Bank of New York Mellon Corp Increases Stock Position in Fabrinet (NYSE:FN)

Bank of New York Mellon Corp lifted its holdings in Fabrinet (NYSE:FN) by 1.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 283,892 shares of the technology company’s stock after purchasing an additional 2,990 shares during the period. Bank of New York Mellon Corp owned about 0.78% of Fabrinet worth $62,422,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Wellington Management Group LLP lifted its stake in shares of Fabrinet by 1.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock worth $276,437,000 after purchasing an additional 19,677 shares during the period. Geode Capital Management LLC lifted its stake in shares of Fabrinet by 7.6% in the 3rd quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock worth $233,359,000 after purchasing an additional 69,554 shares during the period. Whale Rock Capital Management LLC raised its stake in Fabrinet by 25.8% during the 3rd quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock worth $202,338,000 after acquiring an additional 175,684 shares during the period. JPMorgan Chase & Co. raised its stake in Fabrinet by 3.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 660,401 shares of the technology company’s stock worth $156,145,000 after acquiring an additional 24,439 shares during the period. Finally, Baillie Gifford & Co. lifted its holdings in Fabrinet by 10.7% during the fourth quarter. Baillie Gifford & Co. now owns 553,038 shares of the technology company’s stock valued at $121,602,000 after purchasing an additional 53,250 shares in the last quarter. Institutional investors own 97.38% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and lowered their price target for the company from $194.00 to $178.00 in a report on Wednesday, November 20th. Fox Advisors assumed coverage on shares of Fabrinet in a report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $280.00 price target on shares of Fabrinet in a report on Tuesday, February 4th. JPMorgan Chase & Co. lowered their price target on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a report on Tuesday, February 4th. Finally, Barclays lowered their price target on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Fabrinet has an average rating of “Hold” and a consensus target price of $246.63.

Fabrinet Stock Performance

FN stock opened at $190.18 on Wednesday. Fabrinet has a one year low of $159.69 and a one year high of $281.79. The company’s fifty day moving average price is $222.66 and its 200-day moving average price is $233.85. The company has a market capitalization of $6.90 billion, a PE ratio of 21.27 and a beta of 0.92.

Fabrinet (NYSE:FN) last announced its quarterly 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 return on equity of 18.48% and a net margin of 10.44%. On average, research analysts predict 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.