Point72 Asset Management L.P. Purchases New Holdings in Fabrinet (NYSE:FN)

Point72 Asset Management L.P. purchased a new stake in shares of Fabrinet (NYSE:FN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 49,500 shares of the technology company's stock, valued at approximately $10,884,000. Point72 Asset Management L.P. owned 0.14% of Fabrinet as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Barclays PLC increased its holdings in 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 purchasing an additional 52,042 shares during the last quarter. Park Avenue Securities LLC increased its holdings in Fabrinet by 21.4% in the fourth quarter. Park Avenue Securities LLC now owns 8,113 shares of the technology company's stock valued at $1,784,000 after purchasing an additional 1,432 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in Fabrinet by 18.4% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 6,658 shares of the technology company's stock valued at $1,464,000 after purchasing an additional 1,037 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Fabrinet by 9.2% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,271 shares of the technology company's stock valued at $279,000 after purchasing an additional 107 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in Fabrinet by 2.6% in the fourth quarter. Janney Montgomery Scott LLC now owns 3,279 shares of the technology company's stock valued at $721,000 after purchasing an additional 82 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company's stock.

Fabrinet Price Performance

Shares of Fabrinet stock traded up $2.16 during trading hours on Friday, hitting $230.41. The company's stock had a trading volume of 542,948 shares, compared to its average volume of 628,458. Fabrinet has a 12 month low of $148.55 and a 12 month high of $281.79. The stock has a 50 day moving average of $204.05 and a 200 day moving average of $218.68. The company has a market capitalization 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 data on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.47 by $0.05. The business had revenue of $871.80 million during the quarter, compared to the consensus estimate of $857.12 million. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. Fabrinet's quarterly revenue was up 19.2% on a year-over-year basis. During the same period last year, the company earned $2.39 earnings per share. Equities analysts expect that Fabrinet will post 9.4 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on FN shares. Fox Advisors started coverage on Fabrinet in a report on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 price objective for the company. Rosenblatt Securities upped their price objective on Fabrinet from $230.00 to $250.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. increased their price target on Fabrinet from $220.00 to $235.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Needham & Company LLC restated a "buy" rating and issued a $280.00 price target on shares of Fabrinet in a report on Tuesday, May 6th. Finally, B. Riley upgraded Fabrinet from a "sell" rating to a "neutral" rating and lowered their price target for the stock from $178.00 to $176.00 in a report on Friday, April 4th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, Fabrinet has an average rating of "Hold" and an average target price of $239.29.

Insider Buying and Selling

In related news, Director Rollance E. Olson sold 2,500 shares of the stock in a transaction dated 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. This trade represents a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.38% of the stock is owned by corporate insiders.

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.