Fabrinet (NYSE:FN) Shares Sold by Premier Fund Managers Ltd

Premier Fund Managers Ltd lessened its position in Fabrinet (NYSE:FN) by 12.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,750 shares of the technology company’s stock after selling 3,050 shares during the period. Premier Fund Managers Ltd owned about 0.06% of Fabrinet worth $4,671,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in Fabrinet in the 3rd quarter valued at $52,000. Public Employees Retirement System of Ohio acquired a new position in Fabrinet in the third quarter valued at $61,000. IFP Advisors Inc lifted its position in Fabrinet by 576.2% during the fourth quarter. IFP Advisors Inc now owns 284 shares of the technology company’s stock worth $63,000 after buying an additional 242 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Fabrinet in the 3rd quarter worth about $70,000. Finally, Assetmark Inc. grew its holdings in Fabrinet by 12.0% in the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock valued at $106,000 after purchasing an additional 52 shares during the period. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Performance

Fabrinet stock opened at $207.17 on Friday. Fabrinet has a one year low of $159.69 and a one year high of $281.79. The stock’s 50 day moving average price is $217.58 and its 200 day moving average price is $230.15. The firm has a market capitalization of $7.51 billion, a PE ratio of 23.17 and a beta of 0.89.

Fabrinet (NYSE:FN) last announced its 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%. On average, analysts forecast that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Fox Advisors initiated coverage on shares of Fabrinet in a report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price target on the stock. JPMorgan Chase & Co. cut their target price on Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 4th. Rosenblatt Securities restated a “buy” rating and set a $285.00 price target on shares of Fabrinet in a research note on Friday, March 14th. Barclays reduced their price objective on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Finally, Needham & Company LLC reissued a “buy” rating and set a $280.00 target price on shares of Fabrinet in a research report on Monday, March 17th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $250.43.

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.