Ameriprise Financial Inc. Cuts Position in Fabrinet (NYSE:FN)

Ameriprise Financial Inc. decreased its position in Fabrinet (NYSE:FN - Free Report) by 23.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 112,244 shares of the technology company's stock after selling 35,275 shares during the period. Ameriprise Financial Inc. owned 0.31% of Fabrinet worth $24,680,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Fabrinet during the 4th quarter valued at $95,084,000. Capital Research Global Investors lifted its holdings in shares of Fabrinet by 675.2% during the 4th quarter. Capital Research Global Investors now owns 417,020 shares of the technology company's stock valued at $91,694,000 after purchasing an additional 363,228 shares during the last quarter. Wasatch Advisors LP lifted its holdings in shares of Fabrinet by 47.0% during the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company's stock valued at $249,044,000 after purchasing an additional 362,064 shares during the last quarter. Wedge Capital Management L L P NC purchased a new position in Fabrinet in the 4th quarter worth $63,222,000. Finally, FMR LLC raised its stake in Fabrinet by 13.1% in the 4th quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock worth $486,789,000 after acquiring an additional 257,164 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company's stock.

Analyst Upgrades and Downgrades

FN has been the topic of several analyst reports. Fox Advisors initiated coverage on Fabrinet in a research report on Tuesday, February 18th. They set an "overweight" rating and a $270.00 price target on the stock. Rosenblatt Securities lifted their price objective on Fabrinet from $230.00 to $250.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Barclays set a $234.00 price objective on Fabrinet and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. lifted their price objective on Fabrinet from $220.00 to $235.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Finally, B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and decreased their target price for the stock from $178.00 to $176.00 in a research note on Friday, April 4th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $239.29.

Fabrinet Stock Up 3.0%

FN traded up $6.73 during trading on Friday, reaching $230.31. The company's stock had a trading volume of 1,182,284 shares, compared to its average volume of 625,634. The firm has a fifty day simple moving average of $203.02 and a two-hundred day simple moving average of $219.09. Fabrinet has a 1 year low of $148.55 and a 1 year high of $281.79. The company has a market cap of $8.25 billion, a price-to-earnings ratio of 25.76 and a beta of 0.95.

Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 EPS for the quarter, beating analysts' consensus estimates of $2.47 by $0.05. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The firm had revenue of $871.80 million for the quarter, compared to analysts' expectations of $857.12 million. During the same period in the prior year, the firm posted $2.39 earnings per share. The firm's quarterly revenue was up 19.2% on a year-over-year basis. As a group, equities analysts forecast that Fabrinet will post 9.4 EPS for the current fiscal year.

Insider Activity at Fabrinet

In other Fabrinet news, Director Rollance E. Olson sold 2,500 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total value of $559,950.00. Following the sale, the director now owns 23,201 shares of the company's stock, valued at $5,196,559.98. The trade was a 9.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.38% of the stock is currently owned by insiders.

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.