KLP Kapitalforvaltning AS Purchases Shares of 7,400 Fabrinet (NYSE:FN)

KLP Kapitalforvaltning AS acquired a new position in shares of Fabrinet (NYSE:FN) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 7,400 shares of the technology company’s stock, valued at approximately $1,627,000.

Several other large investors have also modified their holdings of FN. Wellington Management Group LLP grew its stake in Fabrinet by 1.7% during the 3rd quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock worth $276,437,000 after buying an additional 19,677 shares during the last quarter. Geode Capital Management LLC raised its position in Fabrinet by 7.6% in the 3rd quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock valued at $233,359,000 after purchasing an additional 69,554 shares during the last quarter. Whale Rock Capital Management LLC grew its position in Fabrinet by 25.8% during the 3rd quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock worth $202,338,000 after purchasing an additional 175,684 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Fabrinet by 3.8% in the third quarter. JPMorgan Chase & Co. now owns 660,401 shares of the technology company’s stock valued at $156,145,000 after purchasing an additional 24,439 shares during the period. Finally, Baillie Gifford & Co. raised its holdings in shares of Fabrinet by 10.7% in the fourth quarter. Baillie Gifford & Co. now owns 553,038 shares of the technology company’s stock valued at $121,602,000 after buying an additional 53,250 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Analyst Upgrades and Downgrades

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

Fabrinet Stock Down 5.3 %

Shares of NYSE FN opened at $195.58 on Friday. The stock has a market capitalization of $7.09 billion, a price-to-earnings ratio of 21.88 and a beta of 0.89. Fabrinet has a 52 week low of $159.69 and a 52 week high of $281.79. The firm has a 50-day moving average price of $216.64 and a 200 day moving average price of $230.05.

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 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 expect that Fabrinet will post 9.4 EPS for the current fiscal 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.