Russell Investments Group Ltd. Sells 14,337 Shares of Fabrinet (NYSE:FN)

Russell Investments Group Ltd. lowered its stake in Fabrinet (NYSE:FN) by 44.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,697 shares of the technology company’s stock after selling 14,337 shares during the quarter. Russell Investments Group Ltd.’s holdings in Fabrinet were worth $3,891,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Fabrinet by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 4,137,579 shares of the technology company’s stock valued at $909,771,000 after acquiring an additional 113,186 shares during the period. Geode Capital Management LLC grew its position in Fabrinet by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 1,006,858 shares of the technology company’s stock valued at $221,430,000 after purchasing an additional 20,045 shares during the period. JPMorgan Chase & Co. grew its position in Fabrinet by 1.4% in the 4th quarter. JPMorgan Chase & Co. now owns 669,459 shares of the technology company’s stock valued at $147,201,000 after purchasing an additional 9,058 shares during the period. Baillie Gifford & Co. increased its stake in Fabrinet by 10.7% during the 4th quarter. Baillie Gifford & Co. now owns 553,038 shares of the technology company’s stock valued at $121,602,000 after purchasing an additional 53,250 shares in the last quarter. Finally, Norges Bank acquired a new position in Fabrinet during the fourth quarter worth $95,084,000. Institutional investors and hedge funds own 97.38% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on FN. Rosenblatt Securities reiterated a “buy” rating and set a $285.00 price target on shares of Fabrinet in a research note on Friday, March 14th. Fox Advisors assumed coverage on Fabrinet in a research report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 target price on the stock. B. Riley raised Fabrinet from a “sell” rating to a “neutral” rating and lowered their price target for the company from $178.00 to $176.00 in a research report on Friday, April 4th. JPMorgan Chase & Co. cut their price objective on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a report on Tuesday, February 4th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a report on Monday, March 17th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Fabrinet has an average rating of “Hold” and an average price target of $250.14.

Fabrinet Trading Down 1.1 %

NYSE:FN opened at $188.06 on Wednesday. Fabrinet has a 12 month low of $148.55 and a 12 month high of $281.79. The firm’s 50 day moving average is $205.04 and its 200 day moving average is $226.08. The stock has a market capitalization of $6.74 billion, a PE ratio of 21.04 and a beta of 0.97.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. Research analysts predict that Fabrinet will post 9.4 earnings per share for the current 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.