Wasatch Advisors LP Trims Position in Fabrinet (NYSE:FN)

Wasatch Advisors LP lessened its stake in shares of Fabrinet (NYSE:FN) by 18.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 770,572 shares of the technology company’s stock after selling 177,732 shares during the quarter. Wasatch Advisors LP’s holdings in Fabrinet were worth $182,194,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Verition Fund Management LLC boosted 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 valued at $8,459,000 after acquiring an additional 33,423 shares during the last quarter. Captrust Financial Advisors boosted its position in shares of Fabrinet by 23.5% during the 3rd quarter. Captrust Financial Advisors now owns 1,060 shares of the technology company’s stock valued at $251,000 after acquiring an additional 202 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Fabrinet by 85.0% during the 3rd 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 boosted its position in shares of Fabrinet by 6.3% during the 3rd 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 during the last quarter. Finally, MetLife Investment Management LLC boosted its position in shares of Fabrinet by 84.3% during the 3rd quarter. MetLife Investment Management LLC now owns 38,759 shares of the technology company’s stock valued at $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

Shares of FN stock opened at $234.65 on Friday. Fabrinet has a fifty-two week low of $159.30 and a fifty-two week high of $278.38. The stock has a 50 day moving average price of $244.01 and a two-hundred day moving average price of $238.01. The company has a market capitalization of $8.51 billion, a P/E ratio of 27.77 and a beta of 0.95.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $771.24 million. During the same quarter in the previous year, the company posted $1.78 earnings per share. The business’s revenue was up 17.3% on a year-over-year basis. As a group, equities analysts predict that Fabrinet will post 9.1 earnings per share for the current year.

Insider Buying and Selling at Fabrinet

In other 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 transaction of $1,914,059.40. Following the transaction, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. The trade was a 51.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FN. Barclays began coverage on Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price target for the company. Needham & Company LLC assumed coverage on Fabrinet in a research report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price target for the company. B. Riley downgraded Fabrinet from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $194.00 to $178.00 in a research 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 research report on Tuesday, August 20th. Finally, JPMorgan Chase & Co. boosted their target price on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $252.14.

Fabrinet 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.