Park Avenue Securities LLC Boosts Stock Holdings in Fabrinet (NYSE:FN)

Park Avenue Securities LLC boosted its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 21.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,113 shares of the technology company's stock after purchasing an additional 1,432 shares during the period. Park Avenue Securities LLC's holdings in Fabrinet were worth $1,784,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in FN. Legacy Wealth Asset Management LLC grew its stake in shares of Fabrinet by 3.2% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company's stock worth $325,000 after purchasing an additional 43 shares during the period. Wolff Wiese Magana LLC grew its position in Fabrinet by 2.7% during the third quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company's stock valued at $417,000 after buying an additional 47 shares during the period. Cynosure Group LLC increased its holdings in Fabrinet by 3.4% in the third quarter. Cynosure Group LLC now owns 1,560 shares of the technology company's stock valued at $369,000 after buying an additional 51 shares in the last quarter. Trust Point Inc. increased its holdings in Fabrinet by 4.7% in the third quarter. Trust Point Inc. now owns 1,272 shares of the technology company's stock valued at $301,000 after buying an additional 57 shares in the last quarter. Finally, Huntington National Bank raised its position in shares of Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company's stock worth $33,000 after acquiring an additional 57 shares during the period. 97.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FN has been the subject of several recent analyst reports. Needham & Company LLC assumed coverage on Fabrinet in a research note on Tuesday, November 5th. They issued a "buy" rating and a $280.00 price target for the company. B. Riley cut Fabrinet from a "neutral" rating to a "sell" rating and cut their price objective for the company from $194.00 to $178.00 in a research report on Wednesday, November 20th. Finally, Barclays initiated coverage on Fabrinet in a research report on Thursday, November 14th. They set an "equal weight" rating and a $292.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $252.14.

Fabrinet Stock Up 3.0 %

Shares of NYSE FN traded up $7.04 during midday trading on Friday, hitting $242.13. The stock had a trading volume of 400,239 shares, compared to its average volume of 352,468. The stock has a 50 day simple moving average of $233.12 and a 200-day simple moving average of $235.49. The company has a market capitalization of $8.78 billion, a PE ratio of 28.65 and a beta of 0.93. Fabrinet has a 1 year low of $159.69 and a 1 year high of $278.38.

Fabrinet (NYSE:FN - Get Free Report) last announced its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.01. The company had revenue of $804.20 million for the quarter, compared to analysts' expectations of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The firm's quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.78 EPS. As a group, analysts expect that Fabrinet will post 9.1 earnings per share for the current fiscal 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.