Wilmington Savings Fund Society FSB Makes New Investment in Fabrinet (NYSE:FN)

Wilmington Savings Fund Society FSB acquired a new stake in shares of Fabrinet (NYSE:FN) in the third quarter, Holdings Channel reports. The fund acquired 294 shares of the technology company’s stock, valued at approximately $70,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Wellington Management Group LLP boosted its position in shares of Fabrinet by 1.7% in the third quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock worth $276,437,000 after buying an additional 19,677 shares during the period. Geode Capital Management LLC grew its stake in Fabrinet by 7.6% during the 3rd quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock valued at $233,359,000 after acquiring an additional 69,554 shares in the last quarter. Whale Rock Capital Management LLC lifted its position in shares of Fabrinet by 25.8% in the third quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock worth $202,338,000 after purchasing an additional 175,684 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Fabrinet by 14.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock worth $113,621,000 after purchasing an additional 61,491 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Fabrinet by 4.1% during the second quarter. Bank of New York Mellon Corp now owns 314,665 shares of the technology company’s stock valued at $77,027,000 after purchasing an additional 12,409 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Fabrinet Price Performance

NYSE FN opened at $221.26 on Friday. The firm has a market cap of $8.02 billion, a P/E ratio of 26.18 and a beta of 0.92. The stock’s 50-day moving average is $242.77 and its two-hundred day moving average is $237.78. Fabrinet has a fifty-two week low of $159.69 and a fifty-two week high of $278.38.

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FN. B. Riley lowered shares of Fabrinet from a “neutral” rating to a “sell” rating and decreased their target price for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. Barclays started coverage on Fabrinet in a research report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 target price on the stock. Finally, Needham & Company LLC started coverage on Fabrinet in a report on Tuesday, November 5th. They set 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 issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $252.14.

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.