Magnetar Financial LLC Invests $331,000 in Fabrinet (NYSE:FN)

Magnetar Financial LLC acquired a new position in Fabrinet (NYSE:FN) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,505 shares of the technology company’s stock, valued at approximately $331,000.

Several other institutional investors have also recently made changes to their positions in FN. Pathstone Holdings LLC lifted its stake in shares of Fabrinet by 40.7% in the 3rd quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company’s stock worth $1,943,000 after purchasing an additional 2,378 shares during the period. Jennison Associates LLC bought a new position in shares of Fabrinet in the 3rd quarter worth approximately $745,000. Intech Investment Management LLC lifted its stake in shares of Fabrinet by 76.9% in the 3rd quarter. Intech Investment Management LLC now owns 25,535 shares of the technology company’s stock worth $6,037,000 after purchasing an additional 11,102 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Fabrinet by 14.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock worth $113,621,000 after purchasing an additional 61,491 shares during the period. Finally, Citigroup Inc. lifted its stake in shares of Fabrinet by 13.9% in the 3rd quarter. Citigroup Inc. now owns 38,115 shares of the technology company’s stock worth $9,012,000 after purchasing an additional 4,639 shares during the period. Institutional investors own 97.38% of the company’s stock.

Fabrinet Price Performance

Fabrinet stock opened at $220.57 on Friday. The stock has a market cap of $8.00 billion, a P/E ratio of 24.67 and a beta of 0.89. Fabrinet has a 1 year low of $159.69 and a 1 year high of $281.79. The firm’s 50 day moving average price is $218.54 and its 200-day moving average price is $230.29.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. As a group, equities analysts expect that Fabrinet will post 9.4 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Barclays lowered their price objective on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Rosenblatt Securities restated a “buy” rating and set a $285.00 target price on shares of Fabrinet in a research note on Friday, March 14th. Fox Advisors started coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They set an “overweight” rating and a $270.00 target price on the stock. JPMorgan Chase & Co. decreased their target price on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. Finally, Needham & Company LLC restated a “buy” rating and set a $280.00 target price on shares of Fabrinet in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Fabrinet currently has a consensus rating of “Hold” and a consensus price target of $250.43.

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.