Ausbil Investment Management Ltd Trims Stock Position in Fabrinet (NYSE:FN)

Ausbil Investment Management Ltd trimmed its holdings in shares of Fabrinet (NYSE:FN) by 80.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,924 shares of the technology company’s stock after selling 11,817 shares during the period. Ausbil Investment Management Ltd’s holdings in Fabrinet were worth $672,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of FN. KBC Group NV lifted its holdings in Fabrinet by 39.1% in the 4th quarter. KBC Group NV now owns 1,422 shares of the technology company’s stock valued at $313,000 after purchasing an additional 400 shares in the last quarter. Blue Trust Inc. raised its position in shares of Fabrinet by 35.4% in the fourth quarter. Blue Trust Inc. now owns 577 shares of the technology company’s stock valued at $136,000 after buying an additional 151 shares during the last quarter. Archford Capital Strategies LLC lifted its stake in shares of Fabrinet by 4.7% during the fourth quarter. Archford Capital Strategies LLC now owns 1,886 shares of the technology company’s stock valued at $415,000 after buying an additional 84 shares during the period. Avior Wealth Management LLC boosted its position in Fabrinet by 24,520.0% during the fourth quarter. Avior Wealth Management LLC now owns 1,231 shares of the technology company’s stock worth $271,000 after acquiring an additional 1,226 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in Fabrinet by 2.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 3,279 shares of the technology company’s stock worth $721,000 after acquiring an additional 82 shares during the period. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FN has been the topic of a number of recent analyst reports. B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and cut their price target for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Needham & Company LLC initiated coverage on Fabrinet in a report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 target price on the stock. Finally, Barclays began coverage on Fabrinet in a research note on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $252.14.

Fabrinet Stock Performance

Shares of FN stock opened at $215.99 on Friday. The stock has a market capitalization of $7.83 billion, a price-to-earnings ratio of 25.56 and a beta of 0.93. Fabrinet has a one year low of $159.69 and a one year high of $281.79. The company’s 50-day simple moving average is $231.33 and its 200-day simple moving average is $235.07.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.01. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The firm had revenue of $804.20 million for the quarter, compared to analysts’ expectations of $771.24 million. During the same period last year, the business posted $1.78 earnings per share. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. As a group, research analysts forecast that Fabrinet will post 9.1 EPS for the current year.

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.