Harbor Capital Advisors Inc. Raises Stock Position in Fabrinet (NYSE:FN)

Harbor Capital Advisors Inc. lifted its stake in shares of Fabrinet (NYSE:FN) by 167.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,206 shares of the technology company’s stock after buying an additional 4,513 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Fabrinet were worth $1,764,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Park Place Capital Corp acquired a new position in shares of Fabrinet in the 4th quarter valued at $26,000. GAMMA Investing LLC acquired a new position in Fabrinet in the 4th quarter valued at $34,000. Parallel Advisors LLC increased its stake in Fabrinet by 59.7% in the 4th quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock valued at $39,000 after buying an additional 77 shares during the period. UMB Bank n.a. acquired a new position in Fabrinet in the 1st quarter valued at $57,000. Finally, Headlands Technologies LLC acquired a new position in Fabrinet in the 1st quarter valued at $63,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Insiders Place Their Bets

In other Fabrinet news, Director Frank H. Levinson sold 6,000 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $241.71, for a total transaction of $1,450,260.00. Following the sale, the director now directly owns 5,709 shares of the company’s stock, valued at approximately $1,379,922.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.51% of the stock is owned by corporate insiders.

Fabrinet Stock Performance

NYSE FN traded down $0.88 during trading hours on Wednesday, reaching $196.14. The company’s stock had a trading volume of 201,754 shares, compared to its average volume of 435,996. The stock has a market cap of $7.09 billion, a PE ratio of 26.16 and a beta of 0.96. Fabrinet has a fifty-two week low of $114.83 and a fifty-two week high of $266.39. The company’s 50-day moving average is $237.14 and its two-hundred day moving average is $213.54.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, May 6th. The technology company reported $2.21 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.28. Fabrinet had a net margin of 9.90% and a return on equity of 17.67%. The firm had revenue of $731.54 million for the quarter, compared to analysts’ expectations of $718.94 million. Equities analysts expect that Fabrinet will post 7.95 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on FN. JPMorgan Chase & Co. boosted their price objective on shares of Fabrinet from $210.00 to $212.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price objective on shares of Fabrinet in a research note on Tuesday, May 7th. Jefferies Financial Group began coverage on shares of Fabrinet in a research note on Wednesday, June 26th. They issued a “hold” rating and a $230.00 price objective on the stock. Finally, B. Riley dropped their price objective on shares of Fabrinet from $173.00 to $171.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 7th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $168.67.

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.