Wolff Wiese Magana LLC Takes $246,000 Position in Fabrinet (NYSE:FN)

Wolff Wiese Magana LLC bought a new position in Fabrinet (NYSE:FN) in the 1st quarter, Holdings Channel reports. The fund bought 1,299 shares of the technology company’s stock, valued at approximately $246,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Fabrinet by 0.4% in the third quarter. Vanguard Group Inc. now owns 4,333,317 shares of the technology company’s stock valued at $722,017,000 after acquiring an additional 16,228 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Fabrinet by 1.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 977,459 shares of the technology company’s stock worth $186,051,000 after acquiring an additional 16,551 shares during the period. Wellington Management Group LLP boosted its stake in shares of Fabrinet by 21.3% in the third quarter. Wellington Management Group LLP now owns 904,505 shares of the technology company’s stock worth $150,709,000 after acquiring an additional 159,037 shares during the period. Baillie Gifford & Co. boosted its stake in shares of Fabrinet by 190.0% in the fourth quarter. Baillie Gifford & Co. now owns 563,805 shares of the technology company’s stock worth $107,309,000 after acquiring an additional 369,389 shares during the period. Finally, Congress Asset Management Co. MA boosted its stake in shares of Fabrinet by 0.7% in the first quarter. Congress Asset Management Co. MA now owns 524,068 shares of the technology company’s stock worth $99,059,000 after acquiring an additional 3,684 shares during the period. Institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Down 1.9 %

FN traded down $4.54 on Monday, hitting $240.25. The company had a trading volume of 122,233 shares, compared to its average volume of 449,720. The company has a market cap of $8.69 billion, a PE ratio of 31.88 and a beta of 0.96. Fabrinet has a 12-month low of $114.83 and a 12-month high of $257.04. The business’s fifty day simple moving average is $223.56 and its 200 day simple moving average is $205.41.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, May 6th. The technology company reported $2.21 EPS for the quarter, topping the consensus estimate of $1.93 by $0.28. The company had revenue of $731.54 million during the quarter, compared to analyst estimates of $718.94 million. Fabrinet had a return on equity of 17.67% and a net margin of 9.90%. On average, analysts anticipate that Fabrinet will post 7.95 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on FN shares. Jefferies Financial Group started coverage on Fabrinet in a research note on Wednesday, June 26th. They issued a “hold” rating and a $230.00 price objective for the company. Northland Securities raised Fabrinet from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $200.00 to $220.00 in a research note on Thursday, March 21st. JPMorgan Chase & Co. boosted their target price on Fabrinet from $210.00 to $212.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. B. Riley decreased their target price on Fabrinet from $173.00 to $171.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $220.00 target price on shares of Fabrinet in a research report on Tuesday, May 7th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $168.67.

Insider Buying and Selling

In other Fabrinet news, Director Frank H. Levinson sold 6,000 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $241.71, for a total value of $1,450,260.00. Following the completion of the sale, the director now owns 5,709 shares of the company’s stock, valued at $1,379,922.39. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.51% of the stock is currently owned by company insiders.

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.