BNP Paribas Financial Markets Sells 7,452 Shares of Fabrinet (NYSE:FN)

BNP Paribas Financial Markets cut its position in Fabrinet (NYSE:FN) by 36.3% in the fourth quarter, HoldingsChannel.com reports. The firm owned 13,062 shares of the technology company’s stock after selling 7,452 shares during the period. BNP Paribas Financial Markets’ holdings in Fabrinet were worth $2,872,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Barclays PLC increased its holdings in Fabrinet by 304.6% in the 3rd quarter. Barclays PLC now owns 69,128 shares of the technology company’s stock worth $16,345,000 after buying an additional 52,042 shares during the period. Janney Montgomery Scott LLC increased its holdings in Fabrinet by 2.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 3,279 shares of the technology company’s stock worth $721,000 after buying an additional 82 shares during the period. T. Rowe Price Investment Management Inc. acquired a new position in Fabrinet in the 4th quarter worth approximately $1,945,000. Tokio Marine Asset Management Co. Ltd. acquired a new position in Fabrinet in the 4th quarter worth approximately $4,615,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Fabrinet by 178.9% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,008 shares of the technology company’s stock worth $881,000 after buying an additional 2,571 shares during the period. 97.38% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Rollance E. Olson sold 2,500 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total value of $559,950.00. Following the completion of the transaction, the director now directly owns 23,201 shares of the company’s stock, valued at approximately $5,196,559.98. This represents a 9.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.38% of the company’s stock.

Fabrinet Price Performance

Shares of NYSE:FN opened at $223.76 on Friday. Fabrinet has a 1 year low of $148.55 and a 1 year high of $281.79. The firm has a market capitalization of $8.02 billion, a price-to-earnings ratio of 25.03 and a beta of 0.95. The business’s 50 day moving average price is $202.36 and its 200-day moving average price is $219.46.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.05. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The firm had revenue of $871.80 million for the quarter, compared to analyst estimates of $857.12 million. During the same quarter last year, the firm posted $2.39 EPS. The business’s revenue was up 19.2% on a year-over-year basis. On average, sell-side analysts expect that Fabrinet will post 9.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

FN has been the topic of several research reports. B. Riley upgraded shares of Fabrinet from a “sell” rating to a “neutral” rating and cut their price target for the stock from $178.00 to $176.00 in a report on Friday, April 4th. Needham & Company LLC reiterated a “buy” rating and issued a $280.00 price target on shares of Fabrinet in a report on Tuesday, May 6th. Barclays set a $234.00 price objective on Fabrinet and gave the stock an “equal weight” rating in a research report on Tuesday, May 6th. Rosenblatt Securities upped their price objective on Fabrinet from $230.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. upped their price objective on Fabrinet from $220.00 to $235.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Fabrinet currently has a consensus rating of “Hold” and an average target price of $239.29.

About Fabrinet

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.