Gotham Asset Management LLC Reduces Position in Fabrinet (NYSE:FN)

Gotham Asset Management LLC reduced its position in Fabrinet (NYSE:FN) by 84.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,754 shares of the technology company’s stock after selling 9,708 shares during the period. Gotham Asset Management LLC’s holdings in Fabrinet were worth $386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently added to or reduced their stakes in FN. Focus Partners Wealth raised its holdings in Fabrinet by 3.3% in the fourth quarter. Focus Partners Wealth now owns 3,691 shares of the technology company’s stock valued at $813,000 after acquiring an additional 118 shares in the last quarter. Ethic Inc. boosted its position in shares of Fabrinet by 21.7% during the 4th quarter. Ethic Inc. now owns 1,344 shares of the technology company’s stock worth $296,000 after purchasing an additional 240 shares in the last quarter. Clark Capital Management Group Inc. raised its stake in shares of Fabrinet by 30.4% during the 4th quarter. Clark Capital Management Group Inc. now owns 226,386 shares of the technology company’s stock worth $49,778,000 after buying an additional 52,804 shares during the last quarter. Deutsche Bank AG raised its stake in Fabrinet by 35.5% in the 4th quarter. Deutsche Bank AG now owns 45,277 shares of the technology company’s stock valued at $9,956,000 after purchasing an additional 11,873 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in Fabrinet in the 4th quarter valued at about $3,915,000. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FN shares. B. Riley upgraded Fabrinet from a “sell” rating to a “neutral” rating and decreased their price target for the stock from $178.00 to $176.00 in a report on Friday, April 4th. Rosenblatt Securities raised their price target on Fabrinet from $230.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday, May 6th. Barclays set a $234.00 price target on Fabrinet and gave the company an “equal weight” rating in a research report on Tuesday, May 6th. Needham & Company LLC reiterated a “buy” rating and issued a $280.00 price target on shares of Fabrinet in a research report on Tuesday, May 6th. Finally, Fox Advisors initiated coverage on Fabrinet in a report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $239.29.

Insiders Place Their Bets

In related news, Director Rollance E. Olson sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total transaction of $559,950.00. Following the completion of the sale, the director now owns 23,201 shares of the company’s stock, valued at $5,196,559.98. This trade represents a 9.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.38% of the company’s stock.

Fabrinet Stock Performance

Shares of FN stock opened at $227.72 on Wednesday. Fabrinet has a fifty-two week low of $148.55 and a fifty-two week high of $281.79. The company has a market cap of $8.16 billion, a PE ratio of 25.47 and a beta of 0.95. The stock’s fifty day moving average price is $203.62 and its two-hundred day moving average price is $218.90.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.05. The firm had revenue of $871.80 million during the quarter, compared to analyst estimates of $857.12 million. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The business’s quarterly revenue was up 19.2% on a year-over-year basis. During the same period last year, the company posted $2.39 EPS. On average, equities analysts predict that Fabrinet will post 9.4 EPS for the current fiscal year.

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.