Westfield Capital Management Co. LP Trims Stake in Fabrinet (NYSE:FN)

Westfield Capital Management Co. LP lessened its position in Fabrinet (NYSE:FN) by 25.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 151,139 shares of the technology company’s stock after selling 51,904 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Fabrinet were worth $35,735,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in FN. Opal Wealth Advisors LLC purchased a new position in shares of Fabrinet during the second quarter worth approximately $28,000. Huntington National Bank grew its stake in Fabrinet by 70.4% in the third 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. Banque Cantonale Vaudoise purchased a new position in Fabrinet during the 2nd quarter worth $35,000. Kimelman & Baird LLC bought a new stake in Fabrinet during the 2nd quarter valued at $49,000. Finally, NBC Securities Inc. lifted its holdings in shares of Fabrinet by 732.0% in the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after buying an additional 183 shares during the period. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Price Performance

Shares of FN stock opened at $230.43 on Monday. The stock’s fifty day moving average price is $244.00 and its 200 day moving average price is $237.91. Fabrinet has a 1-year low of $159.30 and a 1-year high of $278.38. The company has a market cap of $8.36 billion, a price-to-earnings ratio of 27.27 and a beta of 0.95.

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

Insider Buying and Selling at Fabrinet

In other news, EVP Edward T. Archer sold 8,690 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was 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 directly owns 8,333 shares in the company, valued at $1,835,426.58. This trade represents a 51.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.38% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FN. Barclays started coverage on Fabrinet in a research note on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price target on the stock. Needham & Company LLC assumed coverage on shares of Fabrinet in a report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target for the company. 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. B. Riley lowered shares of Fabrinet from a “neutral” rating to a “sell” rating and cut their price objective for the company from $194.00 to $178.00 in a report on Wednesday, November 20th. Finally, JPMorgan Chase & Co. upped their target price on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target 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.