Wedge Capital Management L L P NC Has $72.39 Million Stock Holdings in Fabrinet $FN

Wedge Capital Management L L P NC grew its position in Fabrinet (NYSE:FN) by 11.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 128,795 shares of the technology company’s stock after purchasing an additional 13,245 shares during the quarter. Fabrinet makes up approximately 1.2% of Wedge Capital Management L L P NC’s portfolio, making the stock its 20th largest holding. Wedge Capital Management L L P NC owned 0.36% of Fabrinet worth $72,393,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Glenmede Trust Co. NA lifted its position in Fabrinet by 1.7% during the 1st quarter. Glenmede Trust Co. NA now owns 1,168 shares of the technology company’s stock worth $609,000 after acquiring an additional 19 shares during the last quarter. REAP Financial Group LLC lifted its holdings in shares of Fabrinet by 15.7% during the fourth quarter. REAP Financial Group LLC now owns 192 shares of the technology company’s stock worth $87,000 after buying an additional 26 shares during the last quarter. Harbour Investments Inc. lifted its holdings in shares of Fabrinet by 75.0% during the fourth quarter. Harbour Investments Inc. now owns 63 shares of the technology company’s stock worth $29,000 after buying an additional 27 shares during the last quarter. Allworth Financial LP boosted its position in shares of Fabrinet by 7.4% in the fourth quarter. Allworth Financial LP now owns 405 shares of the technology company’s stock valued at $184,000 after acquiring an additional 28 shares during the period. Finally, Ashton Thomas Private Wealth LLC boosted its position in shares of Fabrinet by 2.8% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 1,134 shares of the technology company’s stock valued at $516,000 after acquiring an additional 31 shares during the period. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Weiss Ratings lowered shares of Fabrinet from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 30th. Rosenblatt Securities increased their price target on shares of Fabrinet from $715.00 to $750.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Needham & Company LLC decreased their price target on shares of Fabrinet from $800.00 to $650.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. Zacks Research downgraded shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Finally, Barclays increased their target price on shares of Fabrinet from $548.00 to $702.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $643.00.

Insider Activity at Fabrinet

In other news, Director Homa Bahrami sold 2,500 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $711.91, for a total value of $1,779,775.00. Following the sale, the director owned 16,233 shares of the company’s stock, valued at approximately $11,556,435.03. This represents a 13.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.24% of the company’s stock.

Fabrinet Price Performance

Shares of FN stock opened at $526.97 on Wednesday. The stock’s fifty day simple moving average is $533.97 and its 200 day simple moving average is $566.55. Fabrinet has a one year low of $272.49 and a one year high of $748.89. The firm has a market cap of $18.88 billion, a price-to-earnings ratio of 45.27 and a beta of 1.23.

Fabrinet Profile

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.