Gotham Asset Management LLC Lowers Stock Position in Fabrinet (NYSE:FN)

Gotham Asset Management LLC lowered its stake in Fabrinet (NYSE:FN) by 84.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,754 shares of the technology company’s stock after selling 9,708 shares during the period. Gotham Asset Management LLC’s holdings in Fabrinet were worth $386,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in Fabrinet during the 4th quarter worth about $95,084,000. Capital Research Global Investors boosted its position in shares of Fabrinet by 675.2% in the 4th quarter. Capital Research Global Investors now owns 417,020 shares of the technology company’s stock valued at $91,694,000 after purchasing an additional 363,228 shares during the period. Wasatch Advisors LP boosted its position in shares of Fabrinet by 47.0% in the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company’s stock valued at $249,044,000 after purchasing an additional 362,064 shares during the period. FMR LLC lifted its position in Fabrinet by 13.1% during the 4th quarter. FMR LLC now owns 2,213,887 shares of the technology company’s stock worth $486,789,000 after acquiring an additional 257,164 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Fabrinet by 205.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 267,228 shares of the technology company’s stock worth $58,758,000 after buying an additional 179,679 shares in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Stock Performance

Shares of Fabrinet stock opened at $227.72 on Wednesday. The firm has a fifty day moving average of $203.62 and a two-hundred day moving average of $218.90. The stock has a market capitalization of $8.16 billion, a price-to-earnings ratio of 25.47 and a beta of 0.95. Fabrinet has a 52 week low of $148.55 and a 52 week high of $281.79.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.05. The company had revenue of $871.80 million for the quarter, compared to analyst estimates of $857.12 million. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. Fabrinet’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.39 EPS. As a group, research analysts forecast that Fabrinet will post 9.4 EPS for the current fiscal year.

Insider Buying and Selling at Fabrinet

In other news, Director Rollance E. Olson sold 2,500 shares of Fabrinet stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total value of $559,950.00. Following the completion of the transaction, the director now owns 23,201 shares in the company, valued at $5,196,559.98. This trade represents a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

FN has been the subject of several recent research reports. Rosenblatt Securities raised their price target on Fabrinet from $230.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, May 6th. Barclays set a $234.00 price objective on Fabrinet and gave the stock an “equal weight” rating in a research note on Tuesday, May 6th. Fox Advisors assumed coverage on Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price target on the stock. JPMorgan Chase & Co. upped their target price on Fabrinet from $220.00 to $235.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. Finally, Needham & Company LLC restated a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a research report on Tuesday, May 6th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $239.29.

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.