Westfield Capital Management Co. LP Reduces Stock Position in Fabrinet (NYSE:FN)

Westfield Capital Management Co. LP reduced its position in Fabrinet (NYSE:FN) by 25.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 151,139 shares of the technology company’s stock after selling 51,904 shares during the period. Westfield Capital Management Co. LP owned approximately 0.42% of Fabrinet worth $35,735,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of FN. Legacy Wealth Asset Management LLC increased its holdings in Fabrinet by 3.2% during the third quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company’s stock valued at $325,000 after buying an additional 43 shares during the last quarter. Wolff Wiese Magana LLC grew its position in shares of Fabrinet by 2.7% during the 3rd quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company’s stock valued at $417,000 after acquiring an additional 47 shares during the period. Trust Point Inc. increased its stake in shares of Fabrinet by 4.7% in the 3rd quarter. Trust Point Inc. now owns 1,272 shares of the technology company’s stock worth $301,000 after purchasing an additional 57 shares in the last quarter. Huntington National Bank increased its stake in shares of Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after purchasing an additional 57 shares in the last quarter. Finally, Cim LLC raised its holdings in Fabrinet by 1.0% in the 2nd quarter. Cim LLC now owns 5,980 shares of the technology company’s stock worth $1,344,000 after purchasing an additional 61 shares during the period. Institutional investors own 97.38% of the company’s stock.

Insider Activity at Fabrinet

In related news, EVP Edward T. Archer sold 8,690 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the transaction, the executive vice president now owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. This trade represents a 51.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.38% of the stock is currently owned by insiders.

Fabrinet Stock Performance

Shares of NYSE FN opened at $230.43 on Monday. The company has a market cap of $8.36 billion, a P/E ratio of 27.27 and a beta of 0.95. The firm’s fifty day moving average is $244.00 and its two-hundred day moving average is $237.91. Fabrinet has a 52-week low of $159.30 and a 52-week high of $278.38.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating 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 company had revenue of $804.20 million during the quarter, compared to analyst estimates of $771.24 million. During the same period in the prior year, the company earned $1.78 earnings per share. The firm’s revenue was up 17.3% on a year-over-year basis. As a group, analysts forecast that Fabrinet will post 9.1 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

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.