Cibc World Markets Corp Buys Shares of 3,412 Fabrinet (NYSE:FN)

Cibc World Markets Corp acquired a new position in shares of Fabrinet (NYSE:FN) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,412 shares of the technology company’s stock, valued at approximately $750,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Cynosure Group LLC grew its holdings in shares of Fabrinet by 3.4% during the third quarter. Cynosure Group LLC now owns 1,560 shares of the technology company’s stock worth $369,000 after purchasing an additional 51 shares in the last quarter. Assetmark Inc. boosted its stake in Fabrinet by 12.0% in the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock worth $106,000 after buying an additional 52 shares in the last quarter. CIBC Asset Management Inc boosted its stake 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 in the last quarter. Nations Financial Group Inc. IA ADV boosted its stake in Fabrinet by 2.4% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 2,941 shares of the technology company’s stock worth $647,000 after buying an additional 68 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in Fabrinet by 2.6% in the fourth quarter. Janney Montgomery Scott LLC now owns 3,279 shares of the technology company’s stock worth $721,000 after buying an additional 82 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Down 0.7 %

Shares of Fabrinet stock opened at $220.57 on Friday. The company has a market cap of $8.00 billion, a PE ratio of 24.67 and a beta of 0.89. The business has a 50 day moving average of $218.54 and a 200 day moving average of $230.29. Fabrinet has a 52 week low of $159.69 and a 52 week high of $281.79.

Fabrinet (NYSE:FN) last announced 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, research analysts anticipate that Fabrinet will post 9.4 earnings per share for the current year.

Analysts Set New Price Targets

FN has been the subject of several research reports. Fox Advisors initiated coverage on Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 target price for the company. Barclays cut their target price on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a research note on Monday, March 17th. Rosenblatt Securities reiterated a “buy” rating and issued a $285.00 price objective on shares of Fabrinet in a research report on Friday, March 14th. Finally, JPMorgan Chase & Co. lowered their price objective on Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research report on Tuesday, February 4th. 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 stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $250.43.

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.