Polar Asset Management Partners Inc. Buys Shares of 15,300 Fabrinet (NYSE:FN)

Polar Asset Management Partners Inc. purchased a new stake in Fabrinet (NYSE:FN - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,300 shares of the technology company's stock, valued at approximately $3,364,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FN. Huntington National Bank lifted its holdings in shares of Fabrinet by 66.7% in the 4th quarter. Huntington National Bank now owns 230 shares of the technology company's stock valued at $51,000 after buying an additional 92 shares during the period. Quarry LP raised its position in Fabrinet by 315.8% during the fourth quarter. Quarry LP now owns 237 shares of the technology company's stock valued at $52,000 after acquiring an additional 180 shares in the last quarter. IFP Advisors Inc lifted its holdings in Fabrinet by 576.2% in the fourth quarter. IFP Advisors Inc now owns 284 shares of the technology company's stock valued at $63,000 after acquiring an additional 242 shares during the period. Assetmark Inc. boosted its position in Fabrinet by 12.0% in the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company's stock worth $106,000 after purchasing an additional 52 shares in the last quarter. Finally, Transamerica Financial Advisors Inc. increased its holdings in shares of Fabrinet by 17.2% during the 4th 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 in the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Rosenblatt Securities increased their price target on shares of Fabrinet from $230.00 to $250.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Barclays set a $234.00 target price on shares of Fabrinet and gave the stock an "equal weight" rating in a research note on Tuesday, May 6th. B. Riley upgraded Fabrinet from a "sell" rating to a "neutral" rating and cut their price target for the company from $178.00 to $176.00 in a research note on Friday, April 4th. Needham & Company LLC reaffirmed a "buy" rating and issued a $280.00 price target on shares of Fabrinet in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. raised their price objective on Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Fabrinet currently has a consensus rating of "Hold" and a consensus target price of $239.29.

Fabrinet Trading Down 0.7%

NYSE:FN traded down $1.72 during trading hours on Monday, hitting $227.83. 670,815 shares of the stock were exchanged, compared to its average volume of 625,814. The firm's fifty day moving average price is $203.02 and its 200 day moving average price is $218.94. Fabrinet has a 52-week low of $148.55 and a 52-week high of $281.79. The company has a market cap of $8.16 billion, a P/E ratio of 25.48 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 EPS for the quarter, topping the consensus estimate of $2.47 by $0.05. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The firm had revenue of $871.80 million during the quarter, compared to analysts' expectations of $857.12 million. During the same period in the previous year, the business earned $2.39 earnings per share. The firm's revenue for the quarter was up 19.2% on a year-over-year basis. Equities analysts expect that Fabrinet will post 9.4 EPS for the current fiscal year.

Insider Transactions at Fabrinet

In other news, Director Rollance E. Olson sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total value of $559,950.00. Following the completion of the sale, the director now directly owns 23,201 shares in the company, 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 this link. Insiders own 0.38% of the company's stock.

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.