Clark Capital Management Group Inc. Buys 52,804 Shares of Fabrinet (NYSE:FN)

Clark Capital Management Group Inc. boosted its position in Fabrinet (NYSE:FN) by 30.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 226,386 shares of the technology company’s stock after buying an additional 52,804 shares during the quarter. Clark Capital Management Group Inc.’s holdings in Fabrinet were worth $49,778,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Huntington National Bank raised its position in Fabrinet by 66.7% during the fourth quarter. Huntington National Bank now owns 230 shares of the technology company’s stock worth $51,000 after acquiring an additional 92 shares in the last quarter. Quarry LP lifted its holdings in shares of Fabrinet by 315.8% during the fourth quarter. Quarry LP now owns 237 shares of the technology company’s stock worth $52,000 after buying an additional 180 shares in the last quarter. IFP Advisors Inc grew its position in shares of Fabrinet by 576.2% during the 4th quarter. IFP Advisors Inc now owns 284 shares of the technology company’s stock worth $63,000 after purchasing an additional 242 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in Fabrinet during the 3rd quarter worth $70,000. Finally, Assetmark Inc. lifted its position in Fabrinet by 12.0% during the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock worth $106,000 after purchasing an additional 52 shares during the period. Institutional investors own 97.38% of the company’s stock.

Analyst Upgrades and Downgrades

FN has been the topic of a number of research analyst reports. B. Riley upgraded shares of Fabrinet from a “sell” rating to a “neutral” rating and reduced their price target for the company from $178.00 to $176.00 in a research note on Friday, April 4th. Fox Advisors began coverage on Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on Fabrinet from $220.00 to $235.00 and gave the company a “neutral” rating in a research note on Tuesday. Needham & Company LLC reissued a “buy” rating and issued a $280.00 price target on shares of Fabrinet in a research report on Tuesday. Finally, Rosenblatt Securities increased their price target on shares of Fabrinet from $230.00 to $250.00 and gave the company a “buy” rating in a research report on Tuesday. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $239.29.

Fabrinet Stock Performance

Shares of NYSE FN opened at $209.82 on Thursday. The firm’s 50 day moving average price is $199.21 and its 200-day moving average price is $220.69. Fabrinet has a 52-week low of $148.55 and a 52-week high of $281.79. The company has a market cap of $7.52 billion, a PE ratio of 23.47 and a beta of 0.95.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, May 5th. The technology company reported $2.52 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.05. The business had revenue of $871.80 million during the quarter, compared to analyst estimates of $857.12 million. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The company’s quarterly revenue was up 19.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.39 EPS. On average, analysts forecast that Fabrinet will post 9.4 earnings per share for the current fiscal 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.