Lord Abbett & CO. LLC Trims Stock Holdings in Fabrinet (NYSE:FN)

Lord Abbett & CO. LLC lessened its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 10.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 140,207 shares of the technology company's stock after selling 16,916 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.39% of Fabrinet worth $33,150,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Retirement Systems of Alabama bought a new position in shares of Fabrinet during the 3rd quarter valued at approximately $10,382,000. Franklin Resources Inc. lifted its holdings in Fabrinet by 41.3% during the third quarter. Franklin Resources Inc. now owns 133,791 shares of the technology company's stock valued at $31,634,000 after purchasing an additional 39,076 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Fabrinet by 46.3% in the third quarter. Tidal Investments LLC now owns 3,089 shares of the technology company's stock worth $730,000 after purchasing an additional 978 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Fabrinet in the third quarter worth $70,000. Finally, World Investment Advisors LLC bought a new stake in shares of Fabrinet during the 3rd quarter valued at $20,187,000. Institutional investors own 97.38% of the company's stock.

Fabrinet Trading Up 0.8 %

Shares of NYSE FN traded up $2.04 during trading hours on Friday, reaching $247.86. The stock had a trading volume of 358,470 shares, compared to its average volume of 495,274. Fabrinet has a 52-week low of $159.69 and a 52-week high of $278.38. The firm has a market cap of $8.99 billion, a price-to-earnings ratio of 29.33 and a beta of 0.92. The business's fifty day moving average price is $245.00 and its two-hundred day moving average price is $238.16.

Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $804.20 million during 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%. The firm's revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.78 earnings per share. Equities research analysts anticipate that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FN has been the topic of several recent analyst reports. B. Riley downgraded Fabrinet from a "neutral" rating to a "sell" rating and decreased their target price 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 stock a "neutral" rating in a report on Tuesday, August 20th. Rosenblatt Securities upped their target price on shares of Fabrinet from $260.00 to $280.00 and gave the stock a "buy" rating in a research report on Tuesday, August 20th. Barclays began coverage on shares of Fabrinet in a report on Thursday, November 14th. They issued an "equal weight" rating and a $292.00 price target on the stock. Finally, Needham & Company LLC started coverage on shares of Fabrinet in a report on Tuesday, November 5th. They set a "buy" rating and a $280.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, Fabrinet presently has a consensus rating of "Hold" and a consensus target price of $252.14.

Fabrinet 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.