Gotham Asset Management LLC Reduces Position in Fabrinet (NYSE:FN)

Gotham Asset Management LLC lessened its stake in Fabrinet (NYSE:FN - Free Report) by 84.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,754 shares of the technology company's stock after selling 9,708 shares during the period. Gotham Asset Management LLC's holdings in Fabrinet were worth $386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Fabrinet by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 4,137,579 shares of the technology company's stock worth $909,771,000 after acquiring an additional 113,186 shares in the last quarter. FMR LLC lifted its holdings in shares of Fabrinet by 13.1% during the fourth quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock worth $486,789,000 after purchasing an additional 257,164 shares during the period. Wasatch Advisors LP raised its position in Fabrinet by 47.0% during the fourth quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company's stock valued at $249,044,000 after acquiring an additional 362,064 shares in the last quarter. Geode Capital Management LLC raised its position in Fabrinet by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 1,006,858 shares of the technology company's stock valued at $221,430,000 after acquiring an additional 20,045 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Fabrinet by 1.4% during the fourth quarter. JPMorgan Chase & Co. now owns 669,459 shares of the technology company's stock valued at $147,201,000 after acquiring an additional 9,058 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FN. B. Riley upgraded 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 research report on Friday, April 4th. Rosenblatt Securities boosted their price objective on Fabrinet from $230.00 to $250.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Fox Advisors assumed coverage on Fabrinet in a research note on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 price target on the stock. JPMorgan Chase & Co. upped their price target on Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $280.00 price objective on shares of Fabrinet in a report on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $239.29.

Insider Buying and Selling

In related news, Director Rollance E. Olson sold 2,500 shares of Fabrinet stock in a transaction 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 of the company's stock, valued at approximately $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 SEC, which can be accessed through this link. 0.38% of the stock is currently owned by insiders.

Fabrinet Stock Performance

Fabrinet stock traded up $2.16 during mid-day trading on Friday, reaching $230.41. 542,948 shares of the company were exchanged, compared to its average volume of 627,546. Fabrinet has a twelve month low of $148.55 and a twelve month high of $281.79. The firm's 50-day simple moving average is $204.05 and its two-hundred day simple moving average is $218.88. The firm has a market cap of $8.26 billion, a PE ratio of 25.77 and a beta of 0.95.

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

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.