Van ECK Associates Corp Has $1.99 Million Stock Position in Fabrinet (NYSE:FN)

Van ECK Associates Corp raised its position in shares of Fabrinet (NYSE:FN) by 36.6% in the 4th quarter, Holdings Channel reports. The firm owned 10,472 shares of the technology company’s stock after acquiring an additional 2,804 shares during the period. Van ECK Associates Corp’s holdings in Fabrinet were worth $1,993,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of FN. Alliance Wealth Advisors LLC UT acquired a new position in Fabrinet during the 4th quarter worth approximately $270,000. Truist Financial Corp boosted its holdings in shares of Fabrinet by 178.9% during the 4th quarter. Truist Financial Corp now owns 5,463 shares of the technology company’s stock valued at $1,040,000 after acquiring an additional 3,504 shares in the last quarter. Stevens Capital Management LP bought a new stake in Fabrinet during the 4th quarter worth $203,000. Atria Wealth Solutions Inc. acquired a new position in Fabrinet in the 4th quarter worth about $476,000. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of Fabrinet during the fourth quarter valued at about $71,000. Institutional investors and hedge funds own 97.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FN. B. Riley dropped their price objective on shares of Fabrinet from $173.00 to $171.00 and set a “neutral” rating for the company in a report on Tuesday. JPMorgan Chase & Co. raised their price target on shares of Fabrinet from $210.00 to $212.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price objective on shares of Fabrinet in a research note on Tuesday. Northland Securities raised Fabrinet from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $200.00 to $220.00 in a research report on Thursday, March 21st. Finally, 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. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $161.00.

Fabrinet Price Performance

Shares of FN stock opened at $211.44 on Thursday. Fabrinet has a 1 year low of $90.19 and a 1 year high of $229.02. The company’s fifty day simple moving average is $189.91 and its two-hundred day simple moving average is $185.95. The stock has a market capitalization of $7.68 billion, a price-to-earnings ratio of 30.55 and a beta of 1.04.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, February 5th. The technology company reported $1.89 EPS for the quarter, beating the consensus estimate of $1.84 by $0.05. The firm had revenue of $712.69 million during the quarter, compared to the consensus estimate of $699.76 million. Fabrinet had a net margin of 9.35% and a return on equity of 17.27%. Equities research analysts anticipate that Fabrinet will post 7.59 EPS for the current year.

Insider Activity

In related news, Director Rollance E. Olson sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $205.52, for a total value of $2,055,200.00. Following the sale, the director now directly owns 25,981 shares of the company’s stock, valued at $5,339,615.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.51% of the company’s stock.

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.