Oppenheimer Asset Management Inc. Sells 4,550 Shares of Fabrinet $FN

Key Points

• Oppenheimer reduced its Fabrinet stake by 34.4% in Q4, selling 4,550 shares and leaving 8,688 shares valued at about $3.96 million.
• Fabrinet beat quarterly estimates (EPS $3.36 vs. $3.26) with revenue up 35.9% year-over-year to $1.13 billion, and analysts hold a consensus "Moderate Buy" with a $587.50 price target.
• Institutional ownership is 97.38%, with major funds such as Vanguard, Wasatch, Invesco, JPMorgan and AllianceBernstein holding or increasing large positions.

Oppenheimer Asset Management Inc. reduced its stake in Fabrinet (NYSE:FN - Free Report) by 34.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,688 shares of the technology company's stock after selling 4,550 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Fabrinet were worth $3,955,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of FN. Vanguard Group Inc. boosted its holdings in Fabrinet by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,135,345 shares of the technology company's stock worth $1,507,829,000 after acquiring an additional 59,002 shares during the last quarter. Wasatch Advisors LP raised its holdings in shares of Fabrinet by 45.1% in the second quarter. Wasatch Advisors LP now owns 1,779,665 shares of the technology company's stock valued at $524,432,000 after purchasing an additional 553,196 shares during the last quarter. Invesco Ltd. lifted its position in shares of Fabrinet by 33.3% during the third quarter. Invesco Ltd. now owns 681,850 shares of the technology company's stock valued at $248,616,000 after purchasing an additional 170,297 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Fabrinet by 1.7% during the third quarter. JPMorgan Chase & Co. now owns 646,333 shares of the technology company's stock valued at $235,666,000 after purchasing an additional 10,621 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Fabrinet by 226.1% during the third quarter. Alliancebernstein L.P. now owns 499,177 shares of the technology company's stock worth $182,010,000 after purchasing an additional 346,113 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Wolfe Research raised shares of Fabrinet from a "peer perform" rating to an "outperform" rating and set a $540.00 price objective for the company in a research report on Wednesday, February 4th. Weiss Ratings downgraded Fabrinet from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, April 8th. B. Riley Financial upped their target price on Fabrinet from $366.00 to $452.00 and gave the company a "neutral" rating in a report on Tuesday, February 3rd. Barclays lifted their price target on Fabrinet from $537.00 to $548.00 and gave the stock an "overweight" rating in a report on Tuesday, February 3rd. Finally, Susquehanna boosted their price objective on Fabrinet from $550.00 to $570.00 and gave the stock a "positive" rating in a research report on Thursday, January 22nd. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $587.50.

Fabrinet Stock Up 0.2%

Shares of FN stock opened at $708.25 on Monday. The firm has a market cap of $25.37 billion, a P/E ratio of 67.84 and a beta of 1.22. The company has a 50 day moving average of $588.72 and a 200-day moving average of $504.95. Fabrinet has a 12-month low of $193.54 and a 12-month high of $734.79.

Fabrinet (NYSE:FN - Get Free Report) last posted its quarterly earnings data on Monday, February 2nd. The technology company reported $3.36 EPS for the quarter, beating the consensus estimate of $3.26 by $0.10. Fabrinet had a return on equity of 18.69% and a net margin of 9.69%.The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the business earned $2.61 earnings per share. Fabrinet's revenue for the quarter was up 35.9% on a year-over-year basis. As a group, equities analysts expect that Fabrinet will post 12.8 EPS for the current year.

Fabrinet Profile

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.

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