Fisher Asset Management LLC Reduces Holdings in Fabrinet (NYSE:FN)

Fisher Asset Management LLC lowered its position in Fabrinet (NYSE:FN) by 3.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,000 shares of the technology company’s stock after selling 71 shares during the quarter. Fisher Asset Management LLC’s holdings in Fabrinet were worth $473,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FN. Opal Wealth Advisors LLC bought a new position in shares of Fabrinet in the second quarter worth $28,000. Huntington National Bank grew its position in Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after acquiring an additional 57 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in shares of Fabrinet during the 2nd quarter valued at about $35,000. Kimelman & Baird LLC bought a new position in Fabrinet during the second quarter valued at approximately $49,000. Finally, NBC Securities Inc. grew its holdings in shares of Fabrinet by 732.0% during the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock valued at $49,000 after purchasing an additional 183 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Stock Up 3.9 %

NYSE FN opened at $234.58 on Friday. The stock’s 50 day moving average is $244.01 and its 200 day moving average is $238.05. The firm has a market capitalization of $8.51 billion, a PE ratio of 27.76 and a beta of 0.95. Fabrinet has a twelve month low of $159.30 and a twelve month high of $278.38.

Fabrinet (NYSE:FN) last released its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The firm had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. During the same period in the prior year, the firm earned $1.78 EPS. The company’s revenue was up 17.3% compared to the same quarter last year. On average, research analysts anticipate that Fabrinet will post 9.1 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on FN shares. Barclays assumed coverage on Fabrinet in a research note on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Needham & Company LLC began coverage on Fabrinet in a report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price objective for the company. Rosenblatt Securities boosted their target price on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Finally, B. Riley lowered Fabrinet from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Fabrinet presently has an average rating of “Hold” and an average price target of $252.14.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the sale, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. The trade was a 51.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.38% of the company’s stock.

Fabrinet Company Profile

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.