Fabrinet (FN) Shares Sold by Northpointe Capital LLC
Northpointe Capital LLC cut its stake in Fabrinet (NYSE:FN) by 7.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 254,464 shares of the technology company’s stock after selling 19,518 shares during the period. Fabrinet comprises about 1.1% of Northpointe Capital LLC’s holdings, making the stock its 18th largest position. Northpointe Capital LLC’s holdings in Fabrinet were worth $10,855,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Tower Research Capital LLC TRC raised its stake in shares of Fabrinet by 1.9% in the first quarter. Tower Research Capital LLC TRC now owns 2,608 shares of the technology company’s stock valued at $110,000 after buying an additional 48 shares during the last quarter. Quantbot Technologies LP raised its stake in shares of Fabrinet by 55.0% in the first quarter. Quantbot Technologies LP now owns 2,755 shares of the technology company’s stock valued at $115,000 after buying an additional 978 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in shares of Fabrinet during the first quarter valued at approximately $127,000. PNC Financial Services Group Inc. raised its stake in shares of Fabrinet by 63.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,038 shares of the technology company’s stock valued at $129,000 after buying an additional 1,178 shares during the last quarter. Finally, LS Investment Advisors LLC raised its stake in shares of Fabrinet by 196.1% in the first quarter. LS Investment Advisors LLC now owns 3,903 shares of the technology company’s stock valued at $164,000 after buying an additional 2,585 shares during the last quarter. 95.10% of the stock is owned by institutional investors.
Shares of Fabrinet (NYSE:FN) opened at 42.18 on Tuesday. The company has a market cap of $1.57 billion, a price-to-earnings ratio of 17.73 and a beta of 1.08. The firm’s 50-day moving average price is $44.00 and its 200 day moving average price is $40.81. Fabrinet has a 12-month low of $31.97 and a 12-month high of $49.63.
Several brokerages recently commented on FN. ValuEngine lowered Fabrinet from a “buy” rating to a “hold” rating in a report on Monday. B. Riley reissued a “buy” rating and set a $44.75 price target on shares of Fabrinet in a report on Monday, May 15th. Zacks Investment Research raised Fabrinet from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Piper Jaffray Companies reissued an “overweight” rating on shares of Fabrinet in a report on Wednesday, May 10th. Finally, J P Morgan Chase & Co set a $57.00 price target on Fabrinet and gave the company a “buy” rating in a report on Thursday, June 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $52.46.
In other Fabrinet news, CEO David T. Mitchell sold 52,500 shares of the stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $41.22, for a total transaction of $2,164,050.00. Following the sale, the chief executive officer now directly owns 42,631 shares of the company’s stock, valued at approximately $1,757,249.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.30% of the stock is currently owned by company insiders.
Fabrinet Company Profile
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.
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