Magnetar Financial LLC Makes New $331,000 Investment in Fabrinet (NYSE:FN)

Magnetar Financial LLC bought a new position in Fabrinet (NYSE:FN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,505 shares of the technology company’s stock, valued at approximately $331,000.

Several other hedge funds also recently made changes to their positions in FN. Pathstone Holdings LLC increased its stake in shares of Fabrinet by 40.7% in the third quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company’s stock worth $1,943,000 after buying an additional 2,378 shares during the period. Jennison Associates LLC purchased a new position in Fabrinet during the 3rd quarter valued at $745,000. Intech Investment Management LLC increased its position in Fabrinet by 76.9% during the 3rd quarter. Intech Investment Management LLC now owns 25,535 shares of the technology company’s stock valued at $6,037,000 after purchasing an additional 11,102 shares during the period. Charles Schwab Investment Management Inc. increased its position in Fabrinet by 14.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock valued at $113,621,000 after purchasing an additional 61,491 shares during the period. Finally, Citigroup Inc. increased its position in Fabrinet by 13.9% during the 3rd quarter. Citigroup Inc. now owns 38,115 shares of the technology company’s stock valued at $9,012,000 after purchasing an additional 4,639 shares during the period. 97.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Fabrinet Price Performance

Shares of Fabrinet stock opened at $220.57 on Friday. The stock has a market cap of $8.00 billion, a price-to-earnings ratio of 24.67 and a beta of 0.89. The firm’s 50-day moving average is $218.54 and its 200 day moving average is $230.29. Fabrinet has a 1 year low of $159.69 and a 1 year high of $281.79.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (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 analysts expect that Fabrinet will post 9.4 EPS 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.