Fabrinet (NYSE:FN) Shares Sold by State Street Corp

State Street Corp lowered its holdings in Fabrinet (NYSE:FN) by 5.2% in the third quarter, HoldingsChannel reports. The firm owned 1,279,050 shares of the technology company’s stock after selling 70,672 shares during the quarter. State Street Corp’s holdings in Fabrinet were worth $302,419,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Huntington National Bank increased its holdings in Fabrinet by 70.4% during the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after purchasing an additional 57 shares during the period. Banque Cantonale Vaudoise purchased a new stake in shares of Fabrinet during the second quarter worth approximately $35,000. Kimelman & Baird LLC acquired a new stake in Fabrinet in the second quarter valued at approximately $49,000. NBC Securities Inc. lifted its stake in Fabrinet by 732.0% in the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after acquiring an additional 183 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Fabrinet during the 3rd quarter worth approximately $52,000. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Stock Down 2.0 %

FN opened at $233.74 on Wednesday. Fabrinet has a 52 week low of $159.69 and a 52 week high of $278.38. The business’s 50 day moving average is $244.47 and its two-hundred day moving average is $238.22. The firm has a market cap of $8.48 billion, a price-to-earnings ratio of 27.66 and a beta of 0.92.

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Needham & Company LLC initiated coverage on shares of Fabrinet in a report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price objective on the stock. Rosenblatt Securities raised their price target on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. increased 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. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Finally, Barclays started coverage on shares of Fabrinet in a research note on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price target on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target 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.