Shell Asset Management Co. Trims Position in Fabrinet (NYSE:FN)

Shell Asset Management Co. cut its holdings in shares of Fabrinet (NYSE:FNGet Rating) by 12.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,744 shares of the technology company’s stock after selling 851 shares during the period. Shell Asset Management Co.’s holdings in Fabrinet were worth $604,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FN. abrdn plc lifted its holdings in Fabrinet by 0.7% in the first quarter. abrdn plc now owns 474,582 shares of the technology company’s stock valued at $49,972,000 after acquiring an additional 3,301 shares during the period. Seizert Capital Partners LLC purchased a new stake in Fabrinet in the first quarter worth about $1,709,000. Mutual of America Capital Management LLC grew its position in shares of Fabrinet by 614.8% during the first quarter. Mutual of America Capital Management LLC now owns 36,148 shares of the technology company’s stock worth $3,800,000 after purchasing an additional 31,091 shares in the last quarter. SG Americas Securities LLC grew its position in shares of Fabrinet by 93.7% during the first quarter. SG Americas Securities LLC now owns 11,170 shares of the technology company’s stock worth $1,174,000 after purchasing an additional 5,403 shares in the last quarter. Finally, Park Avenue Securities LLC grew its position in shares of Fabrinet by 13.8% during the first quarter. Park Avenue Securities LLC now owns 4,297 shares of the technology company’s stock worth $452,000 after purchasing an additional 520 shares in the last quarter. 95.89% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Stock Down 0.4 %

Shares of NYSE FN opened at $95.72 on Tuesday. Fabrinet has a 52-week low of $74.57 and a 52-week high of $126.28. The firm has a fifty day moving average of $84.26 and a 200-day moving average of $94.36. The stock has a market capitalization of $3.52 billion, a PE ratio of 19.22 and a beta of 0.99. The company has a quick ratio of 2.02, a current ratio of 2.92 and a debt-to-equity ratio of 0.01.

Fabrinet (NYSE:FNGet Rating) last announced its quarterly earnings data on Monday, May 2nd. The technology company reported $1.35 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.35. The company had revenue of $564.40 million during the quarter, compared to analysts’ expectations of $575.72 million. Fabrinet had a net margin of 8.54% and a return on equity of 16.00%. During the same period in the previous year, the company earned $1.03 EPS. On average, analysts anticipate that Fabrinet will post 5.29 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Loop Capital assumed coverage on Fabrinet in a report on Monday, April 25th. They set a “buy” rating and a $129.00 price target for the company. StockNews.com raised Fabrinet from a “hold” rating to a “buy” rating in a research report on Friday. B. Riley cut their price target on Fabrinet from $100.00 to $96.00 in a report on Tuesday, May 3rd. Finally, JPMorgan Chase & Co. lowered their price target on Fabrinet from $115.00 to $88.00 and set a “neutral” rating for the company in a research report on Thursday, July 14th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $113.17.

Fabrinet Company Profile

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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.

Further Reading

Institutional Ownership by Quarter for Fabrinet (NYSE:FN)

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