Los Angeles Capital Management LLC Cuts Stock Holdings in Fabrinet (NYSE:FN)

Los Angeles Capital Management LLC lowered its stake in Fabrinet (NYSE:FN) by 12.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,307 shares of the technology company’s stock after selling 3,526 shares during the quarter. Los Angeles Capital Management LLC owned about 0.07% of Fabrinet worth $4,817,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Commonwealth Equity Services LLC boosted its position in shares of Fabrinet by 12.8% during the 3rd quarter. Commonwealth Equity Services LLC now owns 3,636 shares of the technology company’s stock valued at $606,000 after acquiring an additional 414 shares during the last quarter. Xponance Inc. increased its holdings in shares of Fabrinet by 6.8% in the 3rd quarter. Xponance Inc. now owns 2,313 shares of the technology company’s stock worth $385,000 after buying an additional 147 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Fabrinet by 3.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 2,208 shares of the technology company’s stock valued at $368,000 after buying an additional 75 shares in the last quarter. New York State Teachers Retirement System lifted its holdings in shares of Fabrinet by 52.8% in the 3rd quarter. New York State Teachers Retirement System now owns 28,667 shares of the technology company’s stock valued at $4,776,000 after acquiring an additional 9,900 shares during the last quarter. Finally, Park Avenue Securities LLC purchased a new position in Fabrinet in the third quarter worth about $328,000. Institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Performance

Shares of NYSE:FN opened at $179.22 on Monday. The firm’s 50 day simple moving average is $189.84 and its 200-day simple moving average is $185.25. Fabrinet has a one year low of $90.19 and a one year high of $229.02. The firm has a market cap of $6.51 billion, a PE ratio of 25.90 and a beta of 1.04.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, February 5th. The technology company reported $1.89 EPS for the quarter, topping the consensus estimate of $1.84 by $0.05. Fabrinet had a return on equity of 17.27% and a net margin of 9.35%. The company had revenue of $712.69 million for the quarter, compared to the consensus estimate of $699.76 million. Equities research analysts predict that Fabrinet will post 7.59 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FN shares. Needham & Company LLC decreased their price objective on Fabrinet from $230.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Fabrinet from $210.00 to $212.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Rosenblatt Securities restated a “buy” rating and issued a $230.00 target price on shares of Fabrinet in a report on Tuesday, February 6th. Finally, Northland Securities upgraded shares of Fabrinet from a “market perform” rating to an “outperform” rating and upped their price target for the company from $200.00 to $220.00 in a report on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $159.57.

Insider Activity

In related news, Director Rollance E. Olson sold 10,000 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $205.52, for a total value of $2,055,200.00. Following the completion of the sale, the director now directly owns 25,981 shares of the company’s stock, valued at $5,339,615.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.51% of the company’s stock.

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.