Fabrinet (NYSE:FN) Shares Sold by Pitcairn Co.

Pitcairn Co. lowered its holdings in Fabrinet (NYSE:FN) by 8.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,737 shares of the technology company’s stock after selling 166 shares during the quarter. Pitcairn Co.’s holdings in Fabrinet were worth $382,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. 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. acquired a new stake in Fabrinet during the 4th quarter worth $518,000. Janney Montgomery Scott LLC lifted its position in Fabrinet by 2.6% in the fourth 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. JPMorgan Chase & Co. boosted its stake in Fabrinet by 3.8% in the third quarter. JPMorgan Chase & Co. now owns 660,401 shares of the technology company’s stock valued at $156,145,000 after acquiring an additional 24,439 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in shares of Fabrinet by 33.2% during the fourth quarter. Harbor Capital Advisors Inc. now owns 13,901 shares of the technology company’s stock worth $3,057,000 after purchasing an additional 3,468 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. B. Riley raised Fabrinet from a “sell” rating to a “neutral” rating and decreased their target price for the company from $178.00 to $176.00 in a research report on Friday. Barclays lowered their target price on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Needham & Company LLC reiterated a “buy” rating and issued a $280.00 price target on shares of Fabrinet in a research report on Monday, March 17th. Rosenblatt Securities reissued a “buy” rating and set a $285.00 price objective on shares of Fabrinet in a research report on Friday, March 14th. Finally, Fox Advisors assumed coverage on shares of Fabrinet in a report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Fabrinet currently has a consensus rating of “Hold” and a consensus price target of $250.14.

Fabrinet Stock Performance

Shares of Fabrinet stock opened at $171.11 on Friday. Fabrinet has a one year low of $148.55 and a one year high of $281.79. The company has a market cap of $6.21 billion, a P/E ratio of 19.14 and a beta of 0.89. The firm has a fifty day moving average of $209.73 and a two-hundred day moving average of $228.93.

Fabrinet (NYSE:FN) last posted its quarterly earnings results 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%. As a group, equities analysts predict that Fabrinet will post 9.4 earnings per share for the current 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.