Raymond James Financial Inc. Makes New $24.84 Million Investment in Fabrinet (NYSE:FN)

Raymond James Financial Inc. purchased a new position in shares of Fabrinet (NYSE:FN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 112,993 shares of the technology company’s stock, valued at approximately $24,844,000.

A number of other institutional investors have also recently bought and sold shares of FN. Huntington National Bank boosted its holdings in shares of Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after acquiring an additional 57 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Fabrinet during the third quarter worth approximately $52,000. Public Employees Retirement System of Ohio bought a new stake in shares of Fabrinet during the third quarter worth approximately $61,000. IFP Advisors Inc boosted its holdings in shares of Fabrinet by 576.2% during the fourth quarter. IFP Advisors Inc now owns 284 shares of the technology company’s stock worth $63,000 after acquiring an additional 242 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Fabrinet during the third quarter worth approximately $70,000. Institutional investors and hedge funds own 97.38% of the company’s stock.

Wall Street Analysts Forecast Growth

FN has been the subject of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and set a $280.00 price objective on shares of Fabrinet in a report on Tuesday, February 4th. Fox Advisors began coverage on Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price target for the company. JPMorgan Chase & Co. cut their price target on Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research note on Tuesday, February 4th. Barclays cut their price target on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $285.00 price target on shares of Fabrinet in a research note on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Fabrinet currently has a consensus rating of “Hold” and a consensus price target of $246.63.

Fabrinet Price Performance

NYSE FN opened at $220.85 on Friday. The business has a fifty day moving average price of $219.44 and a two-hundred day moving average price of $230.88. Fabrinet has a fifty-two week low of $159.69 and a fifty-two week high of $281.79. The stock has a market capitalization of $8.01 billion, a PE ratio of 24.70 and a beta of 0.89.

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 the consensus estimate of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. As a group, sell-side analysts expect that Fabrinet will post 9.4 earnings per share for the current year.

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.