State Street Corp Reduces Stock Position in Fabrinet (NYSE:FN)

State Street Corp decreased its holdings in Fabrinet (NYSE:FN - Free Report) by 5.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,279,050 shares of the technology company's stock after selling 70,672 shares during the quarter. State Street Corp owned about 3.53% of Fabrinet worth $302,419,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. CWM LLC raised its stake in shares of Fabrinet by 71.8% in the second quarter. CWM LLC now owns 531 shares of the technology company's stock worth $130,000 after purchasing an additional 222 shares during the last quarter. Baader Bank Aktiengesellschaft purchased a new stake in shares of Fabrinet in the 2nd quarter valued at $349,000. AlphaMark Advisors LLC acquired a new stake in shares of Fabrinet in the second quarter worth $435,000. Kessler Investment Group LLC purchased a new position in shares of Fabrinet during the second quarter worth $119,000. Finally, Hennion & Walsh Asset Management Inc. acquired a new position in Fabrinet during the second quarter valued at $1,026,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Fabrinet Trading Up 3.0 %

FN traded up $7.04 during midday trading on Wednesday, hitting $240.87. 239,465 shares of the company traded hands, compared to its average volume of 495,626. The company has a market capitalization of $8.74 billion, a price-to-earnings ratio of 28.12 and a beta of 0.92. The business has a 50 day simple moving average of $244.47 and a two-hundred day simple moving average of $238.22. Fabrinet has a 52-week low of $159.69 and a 52-week high of $278.38.

Fabrinet (NYSE:FN - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, topping the consensus estimate 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 return on equity of 18.08% and a net margin of 10.28%. Fabrinet's quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.78 EPS. Equities research analysts anticipate that Fabrinet will post 9.1 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.