Orion Portfolio Solutions LLC Cuts Stock Position in Fabrinet (NYSE:FN)

Orion Portfolio Solutions LLC lessened its position in shares of Fabrinet (NYSE:FN) by 16.2% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,781 shares of the technology company’s stock after selling 344 shares during the period. Orion Portfolio Solutions LLC’s holdings in Fabrinet were worth $421,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP increased its position in shares of Fabrinet by 1.7% during the third quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock worth $276,437,000 after purchasing an additional 19,677 shares in the last quarter. Whale Rock Capital Management LLC grew its stake in Fabrinet by 25.8% during the 3rd quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock worth $202,338,000 after buying an additional 175,684 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Fabrinet by 14.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock valued at $113,621,000 after buying an additional 61,491 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Fabrinet by 4.1% in the second quarter. Bank of New York Mellon Corp now owns 314,665 shares of the technology company’s stock valued at $77,027,000 after buying an additional 12,409 shares during the last quarter. Finally, Epoch Investment Partners Inc. boosted its holdings in Fabrinet by 9.6% in the second quarter. Epoch Investment Partners Inc. now owns 302,006 shares of the technology company’s stock worth $73,928,000 after acquiring an additional 26,475 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Trading Down 0.1 %

FN opened at $231.63 on Thursday. Fabrinet has a 12-month low of $159.69 and a 12-month high of $278.38. The firm has a 50 day moving average of $244.22 and a two-hundred day moving average of $237.98. The firm has a market capitalization of $8.40 billion, a PE ratio of 27.41 and a beta of 0.92.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $771.24 million. During the same quarter last year, the company posted $1.78 earnings per share. The firm’s revenue was up 17.3% compared to the same quarter last year. As a group, analysts predict that Fabrinet will post 9.1 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently issued reports on FN. Barclays assumed coverage on shares of Fabrinet in a report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price objective on the stock. B. Riley lowered shares of Fabrinet from a “neutral” rating to a “sell” rating and cut their price target for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. Finally, Needham & Company LLC began coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $252.14.

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.