Norges Bank Acquires Shares of 432,435 Fabrinet (NYSE:FN)

Norges Bank purchased a new position in shares of Fabrinet (NYSE:FN - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 432,435 shares of the technology company's stock, valued at approximately $95,084,000. Norges Bank owned 1.19% of Fabrinet as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of FN. Point72 Asia Singapore Pte. Ltd. acquired a new position in Fabrinet in the 3rd quarter valued at about $52,000. Public Employees Retirement System of Ohio purchased a new stake in Fabrinet during the 3rd quarter worth approximately $61,000. IFP Advisors Inc increased its stake in Fabrinet by 576.2% during the 4th quarter. IFP Advisors Inc now owns 284 shares of the technology company's stock worth $63,000 after buying an additional 242 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Fabrinet during the 3rd quarter worth approximately $70,000. Finally, Assetmark Inc. grew its stake in shares of Fabrinet by 12.0% in the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company's stock worth $106,000 after acquiring an additional 52 shares in the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FN. Barclays decreased their target price on Fabrinet from $292.00 to $245.00 and set an "equal weight" rating for the company in a report on Tuesday, February 4th. Rosenblatt Securities reiterated a "buy" rating and issued a $285.00 price objective on shares of Fabrinet in a research note on Friday, March 14th. B. Riley upgraded shares of Fabrinet from a "sell" rating to a "neutral" rating and cut their target price for the stock from $178.00 to $176.00 in a research note on Friday. Fox Advisors initiated coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 price target for the company. Finally, JPMorgan Chase & Co. lowered their price target on shares of Fabrinet from $275.00 to $265.00 and set a "neutral" rating for the company in a report on Tuesday, February 4th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $250.14.

Fabrinet Stock Down 0.8 %

FN traded down $1.45 on Friday, reaching $171.11. The company's stock had a trading volume of 2,458,550 shares, compared to its average volume of 587,642. Fabrinet has a fifty-two week low of $148.55 and a fifty-two week high of $281.79. The stock has a 50 day moving average of $209.73 and a two-hundred day moving average of $228.93. The company has a market capitalization of $6.21 billion, a price-to-earnings ratio of 19.14 and a beta of 0.97.

Fabrinet (NYSE:FN - Get Free Report) last posted 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 net margin of 10.44% and a return on equity of 18.48%. As a group, analysts anticipate that Fabrinet will post 9.4 earnings per share for the current fiscal year.

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.