Freedom Investment Management Inc. Raises Position in Fabrinet (NYSE:FN)

Freedom Investment Management Inc. increased its holdings in Fabrinet (NYSE:FN) by 106.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,969 shares of the technology company’s stock after purchasing an additional 2,559 shares during the quarter. Freedom Investment Management Inc.’s holdings in Fabrinet were worth $1,175,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in FN. Bayesian Capital Management LP purchased a new position in Fabrinet in the 1st quarter worth $290,000. Cetera Advisors LLC increased its position in shares of Fabrinet by 54.0% in the first quarter. Cetera Advisors LLC now owns 3,606 shares of the technology company’s stock valued at $682,000 after acquiring an additional 1,265 shares during the period. Teachers Retirement System of The State of Kentucky increased its position in shares of Fabrinet by 8.5% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 25,083 shares of the technology company’s stock valued at $4,741,000 after acquiring an additional 1,968 shares during the period. EULAV Asset Management increased its position in shares of Fabrinet by 13.8% in the first quarter. EULAV Asset Management now owns 70,200 shares of the technology company’s stock valued at $13,269,000 after acquiring an additional 8,500 shares during the period. Finally, DekaBank Deutsche Girozentrale increased its position in shares of Fabrinet by 27.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company’s stock valued at $15,036,000 after acquiring an additional 17,000 shares during the period. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on FN. Barclays began coverage on shares of Fabrinet in a research report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price objective on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Rosenblatt Securities boosted their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $194.00 to $178.00 in a research report on Wednesday, November 20th. Finally, Needham & Company LLC started coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $252.14.

Insider Buying and Selling

In other news, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following the transaction, the executive vice president now owns 8,333 shares in the company, valued at approximately $1,835,426.58. This represents a 51.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.38% of the stock is currently owned by insiders.

Fabrinet Price Performance

Shares of NYSE FN opened at $225.85 on Thursday. Fabrinet has a 1 year low of $159.30 and a 1 year high of $278.38. The company’s 50-day moving average is $244.11 and its 200 day moving average is $237.99. The stock has a market capitalization of $8.19 billion, a P/E ratio of 26.73 and a beta of 0.95.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The company had revenue of $804.20 million for the quarter, compared to analysts’ expectations of $771.24 million. During the same quarter in the previous year, the company earned $1.78 earnings per share. Fabrinet’s quarterly revenue was up 17.3% on a year-over-year basis. Research analysts anticipate that Fabrinet will post 9.1 earnings per share for the current year.

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.