Everence Capital Management Inc. Purchases New Position in Fabrinet (NYSE:FN)

Everence Capital Management Inc. purchased a new stake in Fabrinet (NYSE:FN) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 920 shares of the technology company’s stock, valued at approximately $202,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FN. Huntington National Bank lifted its stake in Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after buying an additional 57 shares during the last quarter. Kimelman & Baird LLC purchased a new stake in Fabrinet in the 2nd quarter valued at $49,000. NBC Securities Inc. boosted its stake in Fabrinet by 732.0% during the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after purchasing an additional 183 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in Fabrinet during the 3rd quarter worth $52,000. Finally, UMB Bank n.a. increased its stake in Fabrinet by 252.9% in the third quarter. UMB Bank n.a. now owns 240 shares of the technology company’s stock valued at $57,000 after purchasing an additional 172 shares during the period. Institutional investors and hedge funds own 97.38% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FN. Needham & Company LLC started coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They set a “buy” rating and a $280.00 target price for the company. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. Finally, Barclays initiated coverage on Fabrinet in a report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 target price on the stock. One 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $252.14.

Fabrinet Trading Up 1.7 %

Shares of FN stock opened at $233.16 on Friday. The stock has a 50 day simple moving average of $235.20 and a 200-day simple moving average of $236.03. The company has a market cap of $8.46 billion, a price-to-earnings ratio of 27.59 and a beta of 0.93. Fabrinet has a 12-month low of $159.69 and a 12-month high of $278.38.

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

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.