Fabrinet (NYSE:FN) Stock Position Lifted by Park Place Capital Corp

Park Place Capital Corp boosted its stake in shares of Fabrinet (NYSE:FN) by 179.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 388 shares of the technology company’s stock after purchasing an additional 249 shares during the period. Park Place Capital Corp’s holdings in Fabrinet were worth $73,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FN. Congress Asset Management Co. MA purchased a new position in Fabrinet during the fourth quarter valued at approximately $99,045,000. Baillie Gifford & Co. grew its position in Fabrinet by 190.0% during the fourth quarter. Baillie Gifford & Co. now owns 563,805 shares of the technology company’s stock valued at $107,309,000 after purchasing an additional 369,389 shares in the last quarter. Wellington Management Group LLP grew its position in Fabrinet by 21.3% during the third quarter. Wellington Management Group LLP now owns 904,505 shares of the technology company’s stock valued at $150,709,000 after purchasing an additional 159,037 shares in the last quarter. TD Asset Management Inc lifted its stake in Fabrinet by 310.5% in the fourth quarter. TD Asset Management Inc now owns 129,616 shares of the technology company’s stock valued at $24,670,000 after acquiring an additional 98,042 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in Fabrinet by 159.3% in the third quarter. American Century Companies Inc. now owns 157,964 shares of the technology company’s stock valued at $26,320,000 after acquiring an additional 97,052 shares during the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Fabrinet Trading Down 0.8 %

Shares of FN stock opened at $242.82 on Tuesday. Fabrinet has a 1 year low of $114.83 and a 1 year high of $257.04. The firm’s fifty day simple moving average is $225.14 and its 200 day simple moving average is $205.81. The firm has a market capitalization of $8.78 billion, a P/E ratio of 32.25 and a beta of 0.96.

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

Insider Buying and Selling

In other Fabrinet news, Director Frank H. Levinson sold 6,000 shares of the business’s stock in a transaction on 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 sale, the director now owns 5,709 shares of the company’s stock, valued at approximately $1,379,922.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.51% of the stock is currently owned by insiders.

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.