Cibc World Markets Corp Purchases New Stake in Fabrinet (NYSE:FN)

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

Several other hedge funds have also bought and sold shares of the business. Barclays PLC boosted its holdings in Fabrinet by 304.6% during the 3rd quarter. Barclays PLC now owns 69,128 shares of the technology company’s stock worth $16,345,000 after acquiring an additional 52,042 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Fabrinet by 14.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock worth $113,621,000 after acquiring an additional 61,491 shares during the last quarter. Pathstone Holdings LLC boosted its holdings in Fabrinet by 40.7% during the 3rd quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company’s stock worth $1,943,000 after acquiring an additional 2,378 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Fabrinet during the 3rd quarter worth $2,398,000. Finally, Freedom Investment Management Inc. boosted its holdings in Fabrinet by 106.2% during the 3rd quarter. Freedom Investment Management Inc. now owns 4,969 shares of the technology company’s stock worth $1,175,000 after acquiring an additional 2,559 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Stock Performance

Shares of Fabrinet stock opened at $220.57 on Friday. Fabrinet has a 52-week low of $159.69 and a 52-week high of $281.79. The stock’s 50-day simple moving average is $218.54 and its 200 day simple moving average is $230.29. The stock has a market capitalization of $8.00 billion, a P/E ratio of 24.67 and a beta of 0.89.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 earnings per share (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%. Equities research analysts forecast that Fabrinet will post 9.4 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on FN shares. Rosenblatt Securities reiterated a “buy” rating and set a $285.00 target price on shares of Fabrinet in a research note on Friday, March 14th. Fox Advisors started coverage on Fabrinet in a research note on Tuesday, February 18th. They set an “overweight” rating and a $270.00 target price on the stock. Barclays lowered their target price on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Needham & Company LLC reiterated a “buy” rating and set a $280.00 target price on shares of Fabrinet in a research note on Monday, March 17th. Finally, JPMorgan Chase & Co. lowered their target price on Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $250.43.

About Fabrinet

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.