Polar Asset Management Partners Inc. Buys New Stake in Fabrinet (NYSE:FN)

Polar Asset Management Partners Inc. bought a new stake in Fabrinet (NYSE:FN) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 15,300 shares of the technology company’s stock, valued at approximately $3,364,000.

Other large investors have also recently added to or reduced their stakes in the company. Barclays PLC increased its position in Fabrinet by 304.6% in the 3rd quarter. Barclays PLC now owns 69,128 shares of the technology company’s stock valued at $16,345,000 after acquiring an additional 52,042 shares during the period. Janney Montgomery Scott LLC increased its position in Fabrinet by 2.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 3,279 shares of the technology company’s stock valued at $721,000 after acquiring an additional 82 shares during the period. T. Rowe Price Investment Management Inc. acquired a new stake in Fabrinet in the 4th quarter valued at approximately $1,945,000. Tokio Marine Asset Management Co. Ltd. acquired a new stake in Fabrinet in the 4th quarter valued at approximately $4,615,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in Fabrinet by 178.9% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,008 shares of the technology company’s stock valued at $881,000 after acquiring an additional 2,571 shares during the period. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Barclays set a $234.00 price target on Fabrinet and gave the company an “equal weight” rating in a research report on Tuesday, May 6th. Rosenblatt Securities lifted their price target on Fabrinet from $230.00 to $250.00 and gave the company a “buy” rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. lifted their price target on Fabrinet from $220.00 to $235.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. B. Riley upgraded Fabrinet from a “sell” rating to a “neutral” rating and lowered their price target for the company from $178.00 to $176.00 in a research report on Friday, April 4th. Finally, Fox Advisors assumed coverage on Fabrinet in a research report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Fabrinet presently has a consensus rating of “Hold” and an average price target of $239.29.

Fabrinet Stock Down 1.1%

FN opened at $223.76 on Friday. The firm has a market cap of $8.02 billion, a PE ratio of 25.03 and a beta of 0.95. The business has a fifty day simple moving average of $202.36 and a 200-day simple moving average of $219.46. Fabrinet has a fifty-two week low of $148.55 and a fifty-two week high of $281.79.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.05. The business had revenue of $871.80 million during the quarter, compared to analyst estimates of $857.12 million. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The company’s revenue was up 19.2% compared to the same quarter last year. During the same period last year, the company posted $2.39 EPS. On average, equities research analysts anticipate that Fabrinet will post 9.4 EPS for the current fiscal year.

Insider Transactions at Fabrinet

In other news, Director Rollance E. Olson sold 2,500 shares of the firm’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total value of $559,950.00. Following the completion of the sale, the director now owns 23,201 shares of the company’s stock, valued at $5,196,559.98. This trade represents a 9.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.38% of the company’s stock.

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.