Kennedy Capital Management LLC Sells 2,367 Shares of Fabrinet $FN

Kennedy Capital Management LLC cut its holdings in Fabrinet (NYSE:FN) by 8.0% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 27,207 shares of the technology company’s stock after selling 2,367 shares during the quarter. Kennedy Capital Management LLC’s holdings in Fabrinet were worth $8,017,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new stake in Fabrinet during the 2nd quarter worth about $124,046,000. Invesco Ltd. lifted its position in shares of Fabrinet by 446.6% during the second quarter. Invesco Ltd. now owns 511,553 shares of the technology company’s stock worth $150,744,000 after purchasing an additional 417,959 shares in the last quarter. Westfield Capital Management Co. LP grew its stake in shares of Fabrinet by 102.8% during the second quarter. Westfield Capital Management Co. LP now owns 663,310 shares of the technology company’s stock valued at $195,464,000 after purchasing an additional 336,173 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Fabrinet in the first quarter valued at approximately $64,274,000. Finally, TD Asset Management Inc raised its position in Fabrinet by 25.4% in the 2nd quarter. TD Asset Management Inc now owns 599,337 shares of the technology company’s stock worth $176,613,000 after purchasing an additional 121,233 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Stock Up 5.5%

NYSE FN opened at $471.95 on Friday. The firm’s 50 day moving average is $415.87 and its 200-day moving average is $341.29. The company has a market capitalization of $16.91 billion, a PE ratio of 48.60 and a beta of 1.05. Fabrinet has a 12-month low of $148.55 and a 12-month high of $498.00.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Fabrinet in a research report on Tuesday. JPMorgan Chase & Co. boosted their price objective on Fabrinet from $430.00 to $530.00 and gave the company an “overweight” rating in a research report on Tuesday, November 4th. Barclays raised their target price on shares of Fabrinet from $329.00 to $499.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 5th. Zacks Research raised shares of Fabrinet from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 23rd. Finally, B. Riley increased their price objective on shares of Fabrinet from $184.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $451.29.

Insider Activity

In related news, Director Homa Bahrami sold 3,500 shares of Fabrinet stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $453.75, for a total value of $1,588,125.00. Following the sale, the director owned 18,316 shares of the company’s stock, valued at approximately $8,310,885. The trade was a 16.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Seamus Grady sold 22,451 shares of the company’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $446.95, for a total value of $10,034,474.45. Following the sale, the chief executive officer owned 23,573 shares in the company, valued at $10,535,952.35. The trade was a 48.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.24% of the company’s stock.

Fabrinet Company 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.