KLP Kapitalforvaltning AS Invests $1.63 Million in Fabrinet (NYSE:FN)

KLP Kapitalforvaltning AS purchased a new position in shares of Fabrinet (NYSE:FN - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 7,400 shares of the technology company's stock, valued at approximately $1,627,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Fabrinet during the third quarter worth about $52,000. Public Employees Retirement System of Ohio bought a new stake in Fabrinet during the 3rd quarter worth approximately $61,000. IFP Advisors Inc raised its stake in shares of Fabrinet by 576.2% in the fourth quarter. IFP Advisors Inc now owns 284 shares of the technology company's stock worth $63,000 after purchasing an additional 242 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Fabrinet in the third quarter valued at approximately $70,000. Finally, Assetmark Inc. boosted its position in shares of Fabrinet by 12.0% during the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company's stock valued at $106,000 after buying an additional 52 shares during the last quarter. Institutional investors own 97.38% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on FN shares. Needham & Company LLC reissued a "buy" rating and issued a $280.00 price target on shares of Fabrinet in a research report on Monday, March 17th. Barclays dropped their price target on shares of Fabrinet from $292.00 to $245.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 4th. JPMorgan Chase & Co. reduced their price objective on shares of Fabrinet from $275.00 to $265.00 and set a "neutral" rating for the company in a research report on Tuesday, February 4th. Rosenblatt Securities reissued a "buy" rating and set a $285.00 target price on shares of Fabrinet in a research report on Friday, March 14th. Finally, Fox Advisors initiated coverage on Fabrinet in a report on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 target price for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $250.43.

Fabrinet Stock Performance

FN stock traded up $5.33 during mid-day trading on Wednesday, hitting $202.35. The company had a trading volume of 505,186 shares, compared to its average volume of 574,008. The firm has a market cap of $7.34 billion, a PE ratio of 22.63 and a beta of 0.89. Fabrinet has a 12 month low of $159.69 and a 12 month high of $281.79. The stock's fifty day moving average price is $213.35 and its two-hundred day moving average price is $229.71.

Fabrinet (NYSE:FN - Get Free Report) last posted its quarterly 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%. Equities analysts anticipate that Fabrinet will post 9.4 earnings per share for the current year.

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.