Healthcare of Ontario Pension Plan Trust Fund Decreases Stock Position in Fabrinet (NYSE:FN)

Healthcare of Ontario Pension Plan Trust Fund reduced its holdings in shares of Fabrinet (NYSE:FN) by 42.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,000 shares of the technology company’s stock after selling 5,900 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Fabrinet were worth $1,892,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Blueshift Asset Management LLC purchased a new position in Fabrinet during the third quarter worth $397,000. Freedom Investment Management Inc. boosted its stake in shares of Fabrinet by 106.2% during the third quarter. Freedom Investment Management Inc. now owns 4,969 shares of the technology company’s stock valued at $1,175,000 after acquiring an additional 2,559 shares during the last quarter. Cynosure Group LLC increased its position in Fabrinet by 3.4% during the 3rd quarter. Cynosure Group LLC now owns 1,560 shares of the technology company’s stock worth $369,000 after purchasing an additional 51 shares in the last quarter. Transamerica Financial Advisors Inc. acquired a new position in Fabrinet in the 3rd quarter valued at about $114,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in Fabrinet by 150.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 35,047 shares of the technology company’s stock valued at $8,287,000 after purchasing an additional 21,050 shares in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Barclays initiated coverage on Fabrinet in a report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price target for the company. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. Rosenblatt Securities upped their target price on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Finally, Needham & Company LLC began coverage on Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Fabrinet presently has an average rating of “Hold” and a consensus price target of $252.14.

Insider Activity

In other news, EVP Edward T. Archer sold 8,690 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the sale, the executive vice president now owns 8,333 shares in the company, valued at approximately $1,835,426.58. This trade represents a 51.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.38% of the company’s stock.

Fabrinet Trading Up 3.9 %

FN stock opened at $234.58 on Monday. The company has a market cap of $8.51 billion, a PE ratio of 27.76 and a beta of 0.95. The stock has a 50-day moving average price of $244.01 and a two-hundred day moving average price of $238.06. Fabrinet has a 12-month low of $159.30 and a 12-month high of $278.38.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The business had revenue of $804.20 million during the quarter, compared to analysts’ expectations of $771.24 million. During the same quarter in the previous year, the business earned $1.78 EPS. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. Equities analysts forecast that Fabrinet will post 9.1 EPS for the current fiscal year.

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.