Fabrinet (NYSE:FN) Position Lessened by Park Place Capital Corp

Park Place Capital Corp reduced its stake in shares of Fabrinet (NYSE:FN) by 24.5% in the second quarter, Holdings Channel.com reports. The institutional investor owned 293 shares of the technology company’s stock after selling 95 shares during the period. Park Place Capital Corp’s holdings in Fabrinet were worth $72,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Trust Point Inc. bought a new stake in Fabrinet during the 4th quarter valued at $234,000. New York State Teachers Retirement System raised its stake in shares of Fabrinet by 4.1% in the 4th quarter. New York State Teachers Retirement System now owns 29,850 shares of the technology company’s stock worth $5,681,000 after buying an additional 1,183 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Fabrinet by 2,873.6% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 62,088 shares of the technology company’s stock valued at $12,120,000 after buying an additional 60,000 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Fabrinet by 2.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,735 shares of the technology company’s stock valued at $3,185,000 after purchasing an additional 400 shares in the last quarter. Finally, Silvant Capital Management LLC acquired a new position in shares of Fabrinet in the 4th quarter worth approximately $1,251,000. 97.38% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on FN. JPMorgan Chase & Co. lifted their target price on Fabrinet from $210.00 to $212.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Jefferies Financial Group initiated coverage on Fabrinet in a report on Wednesday, June 26th. They set a “hold” rating and a $230.00 price objective on the stock. B. Riley decreased their target price on shares of Fabrinet from $173.00 to $171.00 and set a “neutral” rating for the company in a report on Tuesday, May 7th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $220.00 target price on shares of Fabrinet in a research report on Tuesday, May 7th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $168.67.

Fabrinet Trading Down 5.8 %

FN stock traded down $12.41 during midday trading on Friday, reaching $202.56. The company had a trading volume of 517,569 shares, compared to its average volume of 361,072. The company has a 50 day moving average of $239.09 and a two-hundred day moving average of $213.54. The company has a market capitalization of $7.32 billion, a P/E ratio of 26.90 and a beta of 0.96. Fabrinet has a 1 year low of $114.83 and a 1 year high of $266.39.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, May 6th. The technology company reported $2.21 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.28. The business had revenue of $731.54 million during the quarter, compared to analyst estimates of $718.94 million. Fabrinet had a return on equity of 17.67% and a net margin of 9.90%. On average, sell-side analysts anticipate that Fabrinet will post 7.95 earnings per share for the current year.

Insider Activity at Fabrinet

In other Fabrinet news, Director Frank H. Levinson sold 6,000 shares of the company’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $241.71, for a total value of $1,450,260.00. Following the sale, the director now directly owns 5,709 shares in the company, valued at $1,379,922.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.51% of the stock is currently owned by insiders.

Fabrinet 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.