US Bancorp DE Has $3 Million Stock Holdings in Fabrinet (NYSE:FN)

US Bancorp DE cut its stake in shares of Fabrinet (NYSE:FN) by 6.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,676 shares of the technology company’s stock after selling 931 shares during the period. US Bancorp DE’s holdings in Fabrinet were worth $2,997,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. TD Asset Management Inc raised its position in Fabrinet by 216.1% during the first quarter. TD Asset Management Inc now owns 409,761 shares of the technology company’s stock valued at $77,453,000 after buying an additional 280,145 shares during the period. Epoch Investment Partners Inc. raised its position in Fabrinet by 291.0% during the first quarter. Epoch Investment Partners Inc. now owns 275,531 shares of the technology company’s stock valued at $52,081,000 after buying an additional 205,057 shares during the period. Driehaus Capital Management LLC raised its position in Fabrinet by 183.5% during the second quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock valued at $68,046,000 after buying an additional 179,943 shares during the period. Clearbridge Investments LLC acquired a new position in Fabrinet during the second quarter valued at $27,911,000. Finally, Kennedy Capital Management LLC acquired a new position in Fabrinet during the first quarter valued at $15,637,000. 97.38% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fabrinet

In other news, CEO Seamus Grady sold 26,650 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the completion of the sale, the chief executive officer now owns 37,643 shares in the company, valued at approximately $10,163,610. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Seamus Grady sold 26,650 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the completion of the sale, the chief executive officer now owns 37,643 shares in the company, valued at $10,163,610. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Csaba Sverha sold 100 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $270.00, for a total value of $27,000.00. Following the sale, the chief financial officer now owns 19,347 shares of the company’s stock, valued at approximately $5,223,690. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,728 shares of company stock worth $11,645,062. 0.38% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. upped their price target on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Needham & Company LLC assumed coverage on Fabrinet in a research report on Tuesday. They issued a “buy” rating and a $280.00 target price on the stock. 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. Finally, Rosenblatt Securities upped their target price on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $248.17.

Fabrinet Stock Performance

FN opened at $230.55 on Wednesday. The company has a market cap of $8.36 billion, a PE ratio of 28.46 and a beta of 0.95. The stock has a 50-day moving average of $238.50 and a 200-day moving average of $231.70. Fabrinet has a 52-week low of $157.55 and a 52-week high of $278.38.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.35. The company had revenue of $753.26 million during the quarter, compared to the consensus estimate of $732.63 million. Fabrinet had a return on equity of 18.10% and a net margin of 10.27%. The firm’s revenue was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.68 EPS. On average, research analysts predict that Fabrinet will post 9.11 earnings per share for the current year.

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.