Wealth Alliance Lowers Stock Position in Fabrinet (NYSE:FN)

Wealth Alliance lowered its holdings in Fabrinet (NYSE:FN) by 6.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 968 shares of the technology company’s stock after selling 62 shares during the period. Wealth Alliance’s holdings in Fabrinet were worth $213,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Ieq Capital LLC purchased a new position in Fabrinet in the 4th quarter valued at approximately $252,000. Global Retirement Partners LLC grew its position in Fabrinet by 155.7% in 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 bought a new position in Fabrinet in the fourth quarter valued at $241,000. Truist Financial Corp raised its position in Fabrinet by 9.7% during the fourth quarter. Truist Financial Corp now owns 7,305 shares of the technology company’s stock valued at $1,606,000 after purchasing an additional 645 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in shares of Fabrinet by 5.7% in the 4th quarter. CIBC Asset Management Inc now owns 1,113 shares of the technology company’s stock worth $245,000 after purchasing an additional 60 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Down 3.7 %

FN opened at $222.17 on Friday. Fabrinet has a 52 week low of $159.69 and a 52 week high of $281.79. The stock has a market cap of $8.06 billion, a PE ratio of 24.85 and a beta of 0.92. The business has a 50 day moving average of $226.21 and a 200-day moving average of $234.08.

Fabrinet (NYSE:FN) last issued 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 return on equity of 18.48% and a net margin of 10.44%. Equities analysts anticipate that Fabrinet will post 9.4 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Needham & Company LLC restated a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a research report on Tuesday, February 4th. Fox Advisors initiated coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price objective for the company. JPMorgan Chase & Co. lowered their price target on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research note on Tuesday, February 4th. B. Riley downgraded Fabrinet from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. Finally, Barclays dropped 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $246.63.

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.