Fabrinet $FN Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC trimmed its position in Fabrinet (NYSE:FN) by 5.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,537 shares of the technology company’s stock after selling 2,171 shares during the quarter. Mutual of America Capital Management LLC owned approximately 0.12% of Fabrinet worth $15,145,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Root Financial Partners LLC purchased a new stake in Fabrinet during the 3rd quarter worth about $34,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Fabrinet during the 2nd quarter worth about $35,000. First Horizon Advisors Inc. lifted its stake in Fabrinet by 124.2% during the second quarter. First Horizon Advisors Inc. now owns 139 shares of the technology company’s stock worth $41,000 after purchasing an additional 77 shares during the last quarter. Cullen Frost Bankers Inc. boosted its holdings in Fabrinet by 118.5% in the second quarter. Cullen Frost Bankers Inc. now owns 142 shares of the technology company’s stock valued at $42,000 after purchasing an additional 77 shares in the last quarter. Finally, REAP Financial Group LLC increased its stake in Fabrinet by 171.9% in the second quarter. REAP Financial Group LLC now owns 155 shares of the technology company’s stock valued at $46,000 after purchasing an additional 98 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Insider Transactions at Fabrinet

In related news, CEO Seamus Grady sold 22,451 shares of the stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $446.95, for a total transaction of $10,034,474.45. Following the completion of the transaction, the chief executive officer directly owned 23,573 shares of the company’s stock, valued at $10,535,952.35. This represents a 48.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Homa Bahrami sold 3,500 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $453.75, for a total transaction of $1,588,125.00. Following the completion of 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 position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 28,151 shares of company stock worth $12,643,707 over the last ninety days. 0.24% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on FN shares. Northland Securities set a $600.00 price objective on shares of Fabrinet in a research report on Monday, December 22nd. Needham & Company LLC upped their price objective on shares of Fabrinet from $440.00 to $540.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Zacks Research cut Fabrinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Barclays raised Fabrinet from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $499.00 to $537.00 in a research report on Wednesday, January 14th. Finally, JPMorgan Chase & Co. lifted their price target on Fabrinet from $430.00 to $530.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 4th. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $477.13.

Fabrinet Price Performance

NYSE:FN opened at $467.33 on Monday. The firm has a market cap of $16.74 billion, a price-to-earnings ratio of 48.13 and a beta of 1.04. The firm’s fifty day moving average price is $462.91 and its 200 day moving average price is $397.88. Fabrinet has a 1-year low of $148.55 and a 1-year high of $531.22.

About Fabrinet

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.