The Manufacturers Life Insurance Company Has $14.10 Million Stock Position in Fabrinet $FN

The Manufacturers Life Insurance Company reduced its holdings in shares of Fabrinet (NYSE:FN) by 8.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 27,032 shares of the technology company’s stock after selling 2,531 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Fabrinet were worth $14,098,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Ashton Thomas Private Wealth LLC acquired a new stake in Fabrinet during the 1st quarter worth approximately $203,000. Empowered Funds LLC acquired a new position in Fabrinet in the 1st quarter valued at $2,331,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Fabrinet by 4.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,444 shares of the technology company’s stock valued at $15,691,000 after buying an additional 3,717 shares in the last quarter. M&T Bank Corp bought a new position in Fabrinet during the 2nd quarter worth $214,000. Finally, EverSource Wealth Advisors LLC increased its position in Fabrinet by 574.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 533 shares of the technology company’s stock worth $157,000 after buying an additional 454 shares during the period. Institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Performance

Shares of NYSE FN opened at $437.60 on Monday. Fabrinet has a 52 week low of $272.49 and a 52 week high of $748.89. The stock has a market capitalization of $15.68 billion, a P/E ratio of 37.59 and a beta of 1.23. The stock’s fifty day moving average is $555.01 and its 200 day moving average is $564.78.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, May 4th. The technology company reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.58 by $0.14. The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Fabrinet had a net margin of 9.94% and a return on equity of 19.83%. Fabrinet’s revenue was up 39.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.52 earnings per share. Equities research analysts forecast that Fabrinet will post 12.97 earnings per share for the current year.

Insider Buying and Selling at Fabrinet

In related news, Director Homa Bahrami sold 2,500 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $711.91, for a total transaction of $1,779,775.00. Following the sale, the director owned 16,233 shares in the company, valued at approximately $11,556,435.03. This trade represents a 13.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Fox Advisors downgraded Fabrinet from a “strong-buy” rating to an “equal weight” rating in a report on Tuesday, May 5th. Weiss Ratings downgraded shares of Fabrinet from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. lowered their price target on shares of Fabrinet from $700.00 to $680.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. Zacks Research cut shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Finally, Barclays boosted their price objective on shares of Fabrinet from $548.00 to $702.00 and gave the company an “overweight” rating in a report on Tuesday, May 5th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $643.00.

Fabrinet Profile

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.