Gateway Investment Advisers LLC Takes Position in Fabrinet $FN

Gateway Investment Advisers LLC acquired a new position in Fabrinet (NYSE:FN) in the third quarter, HoldingsChannel reports. The fund acquired 3,936 shares of the technology company’s stock, valued at approximately $1,435,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FN. Maseco LLP purchased a new position in Fabrinet during the 2nd quarter valued at about $25,000. Elevation Point Wealth Partners LLC bought a new position in shares of Fabrinet during the second quarter valued at approximately $35,000. First Horizon Advisors Inc. boosted its stake in shares of Fabrinet by 124.2% during the second quarter. First Horizon Advisors Inc. now owns 139 shares of the technology company’s stock valued at $41,000 after purchasing an additional 77 shares in the last quarter. Cullen Frost Bankers Inc. increased its holdings in Fabrinet by 118.5% during the second quarter. Cullen Frost Bankers Inc. now owns 142 shares of the technology company’s stock valued at $42,000 after buying an additional 77 shares during the period. Finally, REAP Financial Group LLC raised 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 worth $46,000 after buying an additional 98 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Price Performance

Shares of NYSE:FN opened at $457.48 on Tuesday. The business’s 50-day moving average is $454.45 and its 200 day moving average is $379.21. Fabrinet has a 1 year low of $148.55 and a 1 year high of $531.22. The firm has a market capitalization of $16.39 billion, a P/E ratio of 47.11 and a beta of 1.04.

Insider Activity

In related news, CEO Seamus Grady sold 22,451 shares of the stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $446.95, for a total value 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 trade represents a 48.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Homa Bahrami sold 3,500 shares of Fabrinet stock in a transaction that occurred on Monday, December 1st. The stock was 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 $8,310,885. This trade represents a 16.04% decrease in their ownership of the stock. 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 90 days. 0.24% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

FN has been the subject of a number of analyst reports. Rosenblatt Securities upped their target price on Fabrinet from $425.00 to $550.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Needham & Company LLC upped their price objective on Fabrinet from $440.00 to $540.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Barclays raised their price objective on Fabrinet from $329.00 to $499.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 5th. Northland Securities set a $600.00 target price on shares of Fabrinet in a report on Monday, December 22nd. Finally, JPMorgan Chase & Co. increased their price target on shares of Fabrinet from $430.00 to $530.00 and gave the company an “overweight” rating in a research report on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $469.88.

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.