As Bank Amer (BAC) Stock Price Declined, Artisan Partners Limited Partnership Lifted Position by $40.76 Million; Fabrinet (FN) Shareholder Quentec Asset Management Cut Stake by $10.10 Million as Stock Price Declined

February 15, 2018 - By Russell Anderson

Artisan Partners Limited Partnership increased its stake in Bank Amer Corp (BAC) by 11.55% based on its latest 2017Q3 regulatory filing with the SEC. Artisan Partners Limited Partnership bought 1.63M shares as the company’s stock declined 6.00% while stock markets rallied. The institutional investor held 15.75M shares of the major banks company at the end of 2017Q3, valued at $398.98 million, up from 14.11M at the end of the previous reported quarter. Artisan Partners Limited Partnership who had been investing in Bank Amer Corp for a number of months, seems to be bullish on the $329.19B market cap company. The stock increased 2.63% or $0.82 during the last trading session, reaching $32. About 97.25M shares traded or 26.37% up from the average. Bank of America Corporation (NYSE:BAC) has risen 58.64% since February 15, 2017 and is uptrending. It has outperformed by 41.94% the S&P500.

Quentec Asset Management Llc decreased its stake in Fabrinet (FN) by 30.23% based on its latest 2017Q3 regulatory filing with the SEC. Quentec Asset Management Llc sold 273,041 shares as the company’s stock declined 27.98% while stock markets rallied. The hedge fund held 630,051 shares of the telecommunications equipment company at the end of 2017Q3, valued at $23.35M, down from 903,092 at the end of the previous reported quarter. Quentec Asset Management Llc who had been investing in Fabrinet for a number of months, seems to be less bullish one the $1.09B market cap company. The stock increased 1.95% or $0.56 during the last trading session, reaching $29.22. About 521,724 shares traded. Fabrinet (NYSE:FN) has risen 8.67% since February 15, 2017 and is uptrending. It has underperformed by 8.03% the S&P500.

Among 33 analysts covering Bank of America (NYSE:BAC), 22 have Buy rating, 0 Sell and 11 Hold. Therefore 67% are positive. Bank of America had 106 analyst reports since July 21, 2015 according to SRatingsIntel. Oppenheimer maintained the shares of BAC in report on Tuesday, October 6 with “Outperform” rating. Bernstein upgraded Bank of America Corporation (NYSE:BAC) on Tuesday, September 1 to “Buy” rating. The firm has “Mkt Perform” rating by Bernstein given on Tuesday, August 25. RBC Capital Markets maintained the shares of BAC in report on Tuesday, July 18 with “Buy” rating. The firm has “Mkt Perform” rating given on Monday, August 24 by Bruyette & Woods”. The rating was upgraded by Atlantic Securities on Wednesday, December 21 to “Overweight”. The rating was upgraded by Macquarie Research on Tuesday, August 25 to “Underperform”. The firm has “Overweight” rating given on Wednesday, November 1 by JP Morgan. The firm has “Hold” rating given on Monday, April 24 by Berenberg. The firm earned “Buy” rating on Monday, October 16 by Nomura.

Investors sentiment decreased to 1.04 in Q3 2017. Its down 0.08, from 1.12 in 2017Q2. It is negative, as 68 investors sold BAC shares while 569 reduced holdings. 117 funds opened positions while 547 raised stakes. 6.91 billion shares or 9.01% more from 6.34 billion shares in 2017Q2 were reported. 18,342 are held by Summit Fincl Wealth Advsr Limited Liability. Quinn Opportunity Ltd Limited Liability Company has invested 1.64% in Bank of America Corporation (NYSE:BAC). Wellington Shields Capital Mngmt Ltd Limited Liability Company has invested 0.09% in Bank of America Corporation (NYSE:BAC). Toscafund Asset Mngmt Llp has 1.28M shares. Rfg Advisory Group Lc holds 0.27% of its portfolio in Bank of America Corporation (NYSE:BAC) for 16,833 shares. Hudock Gru Limited Liability Corporation has invested 0.36% in Bank of America Corporation (NYSE:BAC). 590,000 are held by Eulav Asset Management. Mairs & Power has 13,025 shares. Hutchin Hill Cap LP holds 27,100 shares. Price Michael F holds 20,000 shares or 0.07% of its portfolio. Cambridge Trust has invested 0.04% in Bank of America Corporation (NYSE:BAC). Royal Retail Bank Of Canada has 0.44% invested in Bank of America Corporation (NYSE:BAC) for 36.48 million shares. Keybank Association Oh accumulated 0.3% or 1.97M shares. Dnb Asset Mngmt As accumulated 1.63% or 4.84M shares. Hermes Investment Mgmt Ltd reported 3.30 million shares.

Artisan Partners Limited Partnership, which manages about $54.11 billion US Long portfolio, decreased its stake in Microsoft Corp (NASDAQ:MSFT) by 1.41 million shares to 6.34 million shares, valued at $472.06 million in 2017Q3, according to the filing. It also reduced its holding in Jacobs Engr Group Inc Del (NYSE:JEC) by 75,769 shares in the quarter, leaving it with 2.33M shares, and cut its stake in Ihs Markit Ltd.

Quentec Asset Management Llc, which manages about $578.63 million and $997.84 million US Long portfolio, upped its stake in Neophotonics Corp (NYSE:NPTN) by 469,087 shares to 2.40 million shares, valued at $13.36 million in 2017Q3, according to the filing. It also increased its holding in Gridsum Hldg Inc by 127,926 shares in the quarter, for a total of 1.15M shares, and has risen its stake in Inphi Corp (NYSE:IPHI).

Among 7 analysts covering Fabrinet (NYSE:FN), 5 have Buy rating, 0 Sell and 2 Hold. Therefore 71% are positive. Fabrinet had 40 analyst reports since August 14, 2015 according to SRatingsIntel. Zacks downgraded the shares of FN in report on Thursday, August 20 to “Hold” rating. The stock of Fabrinet (NYSE:FN) has “Buy” rating given on Tuesday, February 7 by Stifel Nicolaus. Stifel Nicolaus maintained Fabrinet (NYSE:FN) on Tuesday, November 8 with “Buy” rating. The rating was maintained by Stifel Nicolaus on Wednesday, January 24 with “Buy”. The rating was maintained by JP Morgan on Thursday, March 31 with “Overweight”. On Monday, January 29 the stock rating was maintained by Northland Capital with “Buy”. The stock has “Buy” rating by Needham on Tuesday, November 7. The firm earned “Buy” rating on Tuesday, November 3 by B. Riley & Co. The firm has “Buy” rating given on Tuesday, February 2 by Stifel Nicolaus. Stifel Nicolaus maintained Fabrinet (NYSE:FN) rating on Tuesday, May 3. Stifel Nicolaus has “Buy” rating and $40 target.

Since August 24, 2017, it had 0 buys, and 7 selling transactions for $10.44 million activity. $4.06M worth of Fabrinet (NYSE:FN) was sold by Mitchell David T. on Thursday, August 24. 22,500 shares were sold by Ng Toh-Seng, worth $877,568 on Wednesday, August 30. Gill Harpal had sold 50,000 shares worth $1.95M on Wednesday, August 30.

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