Geode Capital Management LLC Raises Stock Position in Fabrinet (NYSE:FN)

Geode Capital Management LLC raised its stake in Fabrinet (NYSE:FN - Free Report) by 7.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 986,813 shares of the technology company's stock after buying an additional 69,554 shares during the period. Geode Capital Management LLC owned approximately 2.72% of Fabrinet worth $233,359,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Legacy Wealth Asset Management LLC boosted its position in shares of Fabrinet by 3.2% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company's stock worth $325,000 after buying an additional 43 shares in the last quarter. Wolff Wiese Magana LLC raised 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 worth $417,000 after acquiring an additional 47 shares during the last quarter. Cynosure Group LLC lifted its holdings in shares of 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 purchasing an additional 51 shares in the last quarter. Trust Point Inc. grew its position in shares of 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 purchasing an additional 57 shares during the last quarter. Finally, Huntington National Bank grew 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 valued at $33,000 after purchasing an additional 57 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Fabrinet Trading Up 0.8 %

Shares of NYSE FN traded up $2.04 on Friday, reaching $247.86. 358,470 shares of the company traded hands, compared to its average volume of 495,274. The stock has a market capitalization of $8.99 billion, a PE ratio of 29.33 and a beta of 0.92. Fabrinet has a fifty-two week low of $159.69 and a fifty-two week high of $278.38. The company has a 50 day moving average of $245.00 and a 200 day moving average of $238.14.

Fabrinet (NYSE:FN - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $771.24 million. During the same quarter last year, the firm posted $1.78 earnings per share. Fabrinet's revenue was up 17.3% on a year-over-year basis. As a group, research analysts expect that Fabrinet will post 9.1 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Fabrinet Company 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.