Salem Investment Counselors Inc. Makes New Investment in Fabrinet (NYSE:FN)

Salem Investment Counselors Inc. acquired a new position in shares of Fabrinet (NYSE:FN) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,355 shares of the technology company’s stock, valued at approximately $518,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Harbor Capital Advisors Inc. increased its stake in Fabrinet by 33.2% in the 4th quarter. Harbor Capital Advisors Inc. now owns 13,901 shares of the technology company’s stock worth $3,057,000 after purchasing an additional 3,468 shares during the period. Diversified Trust Co lifted its stake in shares of Fabrinet by 6.2% in the 4th quarter. Diversified Trust Co now owns 8,251 shares of the technology company’s stock valued at $1,814,000 after purchasing an additional 482 shares during the period. Bank of New Hampshire boosted its holdings in shares of Fabrinet by 6.1% during the 4th quarter. Bank of New Hampshire now owns 5,597 shares of the technology company’s stock valued at $1,231,000 after buying an additional 321 shares in the last quarter. Nordea Investment Management AB boosted its stake in Fabrinet by 4.3% during the fourth quarter. Nordea Investment Management AB now owns 42,892 shares of the technology company’s stock worth $9,292,000 after acquiring an additional 1,784 shares in the last quarter. Finally, Everence Capital Management Inc. purchased a new stake in shares of Fabrinet in the 4th quarter worth approximately $202,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FN has been the subject of several analyst reports. B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and reduced their price target for the company from $194.00 to $178.00 in a research report on Wednesday, November 20th. Barclays assumed coverage on shares of Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 target price for the company. Finally, Needham & Company LLC assumed coverage on Fabrinet in a research report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $252.14.

Fabrinet Trading Down 2.8 %

NYSE FN opened at $221.96 on Tuesday. The stock has a market cap of $8.05 billion, a P/E ratio of 26.27 and a beta of 0.93. The company has a fifty day simple moving average of $234.57 and a two-hundred day simple moving average of $235.68. Fabrinet has a 12-month low of $159.69 and a 12-month high of $278.38.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.01. The company had revenue of $804.20 million during 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%. Fabrinet’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.78 earnings per share. As a group, sell-side analysts forecast that Fabrinet will post 9.1 earnings per share for the current year.

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.