Citigroup Inc. Purchases 4,639 Shares of Fabrinet (NYSE:FN)

Citigroup Inc. raised its holdings in shares of Fabrinet (NYSE:FN) by 13.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 38,115 shares of the technology company’s stock after acquiring an additional 4,639 shares during the quarter. Citigroup Inc.’s holdings in Fabrinet were worth $9,012,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Driehaus Capital Management LLC boosted its holdings in Fabrinet by 183.5% during the second quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock worth $68,046,000 after purchasing an additional 179,943 shares during the last quarter. Clearbridge Investments LLC bought a new stake in Fabrinet during the 2nd quarter worth about $27,911,000. DekaBank Deutsche Girozentrale boosted its stake in shares of Fabrinet by 3,831.4% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 82,088 shares of the technology company’s stock worth $19,465,000 after buying an additional 80,000 shares during the last quarter. Rice Hall James & Associates LLC grew its holdings in shares of Fabrinet by 89.1% in the 2nd quarter. Rice Hall James & Associates LLC now owns 134,519 shares of the technology company’s stock valued at $32,929,000 after acquiring an additional 63,398 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Fabrinet by 14.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock valued at $113,621,000 after acquiring an additional 61,491 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fabrinet

In related news, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following the transaction, the executive vice president now directly owns 8,333 shares in the company, valued at approximately $1,835,426.58. This represents a 51.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.38% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FN. Rosenblatt Securities increased their price target on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. JPMorgan Chase & Co. increased their price objective on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Barclays assumed coverage on shares of Fabrinet in a research note on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 target price for the company. B. Riley lowered shares of Fabrinet from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. Finally, Needham & Company LLC initiated coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $252.14.

Fabrinet Price Performance

NYSE:FN opened at $234.65 on Friday. The company has a market cap of $8.51 billion, a P/E ratio of 27.77 and a beta of 0.95. The firm’s fifty day moving average price is $244.01 and its two-hundred day moving average price is $238.01. Fabrinet has a one year low of $159.30 and a one year high of $278.38.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.01. The business had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. Fabrinet’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.78 EPS. As a group, equities research analysts expect that Fabrinet will post 9.1 earnings per share for the current year.

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.