Erste Asset Management GmbH Acquires Shares of 21,375 Fabrinet (NYSE:FN)

Erste Asset Management GmbH bought a new position in shares of Fabrinet (NYSE:FN) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 21,375 shares of the technology company’s stock, valued at approximately $5,079,000. Erste Asset Management GmbH owned 0.06% of Fabrinet at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Verition Fund Management LLC raised its position in shares of Fabrinet by 1,419.2% during the 3rd quarter. Verition Fund Management LLC now owns 35,778 shares of the technology company’s stock worth $8,459,000 after purchasing an additional 33,423 shares during the last quarter. Captrust Financial Advisors increased its stake in Fabrinet by 23.5% during the 3rd quarter. Captrust Financial Advisors now owns 1,060 shares of the technology company’s stock worth $251,000 after buying an additional 202 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Fabrinet by 85.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,492 shares of the technology company’s stock valued at $15,248,000 after acquiring an additional 29,639 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Fabrinet by 6.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,272 shares of the technology company’s stock valued at $1,956,000 after acquiring an additional 492 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its stake in shares of Fabrinet by 84.3% in the third quarter. MetLife Investment Management LLC now owns 38,759 shares of the technology company’s stock worth $9,164,000 after acquiring an additional 17,734 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Performance

FN stock opened at $233.98 on Tuesday. Fabrinet has a one year low of $159.69 and a one year high of $278.38. The firm has a market cap of $8.49 billion, a PE ratio of 27.69 and a beta of 0.95. The firm’s 50 day moving average price is $244.05 and its 200-day moving average price is $238.06.

Fabrinet (NYSE:FN) last posted its 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. The company had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.78 earnings per share. Equities research analysts predict that Fabrinet will post 9.1 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Fabrinet

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the sale, the executive vice president now owns 8,333 shares of the company’s stock, valued at $1,835,426.58. The trade was a 51.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.38% of the stock is currently owned by corporate insiders.

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.