Thrivent Financial for Lutherans Sells 36,004 Shares of Fabrinet (NYSE:FN)

Thrivent Financial for Lutherans trimmed its holdings in Fabrinet (NYSE:FN - Free Report) by 8.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 372,142 shares of the technology company's stock after selling 36,004 shares during the period. Thrivent Financial for Lutherans owned 1.03% of Fabrinet worth $81,827,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wedge Capital Management L L P NC bought a new stake in shares of Fabrinet during the fourth quarter worth $63,222,000. Whale Rock Capital Management LLC lifted its holdings in Fabrinet by 25.8% in the third quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company's stock valued at $202,338,000 after buying an additional 175,684 shares during the period. Stephens Investment Management Group LLC acquired a new position in shares of Fabrinet during the fourth quarter valued at about $28,218,000. Raymond James Financial Inc. acquired a new position in shares of Fabrinet during the fourth quarter valued at about $24,844,000. Finally, World Investment Advisors LLC acquired a new position in shares of Fabrinet during the third quarter valued at about $20,187,000. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Fabrinet Stock Performance

Shares of NYSE FN traded down $1.50 during midday trading on Friday, hitting $220.57. 650,850 shares of the company traded hands, compared to its average volume of 546,283. Fabrinet has a 12-month low of $159.69 and a 12-month high of $281.79. The stock has a 50-day moving average price of $218.54 and a 200 day moving average price of $230.29. The firm has a market cap of $8.00 billion, a P/E ratio of 24.67 and a beta of 0.89.

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Fabrinet (NYSE:FN - Get Free Report) last posted its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. As a group, equities analysts expect that Fabrinet will post 9.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Barclays decreased their target price on shares of Fabrinet from $292.00 to $245.00 and set an "equal weight" rating for the company in a research report on Tuesday, February 4th. Needham & Company LLC restated a "buy" rating and set a $280.00 price target on shares of Fabrinet in a research note on Monday, March 17th. Fox Advisors began coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They set an "overweight" rating and a $270.00 price target for the company. 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. Finally, 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 note on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $250.43.

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.