Oppenheimer Asset Management Inc. Decreases Stake in Fabrinet (NYSE:FN)

Oppenheimer Asset Management Inc. trimmed its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 18.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,450 shares of the technology company's stock after selling 3,192 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Fabrinet were worth $3,417,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Aigen Investment Management LP acquired a new stake in Fabrinet in the third quarter worth about $442,000. WCM Investment Management LLC raised its position in shares of Fabrinet by 31.2% in the 3rd quarter. WCM Investment Management LLC now owns 51,723 shares of the technology company's stock valued at $12,402,000 after purchasing an additional 12,289 shares during the last quarter. Nations Financial Group Inc. IA ADV acquired a new stake in Fabrinet in the 3rd quarter worth approximately $679,000. Versor Investments LP grew its position in Fabrinet by 118.3% during the 3rd quarter. Versor Investments LP now owns 7,374 shares of the technology company's stock worth $1,744,000 after purchasing an additional 3,996 shares during the last quarter. Finally, Chartwell Investment Partners LLC grew its position in Fabrinet by 101.7% during the 3rd quarter. Chartwell Investment Partners LLC now owns 5,283 shares of the technology company's stock worth $1,250,000 after purchasing an additional 2,664 shares during the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total value of $7,195,500.00. Following the sale, the chief executive officer now owns 37,643 shares of the company's stock, valued at approximately $10,163,610. This trade represents a 41.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Csaba Sverha sold 9,288 shares of the stock in a transaction on Friday, August 23rd. The shares were 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 directly owns 19,768 shares in the company, valued at approximately $5,338,941.44. The trade was a 31.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,728 shares of company stock worth $11,645,062. Company insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on FN shares. 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. Barclays assumed coverage on Fabrinet in a research report on Thursday. They set an "equal weight" rating and a $292.00 price target for the company. JPMorgan Chase & Co. boosted their price target on Fabrinet from $240.00 to $285.00 and gave the company a "neutral" rating in a research note on Tuesday, August 20th. Needham & Company LLC started coverage on Fabrinet in a research note on Tuesday, November 5th. They issued a "buy" rating and a $280.00 price objective for the company. Finally, B. Riley dropped their target price on Fabrinet from $196.00 to $194.00 and set a "neutral" rating on the stock in a research report on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Fabrinet presently has a consensus rating of "Hold" and a consensus price target of $254.43.

Fabrinet Stock Down 6.8 %

Shares of FN traded down $17.15 during mid-day trading on Friday, reaching $234.85. The company had a trading volume of 793,218 shares, compared to its average volume of 491,548. The stock has a market capitalization of $8.52 billion, a P/E ratio of 27.79 and a beta of 0.95. Fabrinet has a 52-week low of $159.30 and a 52-week high of $278.38. The stock has a 50 day moving average of $242.35 and a two-hundred day moving average of $235.59.

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