Wellington Management Group LLP Sells 502,801 Shares of Fabrinet (NYSE:FN)

Wellington Management Group LLP trimmed its holdings in Fabrinet (NYSE:FN - Free Report) by 43.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 666,361 shares of the technology company's stock after selling 502,801 shares during the period. Wellington Management Group LLP owned about 1.84% of Fabrinet worth $146,519,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in FN. Point72 Asia Singapore Pte. Ltd. bought a new stake in Fabrinet during the third quarter worth $52,000. Public Employees Retirement System of Ohio purchased a new position in Fabrinet during the 3rd quarter worth $61,000. IFP Advisors Inc boosted its holdings in Fabrinet by 576.2% during the 4th quarter. IFP Advisors Inc now owns 284 shares of the technology company's stock worth $63,000 after acquiring an additional 242 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Fabrinet in the 3rd quarter worth $70,000. Finally, Assetmark Inc. raised its holdings in shares of Fabrinet by 12.0% in the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company's stock valued at $106,000 after purchasing an additional 52 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FN has been the topic of several analyst reports. Needham & Company LLC restated a "buy" rating and set a $280.00 price target on shares of Fabrinet in a report on Monday, March 17th. JPMorgan Chase & Co. cut their target price on Fabrinet from $275.00 to $265.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 4th. B. Riley raised Fabrinet from a "sell" rating to a "neutral" rating and decreased their price target for the company from $178.00 to $176.00 in a research report on Friday. Rosenblatt Securities reiterated a "buy" rating and set a $285.00 price target on shares of Fabrinet in a report on Friday, March 14th. Finally, Fox Advisors started coverage on Fabrinet in a research note on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 price objective for the company. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $250.14.

Fabrinet Stock Performance

NYSE:FN traded up $6.04 during trading hours on Tuesday, reaching $185.46. The stock had a trading volume of 175,710 shares, compared to its average volume of 821,156. The stock has a market cap of $6.73 billion, a P/E ratio of 20.68 and a beta of 0.97. The stock has a 50 day simple moving average of $209.27 and a 200 day simple moving average of $228.54. Fabrinet has a 12-month low of $148.55 and a 12-month high of $281.79.

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