Wedge Capital Management L L P NC Takes Position in Fabrinet (NYSE:FN)

Wedge Capital Management L L P NC bought a new position in Fabrinet (NYSE:FN) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 287,531 shares of the technology company’s stock, valued at approximately $63,222,000. Fabrinet makes up 1.1% of Wedge Capital Management L L P NC’s investment portfolio, making the stock its 20th largest holding.

Several other hedge funds have also bought and sold shares of FN. Hennion & Walsh Asset Management Inc. increased its holdings in Fabrinet by 18.4% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 6,658 shares of the technology company’s stock worth $1,464,000 after purchasing an additional 1,037 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its position in Fabrinet by 67.5% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,369 shares of the technology company’s stock valued at $961,000 after buying an additional 1,760 shares during the last quarter. Park Avenue Securities LLC lifted its stake in Fabrinet by 21.4% during the 4th quarter. Park Avenue Securities LLC now owns 8,113 shares of the technology company’s stock valued at $1,784,000 after acquiring an additional 1,432 shares in the last quarter. Salem Investment Counselors Inc. purchased a new position in Fabrinet during the 4th quarter worth $518,000. Finally, Harbor Capital Advisors Inc. grew its stake in shares of Fabrinet by 33.2% in the 4th quarter. Harbor Capital Advisors Inc. now owns 13,901 shares of the technology company’s stock worth $3,057,000 after acquiring an additional 3,468 shares in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Trading Up 3.0 %

NYSE:FN opened at $242.13 on Friday. The firm’s 50 day moving average is $233.12 and its 200 day moving average is $235.54. Fabrinet has a 12 month low of $159.69 and a 12 month high of $278.38. The stock has a market capitalization of $8.78 billion, a PE ratio of 28.65 and a beta of 0.93.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $771.24 million. During the same quarter in the prior year, the firm earned $1.78 EPS. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. Research analysts predict that Fabrinet will post 9.1 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on FN shares. B. Riley lowered shares of Fabrinet from a “neutral” rating to a “sell” rating and dropped their price target for the company from $194.00 to $178.00 in a research report on Wednesday, November 20th. Needham & Company LLC initiated coverage on Fabrinet in a report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 target price for the company. Finally, Barclays assumed coverage on Fabrinet in a report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price target on the stock. One 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. According to data from MarketBeat, Fabrinet 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.