Harvest Fund Management Co. Ltd Has $1.37 Million Holdings in Fabrinet (NYSE:FN)

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

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Legacy Wealth Asset Management LLC lifted its position in shares of Fabrinet by 3.2% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company’s stock worth $325,000 after purchasing an additional 43 shares during the last quarter. Wolff Wiese Magana LLC lifted its position in shares of Fabrinet by 2.7% during the 3rd quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company’s stock worth $417,000 after purchasing an additional 47 shares during the last quarter. Trust Point Inc. increased its stake in Fabrinet by 4.7% during the third quarter. Trust Point Inc. now owns 1,272 shares of the technology company’s stock valued at $301,000 after acquiring an additional 57 shares during the period. Huntington National Bank increased its stake in Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after acquiring an additional 57 shares during the period. Finally, Cim LLC increased its stake in Fabrinet by 1.0% during the second quarter. Cim LLC now owns 5,980 shares of the technology company’s stock valued at $1,344,000 after acquiring an additional 61 shares during the period. Institutional investors and hedge funds own 97.38% of the company’s stock.

Wall Street Analyst Weigh In

FN has been the topic of several research reports. Barclays initiated coverage on Fabrinet in a research note on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price target on the stock. B. Riley lowered Fabrinet from a “neutral” rating to a “sell” rating and lowered their price target for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. JPMorgan Chase & Co. upped their price objective on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Rosenblatt Securities upped their price objective on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Finally, Needham & Company LLC assumed coverage on Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price objective on the stock. One investment 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. According to data from MarketBeat, Fabrinet presently has an average rating of “Hold” and an average target price of $252.14.

Fabrinet Stock Performance

NYSE:FN opened at $228.63 on Tuesday. The stock’s fifty day moving average price is $244.08 and its two-hundred day moving average price is $237.99. Fabrinet has a 52-week low of $159.30 and a 52-week high of $278.38. The company has a market cap of $8.29 billion, a price-to-earnings ratio of 27.06 and a beta of 0.95.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.01. The company had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.78 EPS. On average, equities analysts predict that Fabrinet will post 9.1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Edward T. Archer sold 8,690 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the sale, the executive vice president now owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. This trade represents a 51.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.38% of the stock is currently owned by company insiders.

Fabrinet Company Profile

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.