Lazard Asset Management LLC Boosts Holdings in Fabrinet (NYSE:FN)

Lazard Asset Management LLC boosted its position in Fabrinet (NYSE:FN - Free Report) by 137.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,636 shares of the technology company's stock after purchasing an additional 7,903 shares during the period. Lazard Asset Management LLC's holdings in Fabrinet were worth $2,997,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in FN. Huntington National Bank increased its position in shares of Fabrinet by 66.7% during the fourth quarter. Huntington National Bank now owns 230 shares of the technology company's stock worth $51,000 after acquiring an additional 92 shares during the period. Quarry LP increased its position in shares of Fabrinet by 315.8% during the fourth quarter. Quarry LP now owns 237 shares of the technology company's stock worth $52,000 after acquiring an additional 180 shares during the period. IFP Advisors Inc increased its position in shares of Fabrinet by 576.2% during the fourth quarter. IFP Advisors Inc now owns 284 shares of the technology company's stock worth $63,000 after acquiring an additional 242 shares during the period. Assetmark Inc. increased its position in shares of Fabrinet by 12.0% during the fourth 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. Finally, Transamerica Financial Advisors Inc. increased its holdings in Fabrinet by 17.2% during the fourth quarter. Transamerica Financial Advisors Inc. now owns 565 shares of the technology company's stock valued at $125,000 after buying an additional 83 shares during the period. Institutional investors own 97.38% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FN shares. Fox Advisors started coverage on shares of Fabrinet in a report on Tuesday, February 18th. They set an "overweight" rating and a $270.00 price objective on the stock. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and cut their price objective for the company from $178.00 to $176.00 in a report on Friday, April 4th. Needham & Company LLC reissued a "buy" rating and set a $280.00 price objective on shares of Fabrinet in a report on Tuesday, May 6th. JPMorgan Chase & Co. lifted their price objective on shares of Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Finally, Rosenblatt Securities lifted their price objective on shares of Fabrinet from $230.00 to $250.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Fabrinet currently has a consensus rating of "Hold" and an average price target of $239.29.

Fabrinet Price Performance

NYSE FN traded up $1.81 on Thursday, hitting $228.78. The stock had a trading volume of 71,331 shares, compared to its average volume of 625,755. The business's fifty day moving average price is $203.75 and its 200 day moving average price is $218.96. Fabrinet has a 52-week low of $148.55 and a 52-week high of $281.79. The stock has a market cap of $8.20 billion, a price-to-earnings ratio of 25.59 and a beta of 0.95.

Fabrinet (NYSE:FN - Get Free Report) last released 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 business had revenue of $871.80 million for the quarter, compared to analyst estimates of $857.12 million. During the same period in the previous year, the company earned $2.39 earnings per share. The business's revenue for the quarter was up 19.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Fabrinet will post 9.4 EPS for the current year.

Insider Activity

In other news, Director Rollance E. Olson sold 2,500 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total transaction of $559,950.00. Following the sale, the director now directly 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.38% of the company's stock.

About Fabrinet

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.