Fabrinet (NYSE:FN) Shares Sold by Townsquare Capital LLC

Townsquare Capital LLC reduced its stake in shares of Fabrinet (NYSE:FN) by 4.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,811 shares of the technology company’s stock after selling 474 shares during the period. Townsquare Capital LLC’s holdings in Fabrinet were worth $2,556,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Opal Wealth Advisors LLC acquired a new stake in shares of Fabrinet during the 2nd quarter valued at approximately $28,000. Huntington National Bank increased its stake in Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after purchasing an additional 57 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of Fabrinet during the second quarter worth $35,000. Kimelman & Baird LLC bought a new position in shares of Fabrinet in the 2nd quarter worth about $49,000. Finally, NBC Securities Inc. boosted its holdings in shares of Fabrinet by 732.0% in the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock valued at $49,000 after buying an additional 183 shares during the period. Institutional investors own 97.38% of the company’s stock.

Fabrinet Trading Up 3.9 %

Fabrinet stock opened at $234.58 on Friday. The company’s 50-day moving average price is $244.01 and its two-hundred day moving average price is $238.05. The stock has a market cap of $8.51 billion, a price-to-earnings ratio of 27.76 and a beta of 0.95. Fabrinet has a 52 week low of $159.30 and a 52 week high of $278.38.

Fabrinet (NYSE:FN) last released its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The firm had revenue of $804.20 million during the quarter, compared to the consensus estimate of $771.24 million. During the same period in the prior year, the firm posted $1.78 earnings per share. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. Research analysts expect that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Analyst Ratings Changes

FN has been the subject of several recent research reports. JPMorgan Chase & Co. upped their target price on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and reduced their price target for the company from $194.00 to $178.00 in a report on Wednesday, November 20th. Barclays started coverage on shares of Fabrinet in a report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price objective on the stock. Rosenblatt Securities boosted their target price on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Finally, Needham & Company LLC began coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $252.14.

Insider Activity at Fabrinet

In related news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were 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 in the company, valued at $1,835,426.58. The trade was a 51.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.38% of the company’s stock.

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.