Verition Fund Management LLC Raises Stock Position in Fabrinet (NYSE:FN)

Verition Fund Management LLC increased its position in Fabrinet (NYSE:FN - Free Report) by 1,419.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,778 shares of the technology company's stock after buying an additional 33,423 shares during the period. Verition Fund Management LLC owned 0.10% of Fabrinet worth $8,459,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Legacy Wealth Asset Management LLC grew its holdings in shares of Fabrinet by 3.2% during the third quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company's stock valued at $325,000 after buying an additional 43 shares during the last quarter. Wolff Wiese Magana LLC lifted its position in Fabrinet by 2.7% in the 3rd quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company's stock valued at $417,000 after acquiring an additional 47 shares in the last quarter. Cynosure Group LLC boosted its stake in Fabrinet by 3.4% during the 3rd quarter. Cynosure Group LLC now owns 1,560 shares of the technology company's stock valued at $369,000 after purchasing an additional 51 shares during the last quarter. Trust Point Inc. increased its holdings in Fabrinet by 4.7% during the 3rd quarter. Trust Point Inc. now owns 1,272 shares of the technology company's stock worth $301,000 after purchasing an additional 57 shares in the last quarter. Finally, Huntington National Bank raised its stake in shares of Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company's stock worth $33,000 after purchasing an additional 57 shares during the last quarter. 97.38% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Edward T. Archer sold 8,690 shares of Fabrinet stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the transaction, the executive vice president now directly owns 8,333 shares in the company, valued at approximately $1,835,426.58. The trade was a 51.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.38% of the company's stock.

Fabrinet Stock Performance

FN traded down $0.60 during midday trading on Monday, reaching $233.98. The company had a trading volume of 571,325 shares, compared to its average volume of 500,445. Fabrinet has a 12-month low of $159.69 and a 12-month high of $278.38. The business has a 50-day moving average price of $244.05 and a two-hundred day moving average price of $238.06. The stock has a market cap of $8.49 billion, a PE ratio of 27.69 and a beta of 0.95.

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

Analyst Ratings Changes

FN has been the subject of several recent research reports. Rosenblatt Securities upped their price target on Fabrinet from $260.00 to $280.00 and gave the stock a "buy" rating in a report on Tuesday, August 20th. B. Riley lowered shares of Fabrinet from a "neutral" rating to a "sell" rating and reduced their target price for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Needham & Company LLC initiated coverage on shares of Fabrinet in a report on Tuesday, November 5th. They issued a "buy" rating and a $280.00 target price for the company. Barclays started coverage on shares of Fabrinet in a report on Thursday, November 14th. They set an "equal weight" rating and a $292.00 price target on the stock. Finally, JPMorgan Chase & Co. lifted their target price on shares of Fabrinet from $240.00 to $285.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Fabrinet has an average rating of "Hold" and an average 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.