TD Asset Management Inc Increases Holdings in Fabrinet (NYSE:FN)

TD Asset Management Inc increased its holdings in shares of Fabrinet (NYSE:FN) by 17.8% in the first quarter, Holdings Channel reports. The firm owned 478,104 shares of the technology company’s stock after acquiring an additional 72,385 shares during the period. TD Asset Management Inc’s holdings in Fabrinet were worth $94,430,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Berbice Capital Management LLC purchased a new stake in Fabrinet during the 1st quarter worth $30,000. Wayfinding Financial LLC purchased a new stake in Fabrinet during the 1st quarter worth $30,000. Private Trust Co. NA boosted its position in Fabrinet by 44.3% during the 1st quarter. Private Trust Co. NA now owns 166 shares of the technology company’s stock worth $33,000 after purchasing an additional 51 shares during the period. SBI Securities Co. Ltd. boosted its position in Fabrinet by 93.5% during the 1st quarter. SBI Securities Co. Ltd. now owns 180 shares of the technology company’s stock worth $36,000 after purchasing an additional 87 shares during the period. Finally, Versant Capital Management Inc boosted its position in Fabrinet by 353.7% in the 1st quarter. Versant Capital Management Inc now owns 186 shares of the technology company’s stock valued at $37,000 after buying an additional 145 shares during the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FN. Rosenblatt Securities upped their price objective on shares of Fabrinet from $250.00 to $290.00 and gave the company a “buy” rating in a research report on Thursday, June 12th. JPMorgan Chase & Co. upped their price objective on shares of Fabrinet from $235.00 to $318.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Barclays set a $234.00 price objective on shares of Fabrinet and gave the company an “equal weight” rating in a research report on Tuesday, May 6th. B. Riley raised shares of Fabrinet from a “sell” rating to a “neutral” rating and decreased their price objective for the company from $178.00 to $176.00 in a research report on Friday, April 4th. Finally, Wolfe Research began coverage on shares of Fabrinet in a research report on Tuesday, July 8th. They issued a “peer perform” rating for the company. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Fabrinet has a consensus rating of “Hold” and a consensus price target of $261.33.

Insider Activity

In other 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 transaction, the director owned 23,201 shares of the company’s stock, valued at approximately $5,196,559.98. This trade represents a 9.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Harpal Gill sold 18,675 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total transaction of $4,482,000.00. Following the transaction, the chief operating officer directly owned 18,068 shares in the company, valued at $4,336,320. The trade was a 50.83% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.38% of the company’s stock.

Fabrinet Stock Performance

Shares of FN stock opened at $308.29 on Friday. Fabrinet has a one year low of $148.55 and a one year high of $314.47. The company’s 50-day simple moving average is $267.74 and its 200-day simple moving average is $230.34. The stock has a market capitalization of $11.05 billion, a price-to-earnings ratio of 34.33 and a beta of 1.04.

Fabrinet (NYSE:FN) last issued 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 10.00% and a return on equity of 17.99%. The business had revenue of $871.80 million for the quarter, compared to analysts’ expectations of $857.12 million. During the same quarter last year, the company posted $2.39 earnings per share. The company’s quarterly revenue was up 19.2% compared to the same quarter last year. As a group, research analysts forecast that Fabrinet will post 9.4 EPS 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.