Handelsbanken Fonder AB Has $2.39 Million Stake in Fabrinet (NYSE:FN)

Handelsbanken Fonder AB lifted its position in Fabrinet (NYSE:FN) by 21.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 10,866 shares of the technology company’s stock after acquiring an additional 1,900 shares during the period. Handelsbanken Fonder AB’s holdings in Fabrinet were worth $2,389,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the company. Ieq Capital LLC acquired a new position in shares of Fabrinet in the fourth quarter valued at $252,000. Global Retirement Partners LLC raised its stake in Fabrinet by 155.7% during the fourth quarter. Global Retirement Partners LLC now owns 652 shares of the technology company’s stock worth $143,000 after acquiring an additional 397 shares in the last quarter. Kestra Investment Management LLC acquired a new position in Fabrinet during the fourth quarter worth $241,000. Truist Financial Corp raised its stake in Fabrinet by 9.7% during the fourth quarter. Truist Financial Corp now owns 7,305 shares of the technology company’s stock worth $1,606,000 after acquiring an additional 645 shares in the last quarter. Finally, CIBC Asset Management Inc raised its stake in Fabrinet by 5.7% during the fourth quarter. CIBC Asset Management Inc now owns 1,113 shares of the technology company’s stock worth $245,000 after acquiring an additional 60 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FN has been the subject of several recent analyst reports. Rosenblatt Securities increased their price objective on Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a research note on Tuesday, February 4th. B. Riley lowered Fabrinet from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. JPMorgan Chase & Co. dropped their price objective on Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research note on Tuesday, February 4th. Barclays dropped their price objective 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. Finally, Needham & Company LLC restated a “buy” rating and set a $280.00 target price on shares of Fabrinet in a report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $246.63.

Fabrinet Stock Performance

Shares of FN stock opened at $215.05 on Tuesday. The stock’s fifty day moving average is $226.21 and its 200-day moving average is $234.63. The stock has a market capitalization of $7.80 billion, a PE ratio of 24.05 and a beta of 0.92. Fabrinet has a 52 week low of $159.69 and a 52 week high of $281.79.

Fabrinet (NYSE:FN) last posted its quarterly 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, 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.