Polar Asset Management Partners Inc. Makes New $3.36 Million Investment in Fabrinet (NYSE:FN)

Polar Asset Management Partners Inc. purchased a new position in Fabrinet (NYSE:FN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 15,300 shares of the technology company's stock, valued at approximately $3,364,000.

A number of other large investors also recently modified their holdings of the business. Barclays PLC lifted its holdings in shares of Fabrinet by 304.6% in the third quarter. Barclays PLC now owns 69,128 shares of the technology company's stock valued at $16,345,000 after buying an additional 52,042 shares during the period. Janney Montgomery Scott LLC lifted its position in Fabrinet by 2.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 3,279 shares of the technology company's stock worth $721,000 after buying an additional 82 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in Fabrinet in the fourth quarter worth approximately $1,945,000. Tokio Marine Asset Management Co. Ltd. acquired a new stake in Fabrinet in the fourth quarter valued at approximately $4,615,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in Fabrinet by 178.9% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,008 shares of the technology company's stock valued at $881,000 after buying an additional 2,571 shares during the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Fabrinet Trading Up 1.5%

Shares of FN stock traded up $3.50 during trading hours on Thursday, hitting $235.29. 779,288 shares of the company were exchanged, compared to its average volume of 628,668. Fabrinet has a 52 week low of $148.55 and a 52 week high of $281.79. The business has a 50 day moving average of $204.63 and a two-hundred day moving average of $218.30. The company has a market capitalization of $8.43 billion, a PE ratio of 26.32 and a beta of 0.95.

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

Insiders Place Their Bets

In other news, Director Rollance E. Olson sold 2,500 shares of Fabrinet stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total transaction of $559,950.00. Following the completion of the transaction, the director now directly owns 23,201 shares in the company, valued at approximately $5,196,559.98. The trade was a 9.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

FN has been the topic of several research reports. 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 target on the stock. Needham & Company LLC restated a "buy" rating and issued a $280.00 price objective on shares of Fabrinet in a research report on Tuesday, May 6th. Rosenblatt Securities increased 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. JPMorgan Chase & Co. boosted their target price on Fabrinet from $220.00 to $235.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Finally, B. Riley raised Fabrinet from a "sell" rating to a "neutral" rating and dropped their price objective 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 assigned a buy rating to the company's stock. According to data from MarketBeat.com, Fabrinet presently has an average rating of "Hold" and an average price target of $239.29.

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.