Corebridge Financial Inc. Has $12.96 Million Stake in Fabrinet (NYSE:FN)

Corebridge Financial Inc. lowered its stake in Fabrinet (NYSE:FN) by 4.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 58,919 shares of the technology company’s stock after selling 3,056 shares during the quarter. Corebridge Financial Inc.’s holdings in Fabrinet were worth $12,955,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wedge Capital Management L L P NC bought a new position in Fabrinet in the 4th quarter valued at $63,222,000. Whale Rock Capital Management LLC boosted its holdings in Fabrinet by 25.8% in the third quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock valued at $202,338,000 after acquiring an additional 175,684 shares during the last quarter. Stephens Investment Management Group LLC bought a new position in Fabrinet in the fourth quarter valued at about $28,218,000. Vanguard Group Inc. increased its position in Fabrinet by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 4,137,579 shares of the technology company’s stock worth $909,771,000 after purchasing an additional 113,186 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Fabrinet during the 4th quarter worth about $24,844,000. Institutional investors and hedge funds own 97.38% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a research note on Monday, March 17th. Fox Advisors started coverage on shares of Fabrinet in a report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 target price for the company. JPMorgan Chase & Co. dropped their target price on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research report on Tuesday, February 4th. Rosenblatt Securities restated a “buy” rating and issued a $285.00 price target on shares of Fabrinet in a research report on Friday, March 14th. Finally, Barclays dropped their price objective on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Fabrinet presently has an average rating of “Hold” and a consensus target price of $250.43.

Fabrinet Stock Down 3.7 %

FN opened at $222.77 on Wednesday. The company has a fifty day simple moving average of $218.64 and a 200 day simple moving average of $230.46. The stock has a market cap of $8.08 billion, a P/E ratio of 24.92 and a beta of 0.89. Fabrinet has a 12 month low of $159.69 and a 12 month high of $281.79.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. On average, equities research analysts expect that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Fabrinet 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.