EFG Asset Management North America Corp. Cuts Stock Holdings in Fabrinet $FN

EFG Asset Management North America Corp. lowered its stake in Fabrinet (NYSE:FN) by 12.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,872 shares of the technology company’s stock after selling 2,307 shares during the quarter. EFG Asset Management North America Corp.’s holdings in Fabrinet were worth $5,794,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FN. Root Financial Partners LLC purchased a new stake in shares of Fabrinet in the third quarter worth about $34,000. Elevation Point Wealth Partners LLC bought a new stake in Fabrinet in the 2nd quarter worth approximately $35,000. First Horizon Advisors Inc. raised its holdings in shares of Fabrinet by 124.2% during the 2nd quarter. First Horizon Advisors Inc. now owns 139 shares of the technology company’s stock worth $41,000 after acquiring an additional 77 shares in the last quarter. Cullen Frost Bankers Inc. raised its holdings in shares of Fabrinet by 118.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 142 shares of the technology company’s stock worth $42,000 after acquiring an additional 77 shares in the last quarter. Finally, REAP Financial Group LLC boosted its position in shares of Fabrinet by 171.9% during the 2nd quarter. REAP Financial Group LLC now owns 155 shares of the technology company’s stock valued at $46,000 after acquiring an additional 98 shares during the last quarter. Institutional investors own 97.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FN. Susquehanna boosted their price target on shares of Fabrinet from $550.00 to $570.00 and gave the stock a “positive” rating in a research report on Thursday. JPMorgan Chase & Co. lifted their price objective on shares of Fabrinet from $430.00 to $530.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 4th. Northland Securities set a $600.00 target price on shares of Fabrinet in a report on Monday, December 22nd. Zacks Research downgraded shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Finally, Rosenblatt Securities lifted their price target on Fabrinet from $425.00 to $550.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Fabrinet presently has an average rating of “Moderate Buy” and an average price target of $477.13.

Fabrinet Price Performance

Shares of NYSE:FN opened at $473.87 on Tuesday. The firm has a market capitalization of $16.98 billion, a PE ratio of 48.80 and a beta of 1.04. The business has a 50 day simple moving average of $464.07 and a two-hundred day simple moving average of $399.18. Fabrinet has a 1 year low of $148.55 and a 1 year high of $531.22.

Insider Activity at Fabrinet

In other Fabrinet news, Director Thomas F. Kelly sold 2,200 shares of the company’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $464.14, for a total value of $1,021,108.00. Following the transaction, the director owned 18,789 shares of the company’s stock, valued at $8,720,726.46. This represents a 10.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Seamus Grady sold 22,451 shares of the stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $446.95, for a total value of $10,034,474.45. Following the completion of the sale, the chief executive officer owned 23,573 shares in the company, valued at approximately $10,535,952.35. The trade was a 48.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 28,151 shares of company stock worth $12,643,707 in the last quarter. 0.24% of the stock is owned by company insiders.

About Fabrinet

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.