Nuveen LLC Purchases New Position in Fabrinet (NYSE:FN)

Key Points

• Nuveen LLC has acquired a new position in Fabrinet, purchasing approximately 325,422 shares valued at around $64.3 million, representing about 0.91% ownership.
• Wall Street analysts have varied opinions on Fabrinet, with Needham & Company reaffirming a "buy" rating and a target price of $280, while JPMorgan Chase set a neutral rating with a target price of $318.
• Fabrinet's stock experienced a 1-year price range from a low of $148.55 to a high of $356.55, currently opening at $338.41 per share.

Nuveen LLC purchased a new stake in shares of Fabrinet (NYSE:FN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 325,422 shares of the technology company's stock, valued at approximately $64,274,000. Nuveen LLC owned approximately 0.91% of Fabrinet as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Private Trust Co. NA increased its position in shares of Fabrinet by 44.3% during the first quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock valued at $33,000 after acquiring an additional 51 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of Fabrinet by 1.7% during the first quarter. State of Alaska Department of Revenue now owns 4,205 shares of the technology company's stock valued at $830,000 after acquiring an additional 70 shares in the last quarter. Henry James International Management Inc. increased its position in shares of Fabrinet by 5.6% during the first quarter. Henry James International Management Inc. now owns 1,317 shares of the technology company's stock valued at $260,000 after acquiring an additional 70 shares in the last quarter. Illumine Investment Management LLC increased its position in shares of Fabrinet by 2.2% during the first quarter. Illumine Investment Management LLC now owns 3,461 shares of the technology company's stock valued at $684,000 after acquiring an additional 75 shares in the last quarter. Finally, Signaturefd LLC increased its position in shares of Fabrinet by 14.3% during the first quarter. Signaturefd LLC now owns 609 shares of the technology company's stock valued at $120,000 after acquiring an additional 76 shares in the last quarter. Institutional investors own 97.38% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $280.00 target price on shares of Fabrinet in a research report on Tuesday, May 6th. Barclays set a $234.00 target price on shares of Fabrinet and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Rosenblatt Securities lifted their target price on shares of Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Wolfe Research assumed coverage on shares of Fabrinet in a research report on Tuesday, July 8th. They issued a "peer perform" rating for the company. Finally, JPMorgan Chase & Co. lifted their target price on shares of Fabrinet from $235.00 to $318.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. 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 MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $261.33.

Insider Activity

In other news, COO Harpal Gill sold 18,675 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $240.00, for a total transaction of $4,482,000.00. Following the completion of the sale, the chief operating officer owned 18,068 shares of the company's stock, valued at $4,336,320. The trade was a 50.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.38% of the stock is currently owned by insiders.

Fabrinet Price Performance

Shares of FN stock opened at $338.41 on Thursday. Fabrinet has a 1 year low of $148.55 and a 1 year high of $356.55. The firm has a fifty day moving average price of $293.11 and a 200-day moving average price of $238.25. The company has a market cap of $12.13 billion, a price-to-earnings ratio of 37.68 and a beta of 1.02.

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.

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