Federated Hermes Inc. Decreases Stock Holdings in Fabrinet (NYSE:FN)

Federated Hermes Inc. lessened its stake in Fabrinet (NYSE:FN) by 13.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,959 shares of the technology company’s stock after selling 638 shares during the quarter. Federated Hermes Inc.’s holdings in Fabrinet were worth $871,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Huntington National Bank boosted its stake in Fabrinet by 66.7% during the 4th quarter. Huntington National Bank now owns 230 shares of the technology company’s stock worth $51,000 after purchasing an additional 92 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Fabrinet during the third quarter worth about $61,000. IFP Advisors Inc grew its stake in Fabrinet by 576.2% during the 4th quarter. IFP Advisors Inc now owns 284 shares of the technology company’s stock valued at $63,000 after acquiring an additional 242 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Fabrinet in the 3rd quarter valued at about $70,000. Finally, Assetmark Inc. lifted its stake in Fabrinet by 12.0% in the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock worth $106,000 after purchasing an additional 52 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Analyst Upgrades and Downgrades

FN has been the subject of a number of analyst reports. Needham & Company LLC restated a “buy” rating and issued a $280.00 price target on shares of Fabrinet in a research report on Monday, March 17th. Fox Advisors started coverage on shares of Fabrinet in a report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price target for the company. Barclays reduced their target price on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. B. Riley upgraded Fabrinet from a “sell” rating to a “neutral” rating and lowered their price target for the stock from $178.00 to $176.00 in a report on Friday, April 4th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $285.00 price objective on shares of Fabrinet in a report on Friday, March 14th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $250.14.

Fabrinet Stock Down 1.1 %

FN opened at $188.06 on Wednesday. The firm has a market cap of $6.74 billion, a P/E ratio of 21.04 and a beta of 0.97. Fabrinet has a 52 week low of $148.55 and a 52 week high of $281.79. The business has a fifty day simple moving average of $205.04 and a 200-day simple moving average of $226.08.

Fabrinet (NYSE:FN) last announced its quarterly earnings data 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%. Sell-side analysts expect 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.