HighTower Advisors LLC Sells 165 Shares of Fabrinet (NYSE:FN)

HighTower Advisors LLC lessened its position in shares of Fabrinet (NYSE:FN) by 4.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,823 shares of the technology company’s stock after selling 165 shares during the period. HighTower Advisors LLC’s holdings in Fabrinet were worth $899,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Huntington National Bank boosted its stake in Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after purchasing an additional 57 shares during the period. Banque Cantonale Vaudoise acquired a new stake in shares of Fabrinet during the second quarter worth $35,000. Kimelman & Baird LLC bought a new stake in shares of Fabrinet in the second quarter valued at about $49,000. NBC Securities Inc. grew its stake in shares of Fabrinet by 732.0% in the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock valued at $49,000 after acquiring an additional 183 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Fabrinet during the third quarter worth about $52,000. Institutional investors and hedge funds own 97.38% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Rosenblatt Securities boosted their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and cut their price target for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. JPMorgan Chase & Co. raised their price objective on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Barclays began coverage on Fabrinet in a report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 target price on the stock. Finally, Needham & Company LLC started coverage on Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Fabrinet currently has an average rating of “Hold” and a consensus price target of $252.14.

Fabrinet Price Performance

Shares of NYSE:FN opened at $231.67 on Wednesday. The firm has a 50 day simple moving average of $244.65 and a 200 day simple moving average of $238.03. The company has a market cap of $8.40 billion, a price-to-earnings ratio of 27.42 and a beta of 0.92. Fabrinet has a one year low of $159.69 and a one year high of $278.38.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, topping 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 return on equity of 18.08% and a net margin of 10.28%. Fabrinet’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.78 EPS. As a group, analysts expect that Fabrinet will post 9.1 EPS for the current year.

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.