Pinnacle Associates Ltd. Invests $664,000 in Fabrinet (NYSE:FN)

Pinnacle Associates Ltd. purchased a new position in shares of Fabrinet (NYSE:FNFree Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,490 shares of the technology company’s stock, valued at approximately $664,000.

Several other large investors have also modified their holdings of FN. Advisors Asset Management Inc. lifted its holdings in Fabrinet by 3.0% in the third quarter. Advisors Asset Management Inc. now owns 7,265 shares of the technology company’s stock worth $1,210,000 after acquiring an additional 211 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Fabrinet by 0.4% during the third quarter. Vanguard Group Inc. now owns 4,333,317 shares of the technology company’s stock valued at $722,017,000 after buying an additional 16,228 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Fabrinet by 21.3% during the third quarter. Wellington Management Group LLP now owns 904,505 shares of the technology company’s stock valued at $150,709,000 after buying an additional 159,037 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in shares of Fabrinet by 13.3% during the second quarter. Nuveen Asset Management LLC now owns 460,037 shares of the technology company’s stock valued at $59,750,000 after buying an additional 54,158 shares during the last quarter. Finally, Sei Investments Co. raised 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 valued at $15,053,000 after buying an additional 13,022 shares during the last quarter. Institutional investors own 97.38% of the company’s stock.

Insiders Place Their Bets

In other Fabrinet news, Director Rollance E. Olson sold 10,000 shares of Fabrinet stock in a transaction that occurred 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 transaction, the director now directly owns 25,981 shares in the company, valued at approximately $5,339,615.12. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.51% of the stock is currently owned by company insiders.

Fabrinet Stock Performance

Fabrinet stock opened at $185.57 on Wednesday. The firm has a market cap of $6.74 billion, a price-to-earnings ratio of 26.82 and a beta of 1.04. Fabrinet has a 1 year low of $90.19 and a 1 year high of $229.02. The firm’s 50 day moving average price is $202.81 and its two-hundred day moving average price is $183.78.

Fabrinet (NYSE:FNGet Free Report) last posted its quarterly earnings results on Monday, February 5th. The technology company reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.84 by $0.05. The firm had revenue of $712.69 million for the quarter, compared to analyst estimates of $699.76 million. Fabrinet had a net margin of 9.35% and a return on equity of 17.27%. As a group, equities analysts predict that Fabrinet will post 7.64 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $230.00 price target on shares of Fabrinet in a report on Tuesday, February 6th. JPMorgan Chase & Co. lowered shares of Fabrinet from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $185.00 to $210.00 in a research note on Monday, January 8th. Northland Securities upgraded shares of Fabrinet from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $200.00 to $220.00 in a research note on Thursday, March 21st. Finally, Needham & Company LLC lowered their price objective on shares of Fabrinet from $230.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Fabrinet currently has an average rating of “Moderate Buy” and a consensus target price of $159.29.

Get Our Latest Stock Analysis on Fabrinet

About Fabrinet

(Free Report)

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.

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Institutional Ownership by Quarter for Fabrinet (NYSE:FN)

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