Castleark Management LLC Lowers Stock Position in Fabrinet (NYSE:FN)

Castleark Management LLC cut its position in shares of Fabrinet (NYSE:FN) by 72.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,030 shares of the technology company’s stock after selling 26,900 shares during the period. Castleark Management LLC’s holdings in Fabrinet were worth $1,896,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in Fabrinet by 56.8% during the fourth quarter. Blue Trust Inc. now owns 1,019 shares of the technology company’s stock valued at $194,000 after purchasing an additional 369 shares in the last quarter. Pinnacle Associates Ltd. purchased a new position in Fabrinet during the fourth quarter valued at $664,000. AdvisorNet Financial Inc lifted its holdings in Fabrinet by 57.7% during the fourth quarter. AdvisorNet Financial Inc now owns 1,643 shares of the technology company’s stock valued at $313,000 after purchasing an additional 601 shares in the last quarter. Trust Point Inc. purchased a new position in Fabrinet during the fourth quarter valued at $234,000. Finally, Campbell Newman Asset Management Inc. lifted its holdings in Fabrinet by 0.4% during the fourth quarter. Campbell Newman Asset Management Inc. now owns 17,895 shares of the technology company’s stock valued at $3,406,000 after purchasing an additional 64 shares in the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Stock Performance

FN traded down $7.09 during trading on Thursday, hitting $213.47. The stock had a trading volume of 120,391 shares, compared to its average volume of 435,863. The firm has a market capitalization of $7.72 billion, a P/E ratio of 29.30 and a beta of 0.96. Fabrinet has a twelve month low of $114.83 and a twelve month high of $266.39. The company’s 50-day moving average price is $240.51 and its 200 day moving average price is $213.07.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, May 6th. The technology company reported $2.21 EPS for the quarter, topping the consensus estimate of $1.93 by $0.28. Fabrinet had a net margin of 9.90% and a return on equity of 17.67%. The business had revenue of $731.54 million for the quarter, compared to analyst estimates of $718.94 million. As a group, equities analysts expect that Fabrinet will post 7.95 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Frank H. Levinson sold 6,000 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $241.71, for a total transaction of $1,450,260.00. Following the completion of the sale, the director now owns 5,709 shares of the company’s stock, valued at approximately $1,379,922.39. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FN. B. Riley reduced their target price on shares of Fabrinet from $173.00 to $171.00 and set a “neutral” rating for the company in a research report on Tuesday, May 7th. Jefferies Financial Group began coverage on shares of Fabrinet in a research report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 target price on shares of Fabrinet in a research report on Tuesday, May 7th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Fabrinet from $210.00 to $212.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Fabrinet currently has a consensus rating of “Moderate Buy” and an average target price of $168.67.

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.