Empowered Funds LLC Decreases Stock Holdings in Fabrinet $FN

Empowered Funds LLC lowered its stake in shares of Fabrinet (NYSE:FN) by 40.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,024 shares of the technology company’s stock after selling 4,072 shares during the quarter. Empowered Funds LLC’s holdings in Fabrinet were worth $3,142,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Core Wealth Advisors LLC bought a new position in Fabrinet in the fourth quarter worth about $25,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Fabrinet during the 1st quarter valued at $31,000. Harbour Investments Inc. lifted its holdings in shares of Fabrinet by 75.0% during the 4th quarter. Harbour Investments Inc. now owns 63 shares of the technology company’s stock valued at $29,000 after purchasing an additional 27 shares during the last quarter. Creative Financial Designs Inc. ADV acquired a new stake in shares of Fabrinet in the 4th quarter worth $32,000. Finally, Quarry LP boosted its position in shares of Fabrinet by 300.0% in the 4th quarter. Quarry LP now owns 72 shares of the technology company’s stock worth $33,000 after purchasing an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Performance

Fabrinet stock opened at $456.09 on Tuesday. The business’s 50-day simple moving average is $550.01 and its two-hundred day simple moving average is $564.55. The company has a market cap of $16.34 billion, a PE ratio of 39.18 and a beta of 1.20. Fabrinet has a fifty-two week low of $272.49 and a fifty-two week high of $748.89.

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

Insider Buying and Selling

In related news, Director Homa Bahrami sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $711.91, for a total value of $1,779,775.00. Following the sale, the director owned 16,233 shares in the company, valued at $11,556,435.03. This represents a 13.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.24% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

FN has been the topic of several research analyst reports. Zacks Research downgraded Fabrinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Weiss Ratings lowered Fabrinet from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. cut their price objective on shares of Fabrinet from $700.00 to $680.00 and set a “neutral” rating on the stock in a report on Tuesday, May 5th. Wall Street Zen cut shares of Fabrinet from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Finally, Barclays boosted their target price on shares of Fabrinet from $548.00 to $702.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.