Harvest Fund Management Co. Ltd Invests $71,000 in Fabrinet (NYSE:FN)

Harvest Fund Management Co. Ltd bought a new position in Fabrinet (NYSE:FN) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 371 shares of the technology company’s stock, valued at approximately $71,000.

Other institutional investors have also recently modified their holdings of the company. Park Place Capital Corp purchased a new stake in shares of Fabrinet in the fourth quarter worth $26,000. Salem Investment Counselors Inc. purchased a new stake in shares of Fabrinet during the fourth quarter valued at $29,000. GAMMA Investing LLC purchased a new stake in shares of Fabrinet during the fourth quarter valued at $34,000. McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Fabrinet during the fourth quarter valued at $52,000. Finally, Orion Capital Management LLC purchased a new stake in shares of Fabrinet during the third quarter valued at $47,000. 97.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Northland Securities raised Fabrinet from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $200.00 to $220.00 in a research report on Thursday, March 21st. Rosenblatt Securities reissued a “buy” rating and issued a $230.00 target price on shares of Fabrinet in a report on Tuesday, February 6th. JPMorgan Chase & Co. increased their target price on Fabrinet from $210.00 to $212.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Finally, Needham & Company LLC lowered their target price on Fabrinet from $230.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $159.57.

Fabrinet Trading Up 1.3 %

Shares of FN opened at $172.20 on Friday. The business’s 50 day moving average is $192.13 and its 200 day moving average is $185.14. The company has a market capitalization of $6.25 billion, a PE ratio of 24.88 and a beta of 1.04. Fabrinet has a 12-month low of $90.19 and a 12-month high of $229.02.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, February 5th. The technology company reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.84 by $0.05. The business had revenue of $712.69 million during the quarter, compared to analysts’ expectations of $699.76 million. Fabrinet had a return on equity of 17.27% and a net margin of 9.35%. Equities research analysts predict that Fabrinet will post 7.59 earnings per share for the current year.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, Director Rollance E. Olson sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $205.52, for a total transaction of $2,055,200.00. Following the completion of the transaction, the director now owns 25,981 shares in the company, valued at approximately $5,339,615.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.51% of the stock is currently owned by company 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.