Man Group plc Cuts Stake in Fabrinet (NYSE:FN)

Man Group plc trimmed its position in shares of Fabrinet (NYSE:FN) by 78.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 23,354 shares of the technology company’s stock after selling 82,985 shares during the period. Man Group plc’s holdings in Fabrinet were worth $5,135,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Huntington National Bank boosted its holdings in shares of Fabrinet by 66.7% during the 4th quarter. Huntington National Bank now owns 230 shares of the technology company’s stock valued at $51,000 after acquiring an additional 92 shares during the last quarter. Quarry LP grew its position in Fabrinet by 315.8% during the fourth quarter. Quarry LP now owns 237 shares of the technology company’s stock valued at $52,000 after buying an additional 180 shares during the period. IFP Advisors Inc grew its position in Fabrinet by 576.2% during the fourth quarter. IFP Advisors Inc now owns 284 shares of the technology company’s stock valued at $63,000 after buying an additional 242 shares during the period. Assetmark Inc. grew its position in 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 buying an additional 52 shares during the period. Finally, Transamerica Financial Advisors Inc. lifted its holdings in Fabrinet by 17.2% during the fourth quarter. Transamerica Financial Advisors Inc. now owns 565 shares of the technology company’s stock valued at $125,000 after purchasing an additional 83 shares in the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on FN shares. B. Riley raised shares of Fabrinet from a “sell” rating to a “neutral” rating and lowered their price target for the company from $178.00 to $176.00 in a report on Friday, April 4th. Rosenblatt Securities boosted their target price on shares of Fabrinet from $230.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, May 6th. Needham & Company LLC reissued a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a report on Tuesday, May 6th. Barclays set a $234.00 target price on shares of Fabrinet and gave the stock an “equal weight” rating in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Fabrinet from $220.00 to $235.00 and gave the stock a “neutral” rating 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 company’s stock. According to data from MarketBeat, Fabrinet currently has an average rating of “Hold” and an average price target of $239.29.

Insiders Place Their Bets

In other Fabrinet news, Director Rollance E. Olson sold 2,500 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total transaction of $559,950.00. Following the completion of the sale, the director now directly owns 23,201 shares of the company’s stock, valued at approximately $5,196,559.98. This represents a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.38% of the stock is owned by company insiders.

Fabrinet Trading Down 0.0%

NYSE FN opened at $227.72 on Wednesday. The stock has a market cap of $8.16 billion, a PE ratio of 25.47 and a beta of 0.95. Fabrinet has a 12 month low of $148.55 and a 12 month high of $281.79. The company’s 50-day moving average price is $203.62 and its 200-day moving average price is $218.90.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, May 5th. The technology company reported $2.52 EPS for the quarter, topping the consensus estimate of $2.47 by $0.05. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. The company had revenue of $871.80 million for the quarter, compared to the consensus estimate of $857.12 million. During the same quarter last year, the firm posted $2.39 EPS. The firm’s revenue was up 19.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Fabrinet will post 9.4 earnings per share for the current year.

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.