Wells Fargo & Company MN Sells 8,771 Shares of Fabrinet (FN)

Wells Fargo & Company MN lowered its stake in shares of Fabrinet (NYSE:FN) by 10.8% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 72,102 shares of the technology company’s stock after selling 8,771 shares during the period. Wells Fargo & Company MN’s holdings in Fabrinet were worth $2,672,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FN. FMR LLC raised its stake in shares of Fabrinet by 31.8% during the 2nd quarter. FMR LLC now owns 2,772,212 shares of the technology company’s stock valued at $118,262,000 after buying an additional 669,201 shares during the last quarter. Legion Partners Asset Management LLC purchased a new position in shares of Fabrinet during the 2nd quarter valued at about $21,365,000. Royal Bank of Canada raised its stake in shares of Fabrinet by 193.4% during the 2nd quarter. Royal Bank of Canada now owns 509,613 shares of the technology company’s stock valued at $21,740,000 after buying an additional 335,929 shares during the last quarter. Tocqueville Asset Management L.P. raised its stake in shares of Fabrinet by 308.3% during the 3rd quarter. Tocqueville Asset Management L.P. now owns 302,824 shares of the technology company’s stock valued at $11,223,000 after buying an additional 228,654 shares during the last quarter. Finally, Wasatch Advisors Inc. raised its stake in shares of Fabrinet by 55.0% during the 2nd quarter. Wasatch Advisors Inc. now owns 595,046 shares of the technology company’s stock valued at $25,385,000 after buying an additional 211,152 shares during the last quarter. Institutional investors and hedge funds own 94.61% of the company’s stock.

Fabrinet (NYSE:FN) opened at $29.05 on Friday. The company has a quick ratio of 1.85, a current ratio of 2.70 and a debt-to-equity ratio of 0.03. Fabrinet has a 52 week low of $28.35 and a 52 week high of $49.63. The firm has a market capitalization of $1,091.96, a PE ratio of 11.57, a P/E/G ratio of 1.09 and a beta of 1.00.

In related news, insider David T. Mitchell sold 50,000 shares of Fabrinet stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $30.03, for a total value of $1,501,500.00. Following the completion of the transaction, the insider now owns 111,057 shares in the company, valued at approximately $3,335,041.71. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider David T. Mitchell sold 8,600 shares of Fabrinet stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $30.02, for a total value of $258,172.00. Following the completion of the transaction, the insider now owns 111,057 shares of the company’s stock, valued at approximately $3,333,931.14. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,600 shares of company stock valued at $3,306,172. 3.30% of the stock is owned by company insiders.

A number of research firms have weighed in on FN. Zacks Investment Research upgraded Fabrinet from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 24th. Needham & Company LLC reiterated a “buy” rating on shares of Fabrinet in a research note on Thursday, October 12th. B. Riley reduced their price objective on Fabrinet from $46.50 to $42.50 and set a “buy” rating for the company in a research note on Friday, November 3rd. JPMorgan Chase & Co. lowered Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 price objective for the company. in a research note on Tuesday, November 7th. Finally, Piper Jaffray Companies restated a “buy” rating on shares of Fabrinet in a research note on Friday, November 10th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $46.42.

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About Fabrinet

Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.

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Institutional Ownership by Quarter for Fabrinet (NYSE:FN)

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