Fabrinet (NYSE:FN) Shares Bought by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Fabrinet (NYSE:FN) by 178.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,008 shares of the technology company’s stock after buying an additional 2,571 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Fabrinet were worth $881,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Barclays PLC grew its holdings in shares of Fabrinet by 304.6% during the third quarter. Barclays PLC now owns 69,128 shares of the technology company’s stock worth $16,345,000 after buying an additional 52,042 shares in the last quarter. nVerses Capital LLC purchased a new stake in Fabrinet in the third quarter valued at approximately $567,000. Charles Schwab Investment Management Inc. grew its holdings in Fabrinet by 14.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock valued at $113,621,000 after purchasing an additional 61,491 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Fabrinet in the third quarter valued at approximately $2,398,000. Finally, Pathstone Holdings LLC grew its holdings in Fabrinet by 40.7% in the third quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company’s stock valued at $1,943,000 after purchasing an additional 2,378 shares during the period. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Rosenblatt Securities boosted their price objective on shares of Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a research note on Tuesday, February 4th. Barclays reduced their target price on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. JPMorgan Chase & Co. reduced their target price on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 4th. B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and cut their price target for the company from $194.00 to $178.00 in a report on Wednesday, November 20th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $280.00 price target on shares of Fabrinet in a report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $243.29.

Fabrinet Stock Performance

Shares of NYSE:FN opened at $223.29 on Friday. The company’s fifty day moving average is $227.62 and its two-hundred day moving average is $233.30. The stock has a market capitalization of $8.10 billion, a price-to-earnings ratio of 24.98 and a beta of 0.92. Fabrinet has a 1-year low of $159.69 and a 1-year high of $281.79.

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