Fabrinet (NYSE:FN) Position Boosted by MetLife Investment Management LLC

MetLife Investment Management LLC boosted its holdings in shares of Fabrinet (NYSE:FN) by 84.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,759 shares of the technology company’s stock after purchasing an additional 17,734 shares during the period. MetLife Investment Management LLC owned approximately 0.11% of Fabrinet worth $9,164,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its stake in Fabrinet by 14.7% during the third 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 lifted its position in shares of Fabrinet by 4.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 314,665 shares of the technology company’s stock valued at $77,027,000 after acquiring an additional 12,409 shares in the last quarter. Epoch Investment Partners Inc. boosted its stake in Fabrinet by 9.6% in the 2nd quarter. Epoch Investment Partners Inc. now owns 302,006 shares of the technology company’s stock worth $73,928,000 after purchasing an additional 26,475 shares during the period. Driehaus Capital Management LLC grew its position in Fabrinet by 183.5% during the 2nd quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock worth $68,046,000 after purchasing an additional 179,943 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Fabrinet by 19.8% during the 2nd quarter. Victory Capital Management Inc. now owns 236,705 shares of the technology company’s stock worth $57,943,000 after purchasing an additional 39,063 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In related news, EVP Edward T. Archer sold 8,690 shares of Fabrinet stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the transaction, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at $1,835,426.58. This trade represents a 51.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.38% of the company’s stock.

Fabrinet Stock Performance

NYSE FN opened at $225.85 on Friday. Fabrinet has a twelve month low of $159.30 and a twelve month high of $278.38. The stock has a market capitalization of $8.19 billion, a PE ratio of 26.73 and a beta of 0.95. The stock has a 50-day simple moving average of $243.94 and a 200 day simple moving average of $237.91.

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

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.