Cresset Asset Management LLC Has $7.77 Million Stake in Fabrinet (NYSE:FN)

Cresset Asset Management LLC lessened its position in shares of Fabrinet (NYSE:FN - Free Report) by 8.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,327 shares of the technology company's stock after selling 3,233 shares during the period. Cresset Asset Management LLC owned approximately 0.10% of Fabrinet worth $7,768,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Huntington National Bank boosted its holdings in Fabrinet by 66.7% in the 4th quarter. Huntington National Bank now owns 230 shares of the technology company's stock valued at $51,000 after purchasing an additional 92 shares during the period. Quarry LP raised its position in shares of Fabrinet by 315.8% in the fourth quarter. Quarry LP now owns 237 shares of the technology company's stock valued at $52,000 after buying an additional 180 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of Fabrinet by 576.2% in the fourth quarter. IFP Advisors Inc now owns 284 shares of the technology company's stock valued at $63,000 after buying an additional 242 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Fabrinet during the third quarter worth approximately $70,000. Finally, Assetmark Inc. increased its stake in Fabrinet by 12.0% during the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company's stock worth $106,000 after acquiring an additional 52 shares during the period. Institutional investors and hedge funds own 97.38% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Rosenblatt Securities increased their target price on Fabrinet from $230.00 to $250.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Needham & Company LLC reiterated a "buy" rating and set a $280.00 price objective on shares of Fabrinet in a research note on Tuesday, May 6th. B. Riley upgraded shares of Fabrinet from a "sell" rating to a "neutral" rating and dropped their target price for the company from $178.00 to $176.00 in a research report on Friday, April 4th. Barclays set a $234.00 price target on shares of Fabrinet and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Finally, Fox Advisors started coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They set an "overweight" rating and a $270.00 price objective for the company. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $239.29.

Fabrinet Stock Performance

Shares of Fabrinet stock traded down $6.55 during midday trading on Friday, hitting $201.55. 575,554 shares of the company traded hands, compared to its average volume of 620,840. The stock has a market cap of $7.22 billion, a price-to-earnings ratio of 22.54 and a beta of 0.95. The firm's fifty day moving average price is $199.79 and its 200-day moving average price is $219.91. Fabrinet has a 12 month low of $148.55 and a 12 month high of $281.79.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.05. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. The company had revenue of $871.80 million during the quarter, compared to the consensus estimate of $857.12 million. During the same period in the prior year, the business earned $2.39 earnings per share. The company's revenue for the quarter was up 19.2% compared to the same quarter last year. Equities research analysts forecast that Fabrinet will post 9.4 earnings per share 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.