Vaughan Nelson Investment Management L.P. Sells 78,980 Shares of Fabrinet $FN

Vaughan Nelson Investment Management L.P. trimmed its stake in shares of Fabrinet (NYSE:FN) by 59.3% during the third quarter, HoldingsChannel reports. The fund owned 54,104 shares of the technology company’s stock after selling 78,980 shares during the period. Vaughan Nelson Investment Management L.P.’s holdings in Fabrinet were worth $19,727,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Maseco LLP bought a new stake in Fabrinet in the 2nd quarter valued at approximately $25,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Fabrinet in the second quarter valued at about $35,000. First Horizon Advisors Inc. raised its holdings in Fabrinet by 124.2% during the second quarter. First Horizon Advisors Inc. now owns 139 shares of the technology company’s stock worth $41,000 after acquiring an additional 77 shares in the last quarter. Cullen Frost Bankers Inc. raised 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 worth $42,000 after acquiring an additional 77 shares in the last quarter. Finally, REAP Financial Group LLC boosted its position in Fabrinet by 171.9% during the second quarter. REAP Financial Group LLC now owns 155 shares of the technology company’s stock valued at $46,000 after purchasing an additional 98 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FN has been the topic of several recent analyst reports. Needham & Company LLC boosted their price target on Fabrinet from $440.00 to $540.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. JPMorgan Chase & Co. raised their target price on shares of Fabrinet from $430.00 to $530.00 and gave the company an “overweight” rating in a research note on Tuesday, November 4th. Zacks Research downgraded shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Monday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fabrinet in a research note on Monday, December 29th. Finally, Northland Securities set a $600.00 price objective on shares of Fabrinet in a research report on Monday, December 22nd. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Fabrinet currently has an average rating of “Moderate Buy” and a consensus target price of $469.88.

Fabrinet Price Performance

Shares of Fabrinet stock opened at $470.91 on Thursday. The business has a fifty day simple moving average of $455.79 and a two-hundred day simple moving average of $381.34. Fabrinet has a 1 year low of $148.55 and a 1 year high of $531.22. The company has a market capitalization of $16.87 billion, a price-to-earnings ratio of 48.50 and a beta of 1.04.

Insider Transactions at Fabrinet

In other news, CEO Seamus Grady sold 22,451 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $446.95, for a total transaction of $10,034,474.45. Following the completion of the sale, the chief executive officer owned 23,573 shares in the company, valued at approximately $10,535,952.35. This trade represents a 48.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Homa Bahrami sold 3,500 shares of Fabrinet stock in a transaction dated 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 sale, the director directly owned 18,316 shares of the company’s stock, valued at $8,310,885. The trade was a 16.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 28,151 shares of company stock worth $12,643,707. 0.24% of the stock is owned by insiders.

Fabrinet Company 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.