Thrivent Financial for Lutherans Sells 36,004 Shares of Fabrinet (NYSE:FN)

Thrivent Financial for Lutherans lessened its stake in Fabrinet (NYSE:FN) by 8.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 372,142 shares of the technology company’s stock after selling 36,004 shares during the quarter. Thrivent Financial for Lutherans owned approximately 1.03% of Fabrinet worth $81,827,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

A number of brokerages recently commented on FN. B. Riley lowered Fabrinet from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. 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. 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. Rosenblatt Securities restated a “buy” rating and issued a $285.00 target price on shares of Fabrinet in a research note on Friday, March 14th. Finally, Fox Advisors initiated coverage on Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 target price on the stock. One equities 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $246.63.

Fabrinet Trading Up 0.6 %

Shares of Fabrinet stock opened at $222.73 on Wednesday. Fabrinet has a 12-month low of $159.69 and a 12-month high of $281.79. The company has a market cap of $8.08 billion, a price-to-earnings ratio of 24.91 and a beta of 0.89. The company’s 50-day moving average price is $219.08 and its 200-day moving average price is $230.48.

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

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.