Norden Group LLC Purchases New Stake in Fabrinet (NYSE:FN)

Norden Group LLC purchased a new stake in shares of Fabrinet (NYSE:FN) in the 4th quarter, Holdings Channel reports. The fund purchased 1,526 shares of the technology company’s stock, valued at approximately $290,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Fabrinet by 0.4% in the third quarter. Vanguard Group Inc. now owns 4,333,317 shares of the technology company’s stock valued at $722,017,000 after purchasing an additional 16,228 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in Fabrinet by 3.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 7,265 shares of the technology company’s stock valued at $1,210,000 after buying an additional 211 shares in the last quarter. Redwood Investments LLC acquired a new position in Fabrinet in the 4th quarter valued at $3,478,000. Wellington Management Group LLP increased its position in Fabrinet by 21.3% during the 3rd quarter. Wellington Management Group LLP now owns 904,505 shares of the technology company’s stock worth $150,709,000 after buying an additional 159,037 shares during the period. Finally, Sei Investments Co. lifted its holdings in shares of Fabrinet by 16.8% during the third quarter. Sei Investments Co. now owns 90,345 shares of the technology company’s stock worth $15,053,000 after buying an additional 13,022 shares in the last quarter. 97.38% of the stock is owned by institutional investors.

Insider Activity at Fabrinet

In other news, Director Rollance E. Olson sold 10,000 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $205.52, for a total transaction of $2,055,200.00. Following the completion of the sale, the director now directly owns 25,981 shares in the company, valued at $5,339,615.12. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.51% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Northland Securities upgraded shares of Fabrinet from a “market perform” rating to an “outperform” rating and upped their price target for the company from $200.00 to $220.00 in a research note on Thursday, March 21st. JPMorgan Chase & Co. increased their target price on shares of Fabrinet from $210.00 to $212.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Rosenblatt Securities reiterated a “buy” rating and issued a $230.00 price target on shares of Fabrinet in a research report on Tuesday, February 6th. Finally, Needham & Company LLC reduced their price target on Fabrinet from $230.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $159.57.

Fabrinet Stock Down 0.3 %

Fabrinet stock opened at $172.61 on Thursday. The stock has a market cap of $6.27 billion, a PE ratio of 24.94 and a beta of 1.04. Fabrinet has a 12-month low of $90.19 and a 12-month high of $229.02. The business’s 50-day moving average price is $190.77 and its two-hundred day moving average price is $185.11.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, February 5th. The technology company reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.84 by $0.05. Fabrinet had a net margin of 9.35% and a return on equity of 17.27%. The business had revenue of $712.69 million during the quarter, compared to analysts’ expectations of $699.76 million. As a group, analysts expect that Fabrinet will post 7.59 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.