West Coast Financial LLC Decreases Position in Fabrinet (NYSE:FN)

West Coast Financial LLC decreased its position in shares of Fabrinet (NYSE:FN) by 1.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,710 shares of the technology company’s stock after selling 325 shares during the quarter. West Coast Financial LLC owned 0.05% of Fabrinet worth $4,334,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Legacy Wealth Asset Management LLC boosted its stake in Fabrinet by 3.2% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company’s stock valued at $325,000 after purchasing an additional 43 shares during the last quarter. Wolff Wiese Magana LLC increased its holdings in Fabrinet by 2.7% in the 3rd quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company’s stock worth $417,000 after buying an additional 47 shares in the last quarter. Cynosure Group LLC raised its position in Fabrinet by 3.4% in the 3rd quarter. Cynosure Group LLC now owns 1,560 shares of the technology company’s stock worth $369,000 after buying an additional 51 shares during the last quarter. Trust Point Inc. lifted its stake in Fabrinet by 4.7% during 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 during the period. Finally, Huntington National Bank boosted its holdings in shares of Fabrinet by 70.4% during 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 during the last quarter. Institutional investors own 97.38% of the company’s stock.

Analysts Set New Price Targets

FN has been the subject of several research reports. B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $194.00 to $178.00 in a report on Wednesday, November 20th. Barclays assumed coverage on shares of Fabrinet in a research note on Thursday, November 14th. They set an “equal weight” rating and a $292.00 target price for the company. Finally, Needham & Company LLC initiated coverage on Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $252.14.

Fabrinet Stock Performance

Shares of NYSE:FN opened at $236.00 on Thursday. The firm has a market cap of $8.56 billion, a price-to-earnings ratio of 27.93 and a beta of 0.93. The firm has a fifty day moving average price of $234.25 and a 200 day moving average price of $235.54. Fabrinet has a fifty-two week low of $159.69 and a fifty-two week high of $278.38.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.01. The firm had revenue of $804.20 million during 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%. Fabrinet’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period last year, the firm posted $1.78 earnings per share. As a group, research analysts predict that Fabrinet will post 9.1 earnings per share for the current year.

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.