Nations Financial Group Inc. IA ADV Takes $679,000 Position in Fabrinet (NYSE:FN)

Nations Financial Group Inc. IA ADV acquired a new position in shares of Fabrinet (NYSE:FN) in the 3rd quarter, Holdings Channel reports. The fund acquired 2,873 shares of the technology company’s stock, valued at approximately $679,000.

Other hedge funds have also modified their holdings of the company. Legacy Wealth Asset Management LLC increased its stake in Fabrinet by 3.2% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company’s stock valued at $325,000 after buying an additional 43 shares during the last quarter. Wolff Wiese Magana LLC increased its position in shares of Fabrinet by 2.7% in the third quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company’s stock valued at $417,000 after acquiring an additional 47 shares during the last quarter. Trust Point Inc. increased its position in shares of Fabrinet by 4.7% in the third quarter. Trust Point Inc. now owns 1,272 shares of the technology company’s stock valued at $301,000 after acquiring an additional 57 shares during the last quarter. Cim LLC raised its holdings in Fabrinet by 1.0% during the second quarter. Cim LLC now owns 5,980 shares of the technology company’s stock worth $1,344,000 after acquiring an additional 61 shares in the last quarter. Finally, Ausbil Investment Management Ltd boosted its position in Fabrinet by 0.5% during the third quarter. Ausbil Investment Management Ltd now owns 14,741 shares of the technology company’s stock valued at $3,485,000 after purchasing an additional 76 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fabrinet

In other news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the sale, the executive vice president now 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 37,643 shares in the company, valued at $10,163,610. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Edward T. Archer sold 8,690 shares of Fabrinet 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 directly owns 8,333 shares of the company’s stock, valued at $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 a total of 44,728 shares of company stock valued at $11,645,062 in the last three months. 0.38% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have weighed in on FN. JPMorgan Chase & Co. boosted their price target on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Rosenblatt Securities boosted their target price on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. B. Riley cut their price target on shares of Fabrinet from $196.00 to $194.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Finally, Needham & Company LLC began coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price objective for the company. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $248.17.

Fabrinet Trading Down 2.7 %

FN opened at $251.81 on Thursday. The stock’s fifty day simple moving average is $240.79 and its 200 day simple moving average is $234.94. Fabrinet has a 1-year low of $159.30 and a 1-year high of $278.38. The stock has a market cap of $9.13 billion, a PE ratio of 30.63 and a beta of 0.95.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.01. The company had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The company’s revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.78 earnings per share. Equities analysts forecast that Fabrinet will post 9.1 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.