Fabrinet $FN Stock Holdings Cut by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. cut its holdings in shares of Fabrinet (NYSE:FN) by 14.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,532 shares of the technology company’s stock after selling 1,945 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Fabrinet were worth $4,893,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Sterling Capital Management LLC increased its stake in shares of Fabrinet by 587.3% in the third quarter. Sterling Capital Management LLC now owns 1,622 shares of the technology company’s stock worth $688,000 after purchasing an additional 1,386 shares in the last quarter. Brookstone Capital Management lifted its stake in shares of Fabrinet by 21.9% during the 3rd quarter. Brookstone Capital Management now owns 1,210 shares of the technology company’s stock valued at $513,000 after buying an additional 217 shares in the last quarter. Root Financial Partners LLC bought a new position in Fabrinet in the 3rd quarter worth approximately $40,000. SBI Securities Co. Ltd. boosted its holdings in Fabrinet by 50.7% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,213 shares of the technology company’s stock worth $515,000 after buying an additional 408 shares during the period. Finally, Reyes Financial Architecture Inc. bought a new position in Fabrinet in the 3rd quarter worth approximately $52,000. 97.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FN. Fox Advisors upgraded shares of Fabrinet from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, August 19th. Barclays increased their target price on Fabrinet from $702.00 to $739.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 18th. Wall Street Zen lowered Fabrinet from a “buy” rating to a “hold” rating in a report on Monday, July 20th. Weiss Ratings cut Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 9th. Finally, B. Riley Financial reduced their price target on Fabrinet from $598.00 to $431.00 and set a “neutral” rating for the company in a research report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Fabrinet currently has a consensus rating of “Moderate Buy” and an average target price of $631.88.

Insider Transactions at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total value of $964,775.00. Following the transaction, the executive vice president owned 7,007 shares of the company’s stock, valued at approximately $2,704,071.37. This represents a 26.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.22% of the stock is owned by corporate insiders.

Fabrinet Trading Up 5.8%

Shares of FN opened at $344.24 on Wednesday. Fabrinet has a twelve month low of $305.63 and a twelve month high of $748.89. The business’s 50-day moving average price is $411.21 and its 200-day moving average price is $523.86.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Tuesday, August 18th. The technology company reported $4.10 EPS for the quarter, beating analysts’ consensus estimates of $3.81 by $0.29. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fabrinet’s revenue was up 44.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.65 earnings per share. As a group, equities research analysts forecast that Fabrinet will post 17.50 EPS for the current year.

Fabrinet Company Profile

Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.