Norges Bank Takes Position in Fabrinet (NYSE:FN)

Norges Bank bought a new position in Fabrinet (NYSE:FN) in the fourth quarter, according to its most recent filing with the SEC. The firm bought 432,435 shares of the technology company’s stock, valued at approximately $95,084,000. Norges Bank owned approximately 1.19% of Fabrinet as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Fabrinet during the third quarter worth $52,000. Public Employees Retirement System of Ohio purchased a new position in Fabrinet in the 3rd quarter worth $61,000. IFP Advisors Inc lifted its position in 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 acquiring an additional 242 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Fabrinet during the 3rd quarter valued at about $70,000. Finally, Assetmark Inc. grew its stake in Fabrinet by 12.0% during the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock valued at $106,000 after purchasing an additional 52 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Analyst Ratings Changes

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

Fabrinet Stock Performance

FN opened at $196.68 on Wednesday. The company has a fifty day moving average of $214.65 and a two-hundred day moving average of $229.90. The stock has a market capitalization of $7.13 billion, a price-to-earnings ratio of 22.00 and a beta of 0.89. Fabrinet has a fifty-two week low of $159.69 and a fifty-two week high of $281.79.

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

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.