MetLife Investment Management LLC Increases Stock Position in Fabrinet (NYSE:FN)

MetLife Investment Management LLC increased its holdings in Fabrinet (NYSE:FN - Free Report) by 84.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,759 shares of the technology company's stock after buying an additional 17,734 shares during the quarter. MetLife Investment Management LLC owned 0.11% of Fabrinet worth $9,164,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. nVerses Capital LLC purchased a new position in shares of Fabrinet in the third quarter valued at about $567,000. DekaBank Deutsche Girozentrale raised its position in shares of Fabrinet by 27.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company's stock valued at $15,036,000 after buying an additional 17,000 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Fabrinet by 14.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company's stock worth $113,621,000 after buying an additional 61,491 shares in the last quarter. LMR Partners LLP lifted its holdings in shares of Fabrinet by 68.4% in the third quarter. LMR Partners LLP now owns 39,493 shares of the technology company's stock worth $9,338,000 after buying an additional 16,037 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Fabrinet during the third quarter valued at $2,398,000. 97.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FN has been the subject of several research reports. Rosenblatt Securities increased their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the company a "buy" rating in a research report on Tuesday, August 20th. Barclays began coverage on Fabrinet in a research note on Thursday, November 14th. They issued an "equal weight" rating and a $292.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 20th. Needham & Company LLC started coverage on Fabrinet in a report on Tuesday, November 5th. They set a "buy" rating and a $280.00 price objective for the company. Finally, B. Riley downgraded Fabrinet from a "neutral" rating to a "sell" rating and decreased their target price for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Fabrinet has a consensus rating of "Hold" and an average target price of $252.14.

Insider Transactions at Fabrinet

In other news, EVP Edward T. Archer sold 8,690 shares of Fabrinet stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the transaction, the executive vice president now owns 8,333 shares in the company, valued at approximately $1,835,426.58. This trade represents a 51.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.38% of the company's stock.

Fabrinet Price Performance

Fabrinet stock traded up $8.80 during trading on Friday, reaching $234.65. 498,788 shares of the company were exchanged, compared to its average volume of 500,135. The stock's 50 day simple moving average is $244.01 and its two-hundred day simple moving average is $238.01. The company has a market capitalization of $8.51 billion, a P/E ratio of 27.77 and a beta of 0.95. Fabrinet has a 52-week low of $159.30 and a 52-week high of $278.38.

Fabrinet (NYSE:FN - Get Free Report) last posted its earnings results 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. The company had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. Fabrinet's revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.78 EPS. As a group, equities analysts forecast that Fabrinet will post 9.1 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.