Wedge Capital Management L L P NC Acquires Shares of 287,531 Fabrinet (NYSE:FN)

Wedge Capital Management L L P NC purchased a new position in shares of Fabrinet (NYSE:FN - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 287,531 shares of the technology company's stock, valued at approximately $63,222,000. Fabrinet accounts for approximately 1.1% of Wedge Capital Management L L P NC's investment portfolio, making the stock its 20th biggest holding. Wedge Capital Management L L P NC owned approximately 0.79% of Fabrinet at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Huntington National Bank grew its holdings in Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company's stock valued at $33,000 after purchasing an additional 57 shares during the period. Kimelman & Baird LLC purchased a new stake in shares of Fabrinet during the 2nd quarter valued at $49,000. NBC Securities Inc. increased its holdings in shares of Fabrinet by 732.0% during the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company's stock worth $49,000 after buying an additional 183 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Fabrinet in the 3rd quarter worth $52,000. Finally, UMB Bank n.a. boosted its holdings in Fabrinet by 252.9% in the third quarter. UMB Bank n.a. now owns 240 shares of the technology company's stock valued at $57,000 after acquiring an additional 172 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company's stock.

Fabrinet Stock Up 3.0 %

Shares of FN traded up $7.04 during mid-day trading on Friday, reaching $242.13. 400,239 shares of the stock traded hands, compared to its average volume of 352,468. The firm has a market cap of $8.78 billion, a price-to-earnings ratio of 28.65 and a beta of 0.93. The stock has a fifty day simple moving average of $233.12 and a 200 day simple moving average of $235.49. Fabrinet has a 12-month low of $159.69 and a 12-month high of $278.38.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. During the same quarter in the previous year, the business posted $1.78 EPS. The firm's revenue was up 17.3% compared to the same quarter last year. On average, equities research analysts expect that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. B. Riley lowered Fabrinet from a "neutral" rating to a "sell" rating and dropped their price target for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Barclays assumed coverage on shares of Fabrinet in a research report on Thursday, November 14th. They set an "equal weight" rating and a $292.00 target price for the company. Finally, Needham & Company LLC started coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They set a "buy" rating and a $280.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently 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.