MetLife Investment Management LLC Grows Stock Holdings in Fabrinet (NYSE:FN)

MetLife Investment Management LLC raised its stake in shares of Fabrinet (NYSE:FN) by 84.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 38,759 shares of the technology company’s stock after acquiring an additional 17,734 shares during the period. MetLife Investment Management LLC’s holdings in Fabrinet were worth $9,164,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new position in Fabrinet during the second quarter worth about $28,000. Huntington National Bank increased its stake in Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after purchasing an additional 57 shares in the last quarter. Banque Cantonale Vaudoise acquired a new position in Fabrinet during the second quarter worth $35,000. Kimelman & Baird LLC purchased a new position in shares of Fabrinet in the second quarter valued at $49,000. Finally, NBC Securities Inc. boosted its position in shares of Fabrinet by 732.0% in the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after buying an additional 183 shares in the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Fabrinet Trading Down 4.1 %

Shares of FN opened at $225.85 on Friday. The stock’s fifty day simple moving average is $243.94 and its 200 day simple moving average is $237.91. Fabrinet has a twelve month low of $159.30 and a twelve month high of $278.38. The firm has a market capitalization of $8.19 billion, a P/E ratio of 26.73 and a beta of 0.95.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The firm had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. During the same quarter last year, the firm posted $1.78 earnings per share. Fabrinet’s revenue for the quarter was up 17.3% compared to the same quarter last year. Sell-side analysts predict that Fabrinet will post 9.1 earnings per share for the current year.

Insider Activity at Fabrinet

In other news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the transaction, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. The trade was a 51.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on FN. Rosenblatt Securities upped their price target on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and cut their price target for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. Barclays initiated coverage on Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price objective for the company. JPMorgan Chase & Co. upped their target price on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Finally, Needham & Company LLC started coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $252.14.

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.