KLP Kapitalforvaltning AS Buys Shares of 7,400 Fabrinet (NYSE:FN)

KLP Kapitalforvaltning AS purchased a new position in shares of Fabrinet (NYSE:FN) in the fourth quarter, HoldingsChannel reports. The fund purchased 7,400 shares of the technology company’s stock, valued at approximately $1,627,000.

Other institutional investors have also modified their holdings of the company. Barclays PLC increased its stake in Fabrinet by 304.6% in the third quarter. Barclays PLC now owns 69,128 shares of the technology company’s stock valued at $16,345,000 after purchasing an additional 52,042 shares during the last quarter. Salem Investment Counselors Inc. purchased a new stake in Fabrinet in the 4th quarter valued at about $518,000. Janney Montgomery Scott LLC increased its stake in shares of Fabrinet by 2.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 3,279 shares of the technology company’s stock valued at $721,000 after acquiring an additional 82 shares during the last quarter. Citigroup Inc. lifted its holdings in shares of Fabrinet by 13.9% during the 3rd quarter. Citigroup Inc. now owns 38,115 shares of the technology company’s stock worth $9,012,000 after acquiring an additional 4,639 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Fabrinet by 3.8% in the third quarter. JPMorgan Chase & Co. now owns 660,401 shares of the technology company’s stock worth $156,145,000 after acquiring an additional 24,439 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on FN. Needham & Company LLC reaffirmed a “buy” rating and set a $280.00 price target on shares of Fabrinet in a research report on Monday, March 17th. Barclays cut their target price on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Fox Advisors started coverage on Fabrinet in a research report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price target for the company. Rosenblatt Securities restated a “buy” rating and issued a $285.00 price objective on shares of Fabrinet in a report on Friday, March 14th. Finally, JPMorgan Chase & Co. reduced their price objective on Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $250.43.

Fabrinet Price Performance

NYSE:FN opened at $195.58 on Friday. The business’s 50-day moving average is $216.64 and its two-hundred day moving average is $230.05. The firm has a market capitalization of $7.09 billion, a PE ratio of 21.88 and a beta of 0.89. Fabrinet has a 12 month low of $159.69 and a 12 month high of $281.79.

Fabrinet (NYSE:FN) last released 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 return on equity of 18.48% and a net margin of 10.44%. Equities analysts anticipate that Fabrinet will post 9.4 EPS for the current year.

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.