World Investment Advisors LLC Takes Position in Fabrinet (NYSE:FN)

World Investment Advisors LLC purchased a new position in shares of Fabrinet (NYSE:FN) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 85,378 shares of the technology company’s stock, valued at approximately $20,187,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Legacy Wealth Asset Management LLC boosted its position in shares of Fabrinet by 3.2% during the third quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company’s stock worth $325,000 after buying an additional 43 shares during the period. Wolff Wiese Magana LLC lifted its stake in Fabrinet by 2.7% during the 3rd quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company’s stock worth $417,000 after acquiring an additional 47 shares in the last quarter. Cynosure Group LLC boosted its holdings in Fabrinet by 3.4% during the 3rd quarter. Cynosure Group LLC now owns 1,560 shares of the technology company’s stock valued at $369,000 after acquiring an additional 51 shares during the period. Trust Point Inc. grew its position in Fabrinet by 4.7% in the 3rd quarter. Trust Point Inc. now owns 1,272 shares of the technology company’s stock valued at $301,000 after acquiring an additional 57 shares in the last quarter. Finally, Huntington National Bank grew its position in Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after acquiring an additional 57 shares in the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Fabrinet Trading Up 3.5 %

Shares of Fabrinet stock opened at $243.00 on Friday. The company has a 50-day moving average of $244.43 and a two-hundred day moving average of $238.22. Fabrinet has a 12-month low of $159.69 and a 12-month high of $278.38. The stock has a market cap of $8.81 billion, a PE ratio of 28.76 and a beta of 0.92.

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

Wall Street Analyst Weigh In

FN has been the subject of several recent research reports. Needham & Company LLC initiated coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price objective for the company. JPMorgan Chase & Co. raised their price target on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Barclays initiated coverage on Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price objective on the stock. Rosenblatt Securities increased their price objective 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 cut Fabrinet from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average 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.