Principal Financial Group Inc. Buys 35,504 Shares of Fabrinet (NYSE:FN)

Principal Financial Group Inc. boosted its stake in Fabrinet (NYSE:FN - Free Report) by 18.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 227,300 shares of the technology company's stock after buying an additional 35,504 shares during the quarter. Principal Financial Group Inc. owned approximately 0.63% of Fabrinet worth $53,743,000 at the end of the most recent quarter.

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

Fabrinet Stock Performance

Shares of NYSE:FN traded down $0.37 during trading on Monday, hitting $220.89. 382,787 shares of the stock were exchanged, compared to its average volume of 498,353. The company has a market capitalization of $8.01 billion, a price-to-earnings ratio of 26.14 and a beta of 0.92. Fabrinet has a 1-year low of $159.69 and a 1-year high of $278.38. The company's fifty day simple moving average is $242.77 and its 200-day simple moving average is $237.75.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The firm had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. The business's revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.78 EPS. On average, research analysts forecast that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on FN shares. Barclays began coverage on Fabrinet in a report on Thursday, November 14th. They set an "equal weight" rating and a $292.00 target price on the stock. Needham & Company LLC initiated coverage on Fabrinet in a report on Tuesday, November 5th. They issued a "buy" rating and a $280.00 target price for the company. Finally, B. Riley cut Fabrinet from a "neutral" rating to a "sell" rating and decreased their target price for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average 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.