Price T Rowe Associates Inc. MD Has $93.84 Million Stake in Fabrinet (NYSE:FN)

Price T Rowe Associates Inc. MD reduced its holdings in shares of Fabrinet (NYSE:FN) by 2.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 426,786 shares of the technology company’s stock after selling 10,679 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in Fabrinet were worth $93,842,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in FN. Huntington National Bank grew its stake in Fabrinet by 66.7% during the fourth quarter. Huntington National Bank now owns 230 shares of the technology company’s stock worth $51,000 after purchasing an additional 92 shares during the period. IFP Advisors Inc boosted its holdings in shares of Fabrinet by 576.2% during the 4th quarter. IFP Advisors Inc now owns 284 shares of the technology company’s stock worth $63,000 after buying an additional 242 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Fabrinet during the 3rd quarter worth approximately $70,000. Assetmark Inc. increased its stake in shares of Fabrinet by 12.0% in the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock valued at $106,000 after acquiring an additional 52 shares in the last quarter. Finally, Transamerica Financial Advisors Inc. increased its stake in shares of Fabrinet by 17.2% in the 4th quarter. Transamerica Financial Advisors Inc. now owns 565 shares of the technology company’s stock valued at $125,000 after acquiring an additional 83 shares in the last quarter. 97.38% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. B. Riley raised shares of Fabrinet from a “sell” rating to a “neutral” rating and cut their target price for the stock from $178.00 to $176.00 in a research note on Friday, April 4th. Fox Advisors initiated coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a research note on Monday, March 17th. Rosenblatt Securities dropped their price target on Fabrinet from $280.00 to $230.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. reduced their price objective on Fabrinet from $265.00 to $220.00 and set a “neutral” rating for the company in a research note on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $235.86.

Fabrinet Stock Performance

FN stock opened at $200.54 on Monday. The business has a 50-day simple moving average of $199.99 and a two-hundred day simple moving average of $222.91. The company has a market capitalization of $7.19 billion, a P/E ratio of 22.43 and a beta of 0.97. Fabrinet has a 52-week low of $148.55 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 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, sell-side analysts forecast that Fabrinet will post 9.4 earnings per share for the current fiscal 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.