Polen Capital Management LLC Makes New Investment in Fabrinet (NYSE:FN)

Polen Capital Management LLC bought a new position in Fabrinet (NYSE:FN) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 12,605 shares of the technology company’s stock, valued at approximately $2,772,000.

Several other institutional investors and hedge funds have also bought and sold shares of FN. Assetmark Inc. boosted its position in Fabrinet by 468.4% in the third quarter. Assetmark Inc. now owns 432 shares of the technology company’s stock worth $102,000 after purchasing an additional 356 shares during the last quarter. KBC Group NV boosted its position in Fabrinet by 12.2% in the third quarter. KBC Group NV now owns 1,022 shares of the technology company’s stock worth $242,000 after purchasing an additional 111 shares during the last quarter. Huntington National Bank raised its stake in shares of Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after buying an additional 57 shares during the period. Mutual of America Capital Management LLC raised its stake in shares of Fabrinet by 43.4% in the third quarter. Mutual of America Capital Management LLC now owns 44,175 shares of the technology company’s stock worth $10,445,000 after buying an additional 13,361 shares during the period. Finally, LMR Partners LLP raised its stake in shares of Fabrinet by 68.4% in the third quarter. LMR Partners LLP now owns 39,493 shares of the technology company’s stock worth $9,338,000 after buying an additional 16,037 shares during the period. 97.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FN has been the topic of several recent research reports. Fox Advisors initiated coverage on Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price objective on the stock. JPMorgan Chase & Co. decreased their price objective on Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $280.00 price objective on shares of Fabrinet in a research note on Tuesday, February 4th. B. Riley downgraded 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 note on Wednesday, November 20th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $285.00 target price on shares of Fabrinet in a research note on Friday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $246.63.

Fabrinet Trading Down 1.3 %

Shares of FN opened at $220.85 on Monday. The company has a market capitalization of $8.01 billion, a PE ratio of 24.70 and a beta of 0.89. The business’s 50 day moving average is $219.44 and its 200 day moving average is $230.79. Fabrinet has a 12-month low of $159.69 and a 12-month high of $281.79.

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

About Fabrinet

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.