Millennium Management LLC Has $54.99 Million Stock Holdings in Fabrinet (NYSE:FN)

Millennium Management LLC decreased its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 44.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 250,104 shares of the technology company's stock after selling 199,254 shares during the period. Millennium Management LLC owned about 0.69% of Fabrinet worth $54,993,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of FN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Fabrinet by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,753 shares of the technology company's stock valued at $4,563,000 after purchasing an additional 795 shares during the last quarter. Lazard Asset Management LLC boosted its position in Fabrinet by 137.9% during the 4th quarter. Lazard Asset Management LLC now owns 13,636 shares of the technology company's stock valued at $2,997,000 after purchasing an additional 7,903 shares during the period. Janus Henderson Group PLC grew its stake in Fabrinet by 38.0% during the 4th quarter. Janus Henderson Group PLC now owns 160,518 shares of the technology company's stock worth $35,297,000 after buying an additional 44,168 shares during the last quarter. Focus Partners Wealth grew its stake in Fabrinet by 3.3% during the 4th quarter. Focus Partners Wealth now owns 3,691 shares of the technology company's stock worth $813,000 after buying an additional 118 shares during the last quarter. Finally, Ethic Inc. increased its position in Fabrinet by 21.7% in the fourth quarter. Ethic Inc. now owns 1,344 shares of the technology company's stock worth $296,000 after buying an additional 240 shares during the period. 97.38% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and reduced their price target for the company from $178.00 to $176.00 in a report on Friday, April 4th. JPMorgan Chase & Co. boosted their target price on shares of Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Fox Advisors began coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 target price for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $280.00 price target on shares of Fabrinet in a report on Tuesday, May 6th. Finally, Barclays set a $234.00 price objective on Fabrinet and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Fabrinet currently has an average rating of "Hold" and an average price target of $239.29.

Insider Activity at Fabrinet

In related news, Director Rollance E. Olson sold 2,500 shares of the 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 completion of the sale, the director now directly owns 23,201 shares of the company's stock, valued at $5,196,559.98. This represents a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.38% of the company's stock.

Fabrinet Stock Up 0.8%

Fabrinet stock traded up $1.83 during trading hours on Thursday, hitting $228.80. 83,292 shares of the company traded hands, compared to its average volume of 625,798. Fabrinet has a 1-year low of $148.55 and a 1-year high of $281.79. The firm has a market cap of $8.20 billion, a P/E ratio of 25.57 and a beta of 0.95. The firm's 50-day simple moving average is $203.75 and its two-hundred day simple moving average is $218.96.

Fabrinet (NYSE:FN - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 EPS for the quarter, beating analysts' consensus estimates of $2.47 by $0.05. The business had revenue of $871.80 million for the quarter, compared to analyst estimates of $857.12 million. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. The business's revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter last year, the business earned $2.39 earnings per share. On average, equities research analysts predict that Fabrinet will post 9.4 earnings per share for the current year.

Fabrinet 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.