Sumitomo Mitsui Trust Holdings Inc. Makes New $1.21 Million Investment in Fabrinet (NYSE:FN)

Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Fabrinet (NYSE:FN) in the 4th quarter, HoldingsChannel.com reports. The fund bought 6,353 shares of the technology company’s stock, valued at approximately $1,209,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Baillie Gifford & Co. boosted its position in shares of Fabrinet by 190.0% during the fourth quarter. Baillie Gifford & Co. now owns 563,805 shares of the technology company’s stock worth $107,309,000 after buying an additional 369,389 shares during the period. FMR LLC boosted its position in shares of Fabrinet by 9.7% during the third quarter. FMR LLC now owns 1,987,726 shares of the technology company’s stock worth $331,195,000 after buying an additional 174,945 shares during the period. Wellington Management Group LLP boosted its position 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 worth $150,709,000 after buying an additional 159,037 shares during the period. Invesco Ltd. boosted its position in shares of Fabrinet by 55.5% during the third quarter. Invesco Ltd. now owns 306,840 shares of the technology company’s stock worth $51,126,000 after buying an additional 109,469 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of Fabrinet by 159.3% during the third quarter. American Century Companies Inc. now owns 157,964 shares of the technology company’s stock worth $26,320,000 after buying an additional 97,052 shares during the period. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Price Performance

Shares of NYSE FN opened at $172.20 on Friday. The company has a market capitalization of $6.25 billion, a price-to-earnings ratio of 24.88 and a beta of 1.04. The business has a 50-day moving average of $192.13 and a two-hundred day moving average of $185.14. Fabrinet has a 1 year low of $90.19 and a 1 year high of $229.02.

Fabrinet (NYSE:FN) last announced its quarterly earnings results 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. The company had revenue of $712.69 million during the quarter, compared to the consensus estimate of $699.76 million. Fabrinet had a return on equity of 17.27% and a net margin of 9.35%. As a group, equities research analysts expect that Fabrinet will post 7.59 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Rollance E. Olson sold 10,000 shares of Fabrinet stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $205.52, for a total transaction of $2,055,200.00. Following the sale, the director now owns 25,981 shares in the company, valued at $5,339,615.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.51% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

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.