Arrowstreet Capital Limited Partnership Increases Stake in Fabrinet (NYSE:FN)

Arrowstreet Capital Limited Partnership raised its position in Fabrinet (NYSE:FN) by 205.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 267,228 shares of the technology company’s stock after purchasing an additional 179,679 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Fabrinet were worth $58,758,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of FN. Assetmark Inc. grew 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 worth $106,000 after purchasing an additional 52 shares during the last quarter. CIBC Asset Management Inc grew its stake in Fabrinet by 5.7% in the 4th quarter. CIBC Asset Management Inc now owns 1,113 shares of the technology company’s stock worth $245,000 after acquiring an additional 60 shares in the last quarter. Nations Financial Group Inc. IA ADV increased its position in shares of Fabrinet by 2.4% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 2,941 shares of the technology company’s stock worth $647,000 after acquiring an additional 68 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Fabrinet by 2.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 3,279 shares of the technology company’s stock valued at $721,000 after acquiring an additional 82 shares in the last quarter. Finally, Transamerica Financial Advisors Inc. boosted its holdings in shares of Fabrinet by 17.2% in the fourth quarter. Transamerica Financial Advisors Inc. now owns 565 shares of the technology company’s stock valued at $125,000 after purchasing an additional 83 shares during the period. 97.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on FN. JPMorgan Chase & Co. reduced their price objective on Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a report on Tuesday, February 4th. Needham & Company LLC restated a “buy” rating and set a $280.00 price target on shares of Fabrinet in a research note on Monday, March 17th. Fox Advisors started coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price objective for the company. Barclays reduced their price target on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $285.00 price objective on shares of Fabrinet in a research note on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Fabrinet presently has a consensus rating of “Hold” and an average price target of $250.43.

Fabrinet Stock Performance

NYSE:FN opened at $196.68 on Wednesday. The company’s 50-day simple moving average is $214.65 and its 200-day simple moving average is $229.90. Fabrinet has a fifty-two week low of $159.69 and a fifty-two week high of $281.79. The stock has a market capitalization of $7.13 billion, a P/E ratio of 22.00 and a beta of 0.89.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share 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%. On average, research analysts forecast that Fabrinet will post 9.4 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.