Arrowstreet Capital Limited Partnership Increases Stake in Fabrinet (NYSE:FN)

Arrowstreet Capital Limited Partnership raised its holdings in shares of Fabrinet (NYSE:FN) by 205.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 267,228 shares of the technology company’s stock after acquiring an additional 179,679 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.74% of Fabrinet worth $58,758,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of FN. Point72 Asia Singapore Pte. Ltd. bought a new position in Fabrinet in the 3rd quarter worth $52,000. Public Employees Retirement System of Ohio bought a new position in shares of Fabrinet in the third quarter worth about $61,000. IFP Advisors Inc lifted 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 valued at $63,000 after buying an additional 242 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Fabrinet during the 3rd quarter valued at approximately $70,000. Finally, Assetmark Inc. increased its holdings in Fabrinet by 12.0% in the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock worth $106,000 after acquiring an additional 52 shares in the last quarter. Institutional investors own 97.38% of the company’s stock.

Fabrinet Trading Down 0.4 %

NYSE:FN opened at $196.68 on Wednesday. The business’s 50-day moving average is $214.65 and its 200 day moving average is $229.90. Fabrinet has a 12 month low of $159.69 and a 12 month high of $281.79. The company has a market capitalization of $7.13 billion, a P/E ratio of 22.00 and a beta of 0.89.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 earnings per share (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%. On average, research analysts forecast that Fabrinet will post 9.4 earnings per share for the current year.

Analysts Set New Price Targets

FN has been the topic of several analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $280.00 price target on shares of Fabrinet in a report on Monday, March 17th. JPMorgan Chase & Co. dropped their target price on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a report on Tuesday, February 4th. Rosenblatt Securities reiterated a “buy” rating and issued a $285.00 price target on shares of Fabrinet in a research note on Friday, March 14th. Barclays lowered their price objective 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. Finally, Fox Advisors began coverage on Fabrinet in a research report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 target price for the company. 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’s stock. Based on data from MarketBeat.com, Fabrinet presently has an average rating of “Hold” and a consensus target price of $250.43.

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.