Wedge Capital Management L L P NC lessened its holdings in shares of Fabrinet (NYSE:FN) by 3.9% in the second quarter, according to its most recent filing with the SEC. The firm owned 269,939 shares of the technology company’s stock after selling 10,873 shares during the quarter. Wedge Capital Management L L P NC owned about 0.73% of Fabrinet worth $13,408,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Macquarie Group Ltd. acquired a new position in Fabrinet during the 4th quarter worth $31,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Fabrinet during the 1st quarter worth $35,000. Cambria Investment Management L.P. acquired a new position in Fabrinet during the 1st quarter worth $144,000. Advisors Asset Management Inc. boosted its position in Fabrinet by 11.8% during the 1st quarter. Advisors Asset Management Inc. now owns 3,209 shares of the technology company’s stock worth $168,000 after acquiring an additional 338 shares during the period. Finally, NumerixS Investment Technologies Inc boosted its position in Fabrinet by 78.9% during the 1st quarter. NumerixS Investment Technologies Inc now owns 3,400 shares of the technology company’s stock worth $178,000 after acquiring an additional 1,500 shares during the period. Institutional investors own 93.81% of the company’s stock.
In other news, Director David T. Mitchell sold 30,000 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $52.14, for a total value of $1,564,200.00. Following the sale, the director now owns 73,748 shares of the company’s stock, valued at approximately $3,845,220.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 90,000 shares of company stock worth $4,466,100 in the last three months. Company insiders own 1.90% of the company’s stock.
A number of research analysts have issued reports on the company. Zacks Investment Research lowered Fabrinet from a “buy” rating to a “hold” rating in a research report on Tuesday, May 28th. Needham & Company LLC boosted their price target on Fabrinet from $62.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. ValuEngine lowered Fabrinet from a “buy” rating to a “hold” rating in a research report on Saturday, May 18th. JPMorgan Chase & Co. assumed coverage on Fabrinet in a research report on Monday, July 29th. They set a “neutral” rating and a $57.00 price target for the company. Finally, Northland Securities reiterated a “hold” rating and set a $47.50 price target on shares of Fabrinet in a research report on Monday, July 1st. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $58.93.
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 optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.
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