M&G Plc Reduces Stake in Fabrinet (NYSE:FN)

M&G Plc lowered its holdings in Fabrinet (NYSE:FN) by 4.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 48,928 shares of the technology company’s stock after selling 2,496 shares during the quarter. M&G Plc owned approximately 0.14% of Fabrinet worth $11,987,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of FN. Congress Asset Management Co. MA purchased a new position in shares of Fabrinet in the 4th quarter valued at approximately $99,045,000. TD Asset Management Inc lifted its stake in shares of Fabrinet by 216.1% in the 1st quarter. TD Asset Management Inc now owns 409,761 shares of the technology company’s stock valued at $77,453,000 after purchasing an additional 280,145 shares during the period. Epoch Investment Partners Inc. raised its stake in Fabrinet by 291.0% during the first quarter. Epoch Investment Partners Inc. now owns 275,531 shares of the technology company’s stock valued at $52,081,000 after buying an additional 205,057 shares during the last quarter. Kennedy Capital Management LLC purchased a new position in Fabrinet during the first quarter valued at $15,637,000. Finally, Congress Wealth Management LLC DE purchased a new position in Fabrinet during the fourth quarter valued at $10,936,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Up 5.0 %

Shares of Fabrinet stock opened at $217.75 on Wednesday. The stock’s 50-day simple moving average is $233.82 and its 200-day simple moving average is $213.55. Fabrinet has a 52 week low of $114.83 and a 52 week high of $266.39. The company has a market capitalization of $7.87 billion, a price-to-earnings ratio of 28.92 and a beta of 0.96.

Insider Activity

In related news, Director Frank H. Levinson sold 6,000 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $241.71, for a total value of $1,450,260.00. Following the sale, the director now directly owns 5,709 shares in the company, valued at $1,379,922.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.51% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on FN. JPMorgan Chase & Co. lifted their price objective on Fabrinet from $230.00 to $240.00 and gave the stock a “neutral” rating in a report on Monday. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price objective on shares of Fabrinet in a report on Tuesday, May 7th. Jefferies Financial Group began coverage on Fabrinet in a research report on Wednesday, June 26th. They set a “hold” rating and a $230.00 target price on the stock. Finally, B. Riley lowered their target price on Fabrinet from $173.00 to $171.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $171.78.

Fabrinet Profile

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.