Raymond James & Associates Lowers Holdings in Fabrinet (NYSE:FN)

Raymond James & Associates cut its position in Fabrinet (NYSE:FN – Get Rating) by 7.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,094 shares of the technology company’s stock after selling 2,871 shares during the quarter. Raymond James & Associates owned about 0.10% of Fabrinet worth $4,756,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. increased its holdings in shares of Fabrinet by 1.7% in the 3rd quarter. BlackRock Inc. now owns 5,609,837 shares of the technology company’s stock worth $535,459,000 after buying an additional 93,948 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Fabrinet by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 4,173,594 shares of the technology company’s stock worth $438,770,000 after buying an additional 30,481 shares during the last quarter. Capital International Investors increased its holdings in shares of Fabrinet by 108.1% in the 1st quarter. Capital International Investors now owns 1,529,864 shares of the technology company’s stock worth $160,835,000 after buying an additional 794,833 shares during the last quarter. State Street Corp increased its holdings in shares of Fabrinet by 1.2% in the 3rd quarter. State Street Corp now owns 1,212,529 shares of the technology company’s stock worth $115,736,000 after buying an additional 14,684 shares during the last quarter. Finally, Artisan Partners Limited Partnership increased its holdings in shares of Fabrinet by 0.3% in the 3rd quarter. Artisan Partners Limited Partnership now owns 974,369 shares of the technology company’s stock worth $93,004,000 after buying an additional 2,911 shares during the last quarter. 97.13% of the stock is currently owned by hedge funds and other institutional investors.

Fabrinet Trading Up 0.8 %

NYSE:FN opened at $98.34 on Wednesday. The company has a 50-day moving average price of $101.42 and a 200-day moving average price of $118.39. Fabrinet has a 12 month low of $74.57 and a 12 month high of $140.18. The stock has a market cap of $3.57 billion, a price-to-earnings ratio of 14.95 and a beta of 1.15.

Analyst Ratings Changes

A number of brokerages have recently commented on FN. Royal Bank of Canada increased their price target on shares of Fabrinet from $39.00 to $40.00 and gave the stock a “sector perform” rating in a report on Wednesday, March 1st. Northland Securities reduced their target price on shares of Fabrinet from $155.00 to $135.00 in a report on Tuesday, May 9th. JPMorgan Chase & Co. reduced their target price on shares of Fabrinet from $161.00 to $130.00 and set an “overweight” rating on the stock in a report on Wednesday, April 19th. Needham & Company LLC increased their target price on shares of Fabrinet from $140.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, February 7th. Finally, StockNews.com initiated coverage on shares of Fabrinet in a report on Thursday, May 18th. They set a “hold” rating on the stock. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Fabrinet has a consensus rating of “Moderate Buy” and an average price target of $122.57.

About Fabrinet

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Fabrinet engages in the provision of optical packaging and electronic manufacturing services to original equipment manufacturers. The firm’s engineering services include process design, failure analysis, reliability testing, tooling design, and real-time traceability system. Its manufacturing operations offer sensors, subsystems, customized optics, and optical modules and components.