Frontier Capital Management Co. LLC Reduces Stake in Fabrinet (NYSE:FN)

Frontier Capital Management Co. LLC cut its stake in Fabrinet (NYSE:FN - Free Report) by 19.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,223 shares of the technology company's stock after selling 6,788 shares during the quarter. Frontier Capital Management Co. LLC owned about 0.08% of Fabrinet worth $6,206,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of FN. Vanguard Group Inc. raised its holdings in shares of Fabrinet by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 4,137,579 shares of the technology company's stock valued at $909,771,000 after buying an additional 113,186 shares during the period. FMR LLC grew 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 last quarter. Wasatch Advisors LP grew its stake in Fabrinet by 47.0% during the 4th 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. Geode Capital Management LLC boosted its holdings in shares of Fabrinet by 2.0% in 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 during the period. Finally, JPMorgan Chase & Co. grew its position in Fabrinet by 1.4% during the 4th quarter. JPMorgan Chase & Co. now owns 669,459 shares of the technology company's stock worth $147,201,000 after purchasing an additional 9,058 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FN shares. Fox Advisors assumed coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 price objective on the stock. Rosenblatt Securities increased their target price on shares of Fabrinet from $230.00 to $250.00 and gave the company a "buy" rating in a report on Tuesday. Needham & Company LLC reaffirmed a "buy" rating and set a $280.00 price target on shares of Fabrinet in a research note on Tuesday. JPMorgan Chase & Co. increased their price target on shares of Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a research report on Tuesday. Finally, B. Riley raised Fabrinet from a "sell" rating to a "neutral" rating and dropped their price target for the stock from $178.00 to $176.00 in a research 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. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $239.29.

Fabrinet Stock Down 3.1 %

Shares of NYSE FN opened at $201.55 on Friday. Fabrinet has a fifty-two week low of $148.55 and a fifty-two week high of $281.79. The business has a 50 day moving average price of $199.79 and a two-hundred day moving average price of $220.09. The firm has a market cap of $7.22 billion, a PE ratio of 22.54 and a beta of 0.95.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings results 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. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. The business had revenue of $871.80 million during the quarter, compared to analyst estimates of $857.12 million. During the same quarter in the previous year, the firm earned $2.39 earnings per share. The business's revenue was up 19.2% compared to the same quarter last year. On average, analysts anticipate that Fabrinet will post 9.4 earnings per share 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.

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