Y Intercept Hong Kong Ltd Invests $780,000 in Fabrinet (NYSE:FN)

Y Intercept Hong Kong Ltd purchased a new stake in shares of Fabrinet (NYSE:FN - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,300 shares of the technology company's stock, valued at approximately $780,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. CWM LLC lifted its holdings in shares of Fabrinet by 71.8% in the 2nd quarter. CWM LLC now owns 531 shares of the technology company's stock worth $130,000 after purchasing an additional 222 shares during the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in shares of Fabrinet during the second quarter worth about $1,026,000. Atria Wealth Solutions Inc. increased its holdings in shares of Fabrinet by 84.8% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 4,503 shares of the technology company's stock worth $1,102,000 after acquiring an additional 2,066 shares during the period. Fifth Third Wealth Advisors LLC bought a new stake in Fabrinet in the 2nd quarter valued at about $305,000. Finally, Louisiana State Employees Retirement System boosted its stake in Fabrinet by 1.1% during the 2nd quarter. Louisiana State Employees Retirement System now owns 18,200 shares of the technology company's stock valued at $4,455,000 after purchasing an additional 200 shares during the period. Institutional investors and hedge funds own 97.38% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on FN shares. B. Riley cut Fabrinet from a "neutral" rating to a "sell" rating and cut their price target for the company from $194.00 to $178.00 in a report on Wednesday, November 20th. Rosenblatt Securities lifted their target price on Fabrinet from $260.00 to $280.00 and gave the company a "buy" rating in a research note on Tuesday, August 20th. Barclays initiated coverage on Fabrinet in a research note on Thursday, November 14th. They issued an "equal weight" rating and a $292.00 price target for the company. Needham & Company LLC assumed coverage on Fabrinet in a report on Tuesday, November 5th. They set a "buy" rating and a $280.00 price target on the stock. Finally, JPMorgan Chase & Co. upped their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the stock a "neutral" rating in a report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Fabrinet presently has a consensus rating of "Hold" and an average target price of $252.14.

Fabrinet Trading Up 0.8 %

FN stock traded up $2.04 during trading hours on Friday, hitting $247.86. 358,470 shares of the stock traded hands, compared to its average volume of 495,274. The stock has a 50-day simple moving average of $245.00 and a 200 day simple moving average of $238.21. The company has a market cap of $8.99 billion, a P/E ratio of 29.33 and a beta of 0.92. Fabrinet has a one year low of $159.69 and a one year high of $278.38.

Fabrinet (NYSE:FN - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The company had revenue of $804.20 million during the quarter, compared to analyst estimates of $771.24 million. During the same quarter last year, the firm posted $1.78 EPS. The business's revenue for the quarter was up 17.3% on a year-over-year basis. Analysts forecast that Fabrinet will post 9.1 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.