Legal & General Group Plc Decreases Stock Position in Fabrinet (NYSE:FN)

Legal & General Group Plc lessened its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 2.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,160 shares of the technology company's stock after selling 1,915 shares during the period. Legal & General Group Plc owned approximately 0.17% of Fabrinet worth $13,888,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of FN. Assetmark Inc. increased its stake in Fabrinet by 12.0% in the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company's stock valued at $106,000 after buying an additional 52 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Fabrinet by 5.7% during the 4th quarter. CIBC Asset Management Inc now owns 1,113 shares of the technology company's stock worth $245,000 after purchasing an additional 60 shares in the last quarter. Nations Financial Group Inc. IA ADV grew its stake in shares of Fabrinet by 2.4% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 2,941 shares of the technology company's stock valued at $647,000 after buying an additional 68 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake 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 acquiring an additional 82 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. grew its position in shares of Fabrinet by 17.2% in the fourth quarter. Transamerica Financial Advisors Inc. now owns 565 shares of the technology company's stock valued at $125,000 after purchasing an additional 83 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on FN shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $280.00 price objective on shares of Fabrinet in a report on Monday, March 17th. B. Riley upgraded shares of Fabrinet from a "sell" rating to a "neutral" rating and dropped their target price for the company from $178.00 to $176.00 in a research report on Friday, April 4th. Barclays reduced their price target on shares of Fabrinet from $292.00 to $245.00 and set an "equal weight" rating for the company in a report on Tuesday, February 4th. Rosenblatt Securities reiterated a "buy" rating and set a $285.00 price objective on shares of Fabrinet in a report on Friday, March 14th. Finally, Fox Advisors initiated coverage on Fabrinet in a research report on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 target price for the company. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $243.71.

Fabrinet Stock Down 5.6 %

FN traded down $10.24 during trading on Monday, reaching $173.42. 131,046 shares of the company were exchanged, compared to its average volume of 603,907. The company's 50-day moving average is $203.49 and its two-hundred day moving average is $225.00. Fabrinet has a 12-month low of $148.55 and a 12-month high of $281.79. The company has a market cap of $6.21 billion, a price-to-earnings ratio of 19.48 and a beta of 0.97.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. Equities analysts forecast that Fabrinet will post 9.4 earnings per share for the current year.

Fabrinet Company 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.