Bowen Hanes & Co. Inc. Acquires 8,000 Shares of Fabrinet (NYSE:FN)

Bowen Hanes & Co. Inc. grew its holdings in Fabrinet (NYSE:FN) by 5.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 148,000 shares of the technology company’s stock after acquiring an additional 8,000 shares during the quarter. Bowen Hanes & Co. Inc. owned 0.41% of Fabrinet worth $32,542,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of FN. Wedge Capital Management L L P NC bought a new stake in shares of Fabrinet in the fourth quarter worth about $63,222,000. Whale Rock Capital Management LLC increased its holdings in shares of Fabrinet by 25.8% in the third quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock worth $202,338,000 after acquiring an additional 175,684 shares in the last quarter. Stephens Investment Management Group LLC bought a new stake in shares of Fabrinet in the fourth quarter worth about $28,218,000. Raymond James Financial Inc. bought a new stake in shares of Fabrinet in the fourth quarter worth about $24,844,000. Finally, World Investment Advisors LLC bought a new stake in shares of Fabrinet in the third quarter worth about $20,187,000. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Stock Performance

Shares of NYSE FN opened at $201.87 on Thursday. The stock has a 50 day moving average price of $219.55 and a 200 day moving average price of $231.25. Fabrinet has a 52 week low of $159.69 and a 52 week high of $281.79. The stock has a market capitalization of $7.32 billion, a PE ratio of 22.58 and a beta of 0.89.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. As a group, research analysts forecast that Fabrinet will post 9.4 EPS for the current year.

Wall Street Analysts Forecast Growth

FN has been the subject of several recent research reports. JPMorgan Chase & Co. reduced their price objective on Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research report on Tuesday, February 4th. Fox Advisors initiated coverage on Fabrinet in a research report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price objective for the company. Rosenblatt Securities upped their price objective on Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a research report on Tuesday, February 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $280.00 price objective on shares of Fabrinet in a research report on Tuesday, February 4th. Finally, B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $246.63.

About Fabrinet

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.