Truist Financial Corp Has $1.61 Million Stock Position in Fabrinet (NYSE:FN)

Truist Financial Corp grew its position in Fabrinet (NYSE:FN) by 9.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,305 shares of the technology company’s stock after purchasing an additional 645 shares during the period. Truist Financial Corp’s holdings in Fabrinet were worth $1,606,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CIBC Asset Management Inc increased its holdings in Fabrinet by 5.7% in the fourth quarter. CIBC Asset Management Inc now owns 1,113 shares of the technology company’s stock worth $245,000 after buying an additional 60 shares during the last quarter. Baillie Gifford & Co. grew its position in Fabrinet by 10.7% in the fourth quarter. Baillie Gifford & Co. now owns 553,038 shares of the technology company’s stock worth $121,602,000 after acquiring an additional 53,250 shares in the last quarter. Principal Securities Inc. increased its stake in shares of Fabrinet by 17.5% during the 4th quarter. Principal Securities Inc. now owns 4,381 shares of the technology company’s stock worth $963,000 after purchasing an additional 652 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its holdings in shares of Fabrinet by 2.4% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 2,941 shares of the technology company’s stock valued at $647,000 after purchasing an additional 68 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Fabrinet by 2.2% in the 4th quarter. Rhumbline Advisers now owns 111,934 shares of the technology company’s stock valued at $24,612,000 after purchasing an additional 2,440 shares during the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Stock Down 9.2 %

Fabrinet stock opened at $195.50 on Friday. The business has a 50 day moving average price of $224.34 and a two-hundred day moving average price of $234.25. Fabrinet has a 12 month low of $159.69 and a 12 month high of $281.79. The stock has a market cap of $7.09 billion, a price-to-earnings ratio of 21.87 and a beta of 0.92.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. On average, analysts expect that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FN has been the topic of several analyst reports. B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. Rosenblatt Securities boosted their target price on Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a report on Tuesday, February 4th. Barclays decreased their target price on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. Fox Advisors started coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price target on the stock. Finally, Needham & Company LLC reissued a “buy” rating and set a $280.00 price objective on shares of Fabrinet in a research report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Fabrinet presently has an average rating of “Hold” and an average price target of $246.63.

About Fabrinet

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.