.38. The firm's fifty day simple moving average is $239.49 and its two-hundred day simple moving average is $232.77. The stock has a market cap of $9.83 billion, a P/E ratio of 32.08 and a beta of 0.95.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating analysts' consensus estimates of $2.38 by $0.01. Fabrinet had a return on equity of 18.50% and a net margin of 10.28%. The company had revenue of $804.20 million during the quarter, compared to the consensus estimate of $771.24 million. During the same period last year, the business posted $1.78 earnings per share. Fabrinet's revenue was up 17.3% on a year-over-year basis. Equities research analysts predict that Fabrinet will post 9.11 EPS for the current year.

Insider Transactions at Fabrinet

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the business's stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following the transaction, the executive vice president now directly owns 8,333 shares in the company, valued at $1,835,426.58. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of the business's stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the sale, the chief executive officer now owns 37,643 shares of the company's stock, valued at $10,163,610. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Edward T. Archer sold 8,690 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the sale, the executive vice president now owns 8,333 shares in the company, valued at approximately $1,835,426.58. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,728 shares of company stock worth $11,645,062 in the last ninety days. Company insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on FN shares. JPMorgan Chase & Co. upped their target price on shares of Fabrinet from $240.00 to $285.00 and gave the stock a "neutral" rating in a report on Tuesday, August 20th. Rosenblatt Securities increased their price objective on Fabrinet from $260.00 to $280.00 and gave the stock a "buy" rating in a research note on Tuesday, August 20th. Needham & Company LLC began coverage on Fabrinet in a report on Tuesday. They issued a "buy" rating and a $280.00 target price on the stock. Finally, B. Riley decreased their price target on Fabrinet from $196.00 to $194.00 and set a "neutral" rating for the company in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $248.17.

Fabrinet Company 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.