Smith Group Asset Management LLC Makes New Investment in Fabrinet (NYSE:FN)

Smith Group Asset Management LLC purchased a new position in shares of Fabrinet (NYSE:FN - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,949 shares of the technology company's stock, valued at approximately $582,000.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Fabrinet during the 4th quarter valued at $95,084,000. Capital Research Global Investors grew its position in Fabrinet by 675.2% during the fourth quarter. Capital Research Global Investors now owns 417,020 shares of the technology company's stock valued at $91,694,000 after buying an additional 363,228 shares during the period. Wasatch Advisors LP increased its holdings in Fabrinet by 47.0% during the fourth quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company's stock worth $249,044,000 after buying an additional 362,064 shares during the last quarter. FMR LLC raised its position in Fabrinet by 13.1% in the fourth quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock worth $486,789,000 after acquiring an additional 257,164 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Fabrinet by 205.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 267,228 shares of the technology company's stock valued at $58,758,000 after acquiring an additional 179,679 shares during the last quarter. 97.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on FN shares. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and reduced their target price for the company from $178.00 to $176.00 in a research report on Friday, April 4th. Rosenblatt Securities upped their price objective on Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a research note on Thursday, June 12th. JPMorgan Chase & Co. raised 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. Needham & Company LLC restated a "buy" rating and issued a $280.00 target price on shares of Fabrinet in a research note on Tuesday, May 6th. Finally, Barclays set a $234.00 price target on Fabrinet and gave the stock an "equal weight" rating in a research note on Tuesday, May 6th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $247.50.

Fabrinet Stock Up 1.0%

FN traded up $2.76 on Friday, hitting $291.59. The company's stock had a trading volume of 246,047 shares, compared to its average volume of 645,035. Fabrinet has a 12 month low of $148.55 and a 12 month high of $300.29. The firm has a market cap of $10.45 billion, a P/E ratio of 32.47 and a beta of 1.04. The company's 50 day simple moving average is $240.56 and its 200-day simple moving average is $222.13.

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, topping analysts' consensus estimates of $2.47 by $0.05. Fabrinet had a return on equity of 17.99% and a net margin of 10.00%. The firm had revenue of $871.80 million during the quarter, compared to analyst estimates of $857.12 million. During the same period last year, the company earned $2.39 earnings per share. The business's revenue for the quarter was up 19.2% on a year-over-year basis. Equities analysts predict that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Rollance E. Olson sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total transaction of $559,950.00. Following the sale, the director owned 23,201 shares of the company's stock, valued at approximately $5,196,559.98. This represents a 9.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Harpal Gill sold 18,675 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was 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 in the company, valued at $4,336,320. This represents a 50.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company's stock.

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.