Thrivent Financial for Lutherans Trims Stock Holdings in Fabrinet (NYSE:FN)

Thrivent Financial for Lutherans lowered its stake in shares of Fabrinet (NYSE:FN) by 4.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 408,146 shares of the technology company’s stock after selling 18,186 shares during the period. Thrivent Financial for Lutherans owned 1.13% of Fabrinet worth $96,502,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FN. Opal Wealth Advisors LLC purchased a new stake in Fabrinet during the 2nd quarter worth about $28,000. Huntington National Bank increased its position in shares of Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after buying an additional 57 shares during the period. Banque Cantonale Vaudoise bought a new position in shares of Fabrinet in the second quarter valued at approximately $35,000. Kimelman & Baird LLC bought a new position in shares of Fabrinet in the second quarter valued at approximately $49,000. Finally, NBC Securities Inc. grew its stake in Fabrinet by 732.0% during the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock valued at $49,000 after acquiring an additional 183 shares in the last quarter. 97.38% of the stock is owned by institutional investors.

Analyst Ratings Changes

FN has been the subject of several analyst reports. Rosenblatt Securities raised their price target on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. B. Riley dropped their price objective on Fabrinet from $196.00 to $194.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Needham & Company LLC initiated coverage on Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 target price on the stock. Barclays assumed coverage on Fabrinet in a research report on Thursday. They set an “equal weight” rating and a $292.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Four 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.com, Fabrinet currently has an average rating of “Hold” and an average target price of $254.43.

Insiders Place Their Bets

In other news, CFO Csaba Sverha sold 100 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $270.00, for a total transaction of $27,000.00. Following the completion of the transaction, the chief financial officer now directly owns 19,347 shares of the company’s stock, valued at approximately $5,223,690. This represents a 0.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Seamus Grady sold 26,650 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total value of $7,195,500.00. Following the transaction, the chief executive officer now directly owns 37,643 shares of the company’s stock, valued at $10,163,610. The trade was a 41.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 44,728 shares of company stock valued at $11,645,062 over the last three months. Insiders own 0.38% of the company’s stock.

Fabrinet Trading Down 6.8 %

Shares of NYSE FN opened at $234.85 on Monday. The stock’s 50-day moving average is $242.35 and its 200 day moving average is $236.02. The stock has a market cap of $8.52 billion, a price-to-earnings ratio of 27.79 and a beta of 0.95. Fabrinet has a 1-year low of $159.30 and a 1-year high of $278.38.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The firm had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. During the same period last year, the firm posted $1.78 earnings per share. The business’s revenue was up 17.3% compared to the same quarter last year. On average, analysts forecast that Fabrinet will post 9.1 EPS for the current fiscal year.

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.