Harvest Fund Management Co. Ltd Buys 3,845 Shares of Fabrinet (NYSE:FN)

Harvest Fund Management Co. Ltd grew its stake in Fabrinet (NYSE:FN) by 197.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,795 shares of the technology company’s stock after acquiring an additional 3,845 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Fabrinet were worth $1,371,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Opal Wealth Advisors LLC acquired a new stake in Fabrinet in the 2nd quarter valued at about $28,000. Huntington National Bank lifted its position in Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after acquiring an additional 57 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in Fabrinet during the second quarter worth approximately $35,000. Kimelman & Baird LLC acquired a new stake in Fabrinet during the second quarter worth approximately $49,000. Finally, NBC Securities Inc. lifted its position in Fabrinet by 732.0% during the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after acquiring an additional 183 shares during the last quarter. Institutional investors own 97.38% of the company’s stock.

Analyst Upgrades and Downgrades

FN has been the subject of several research reports. Barclays initiated coverage on shares of Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price objective for the company. B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. Rosenblatt Securities lifted their price target on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. JPMorgan Chase & Co. lifted their price target on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Finally, Needham & Company LLC initiated coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $252.14.

Fabrinet Price Performance

Shares of NYSE:FN opened at $228.63 on Tuesday. The company’s 50 day simple moving average is $244.08 and its 200 day simple moving average is $237.99. The stock has a market capitalization of $8.29 billion, a price-to-earnings ratio of 27.06 and a beta of 0.95. Fabrinet has a 1 year low of $159.30 and a 1 year high of $278.38.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.01. The business had revenue of $804.20 million for the quarter, compared to analysts’ expectations of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period last year, the firm posted $1.78 earnings per share. As a group, analysts anticipate that Fabrinet will post 9.1 EPS for the current fiscal year.

Insider Activity at Fabrinet

In other news, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the transaction, the executive vice president now directly owns 8,333 shares in the company, valued at approximately $1,835,426.58. This represents a 51.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.38% of the stock is currently owned by insiders.

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.