Securian Asset Management Inc. Lowers Stake in Fabrinet (NYSE:FN)

Securian Asset Management Inc. reduced its holdings in shares of Fabrinet (NYSE:FN) by 3.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,711 shares of the technology company’s stock after selling 100 shares during the period. Securian Asset Management Inc.’s holdings in Fabrinet were worth $596,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Wedge Capital Management L L P NC bought a new stake in Fabrinet during the 4th quarter valued at about $63,222,000. Whale Rock Capital Management LLC increased its stake in Fabrinet by 25.8% during the 3rd quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock valued at $202,338,000 after purchasing an additional 175,684 shares in the last quarter. Stephens Investment Management Group LLC bought a new stake in Fabrinet during the 4th quarter valued at about $28,218,000. Raymond James Financial Inc. bought a new stake in Fabrinet during the 4th quarter valued at about $24,844,000. Finally, World Investment Advisors LLC bought a new stake in Fabrinet during the 3rd quarter valued at about $20,187,000. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Trading Down 1.3 %

Shares of NYSE FN opened at $220.85 on Monday. The firm has a 50 day moving average of $219.44 and a 200 day moving average of $230.79. The firm has a market capitalization of $8.01 billion, a price-to-earnings ratio of 24.70 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 announced its 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 net margin of 10.44% and a return on equity of 18.48%. Sell-side analysts predict that Fabrinet will post 9.4 EPS for the current year.

Wall Street Analysts Forecast Growth

FN has been the subject of a number of analyst reports. B. Riley lowered shares of Fabrinet from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. Fox Advisors started coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price objective for the company. Barclays reduced their price target on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research note 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. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $280.00 price target on shares of Fabrinet in a research note on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $246.63.

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.