Perpetual Ltd Cuts Stock Position in Fabrinet (NYSE:FN)

Perpetual Ltd lessened its position in shares of Fabrinet (NYSE:FN) by 17.5% in the 4th quarter, HoldingsChannel reports. The fund owned 5,223 shares of the technology company’s stock after selling 1,105 shares during the period. Perpetual Ltd’s holdings in Fabrinet were worth $1,148,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FN. Wedge Capital Management L L P NC acquired a new stake in Fabrinet in the fourth quarter worth about $63,222,000. Hennion & Walsh Asset Management Inc. boosted its stake in Fabrinet by 18.4% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 6,658 shares of the technology company’s stock worth $1,464,000 after purchasing an additional 1,037 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position in Fabrinet by 67.5% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,369 shares of the technology company’s stock worth $961,000 after purchasing an additional 1,760 shares during the last quarter. Park Avenue Securities LLC grew its position in Fabrinet by 21.4% during the 4th quarter. Park Avenue Securities LLC now owns 8,113 shares of the technology company’s stock worth $1,784,000 after purchasing an additional 1,432 shares during the last quarter. Finally, Salem Investment Counselors Inc. purchased a new position in shares of Fabrinet in the fourth quarter worth $518,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Up 6.2 %

Fabrinet stock opened at $267.74 on Thursday. Fabrinet has a 52 week low of $159.69 and a 52 week high of $281.79. The firm has a market cap of $9.71 billion, a price-to-earnings ratio of 31.69 and a beta of 0.93. The business’s 50-day moving average price is $232.41 and its 200 day moving average price is $235.55.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, topping 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 business’s revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the company earned $1.78 EPS. Equities analysts expect that Fabrinet will post 9.1 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FN. B. Riley downgraded Fabrinet from a “neutral” rating to a “sell” rating and cut their target price for the company from $194.00 to $178.00 in a research report on Wednesday, November 20th. Barclays initiated coverage on Fabrinet in a report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price objective on the stock. Finally, Needham & Company LLC began coverage on Fabrinet in a research report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 target price on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently 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.