Redhawk Wealth Advisors Inc. Trims Position in Fabrinet $FN

Redhawk Wealth Advisors Inc. lowered its stake in shares of Fabrinet (NYSE:FN) by 90.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 468 shares of the technology company’s stock after selling 4,200 shares during the quarter. Redhawk Wealth Advisors Inc.’s holdings in Fabrinet were worth $263,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its position in Fabrinet by 163.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,041,227 shares of the technology company’s stock worth $1,839,891,000 after acquiring an additional 2,504,841 shares during the period. Wasatch Advisors LP grew its stake in shares of Fabrinet by 45.1% in the 2nd quarter. Wasatch Advisors LP now owns 1,779,665 shares of the technology company’s stock valued at $524,432,000 after purchasing an additional 553,196 shares during the last quarter. Norges Bank acquired a new position in shares of Fabrinet in the fourth quarter valued at approximately $193,766,000. JPMorgan Chase & Co. increased its holdings in shares of Fabrinet by 64.8% in the fourth quarter. JPMorgan Chase & Co. now owns 1,065,414 shares of the technology company’s stock valued at $485,063,000 after purchasing an additional 419,081 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Fabrinet by 183.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 333,555 shares of the technology company’s stock worth $121,621,000 after purchasing an additional 215,903 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Price Performance

FN stock opened at $574.34 on Thursday. The company’s 50 day simple moving average is $530.99 and its 200-day simple moving average is $567.29. Fabrinet has a 12 month low of $272.49 and a 12 month high of $748.89. The firm has a market capitalization of $20.58 billion, a PE ratio of 49.34 and a beta of 1.23.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Weiss Ratings lowered shares of Fabrinet from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 30th. Wall Street Zen downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, July 20th. Fox Advisors cut shares of Fabrinet from a “strong-buy” rating to an “equal weight” rating in a research note on Tuesday, May 5th. Zacks Research cut shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Fabrinet from $700.00 to $680.00 and set a “neutral” rating on the stock in a report on Tuesday, May 5th. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $643.00.

Insider Transactions at Fabrinet

In other Fabrinet news, Director Homa Bahrami sold 2,500 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $711.91, for a total transaction of $1,779,775.00. Following the sale, the director owned 16,233 shares in the company, valued at approximately $11,556,435.03. This represents a 13.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.24% of the company’s stock.

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.