Sumitomo Mitsui Trust Group Inc. Grows Holdings in Fabrinet (NYSE:FN)

Sumitomo Mitsui Trust Group Inc. grew its stake in Fabrinet (NYSE:FN - Free Report) by 178.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,008 shares of the technology company's stock after acquiring an additional 2,571 shares during the period. Sumitomo Mitsui Trust Group Inc.'s holdings in Fabrinet were worth $881,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Huntington National Bank boosted its stake in shares of Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company's stock valued at $33,000 after purchasing an additional 57 shares in the last quarter. NBC Securities Inc. boosted its stake in shares of Fabrinet by 732.0% during the third quarter. NBC Securities Inc. now owns 208 shares of the technology company's stock valued at $49,000 after purchasing an additional 183 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Fabrinet in the third quarter valued at approximately $52,000. Eastern Bank acquired a new stake in Fabrinet in the third quarter valued at approximately $59,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Fabrinet in the third quarter valued at approximately $61,000. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Trading Up 6.8 %

FN stock traded up $15.11 during trading on Tuesday, reaching $238.15. 475,231 shares of the stock were exchanged, compared to its average volume of 705,536. The business has a 50 day moving average price of $226.93 and a 200-day moving average price of $233.63. Fabrinet has a 1 year low of $159.69 and a 1 year high of $281.79. The firm has a market capitalization of $8.64 billion, a price-to-earnings ratio of 26.64 and a beta of 0.92.

Fabrinet (NYSE:FN - Get Free Report) last issued its earnings results on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing analysts' consensus estimates of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. On average, research analysts anticipate that Fabrinet will post 9.4 EPS for the current year.

Analyst Upgrades and Downgrades

FN has been the subject of several recent analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Fabrinet from $275.00 to $265.00 and set a "neutral" rating for the company in a research note on Tuesday, February 4th. Fox Advisors initiated coverage on shares of Fabrinet in a research note on Tuesday. They issued an "overweight" rating and a $270.00 target price for the company. Needham & Company LLC restated a "buy" rating and issued a $280.00 target price on shares of Fabrinet in a research note on Tuesday, February 4th. Barclays lowered their target price on shares of Fabrinet from $292.00 to $245.00 and set an "equal weight" rating for the company in a research note on Tuesday, February 4th. Finally, B. Riley cut shares of Fabrinet from a "neutral" rating to a "sell" rating and reduced their target price for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, Fabrinet has an average rating of "Hold" and an average price target of $246.63.

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.