Corebridge Financial Inc. Has $12.96 Million Stock Position in Fabrinet (NYSE:FN)

Corebridge Financial Inc. reduced its stake in shares of Fabrinet (NYSE:FN) by 4.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,919 shares of the technology company’s stock after selling 3,056 shares during the quarter. Corebridge Financial Inc. owned 0.16% of Fabrinet worth $12,955,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Fabrinet during the third quarter valued at about $52,000. Public Employees Retirement System of Ohio acquired a new position in Fabrinet in the 3rd quarter valued at approximately $61,000. IFP Advisors Inc lifted its position in shares of Fabrinet by 576.2% in the 4th quarter. IFP Advisors Inc now owns 284 shares of the technology company’s stock worth $63,000 after acquiring an additional 242 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Fabrinet during the 3rd quarter worth approximately $70,000. Finally, Transamerica Financial Advisors Inc. bought a new stake in shares of Fabrinet during the third quarter valued at approximately $114,000. 97.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a research report on Monday, March 17th. Barclays decreased their target price on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Fox Advisors assumed coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price target for the company. JPMorgan Chase & Co. cut their price target on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research note on Tuesday, February 4th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $285.00 price objective on shares of Fabrinet in a research note on Friday, March 14th. One 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $250.43.

Fabrinet Stock Down 3.7 %

NYSE:FN opened at $222.77 on Wednesday. The firm has a market cap of $8.08 billion, a PE ratio of 24.92 and a beta of 0.89. The company’s 50-day moving average price is $218.64 and its two-hundred day moving average price is $230.46. Fabrinet has a 12 month low of $159.69 and a 12 month high of $281.79.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. On average, research analysts expect that Fabrinet will post 9.4 EPS for the current fiscal year.

Fabrinet 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.