Castleark Management LLC Has $1.90 Million Position in Fabrinet (NYSE:FN)

Castleark Management LLC cut its holdings in shares of Fabrinet (NYSE:FN) by 72.8% in the first quarter, Holdings Channel reports. The institutional investor owned 10,030 shares of the technology company’s stock after selling 26,900 shares during the quarter. Castleark Management LLC’s holdings in Fabrinet were worth $1,896,000 as of its most recent filing with the Securities & Exchange Commission.

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

Fabrinet Stock Down 3.2 %

NYSE:FN traded down $7.09 during trading hours on Thursday, reaching $213.47. The company had a trading volume of 120,391 shares, compared to its average volume of 435,863. The stock has a 50-day moving average of $240.51 and a two-hundred day moving average of $213.07. Fabrinet has a one year low of $114.83 and a one year high of $266.39. The firm has a market capitalization of $7.72 billion, a PE ratio of 29.30 and a beta of 0.96.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, May 6th. The technology company reported $2.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.28. Fabrinet had a return on equity of 17.67% and a net margin of 9.90%. The firm had revenue of $731.54 million for the quarter, compared to analysts’ expectations of $718.94 million. As a group, sell-side analysts expect that Fabrinet will post 7.95 earnings per share for the current year.

Insider Transactions at Fabrinet

In other news, Director Frank H. Levinson sold 6,000 shares of the stock in a transaction on Friday, May 24th. The stock was sold at an average price of $241.71, for a total transaction of $1,450,260.00. Following the sale, the director now owns 5,709 shares in the company, valued at $1,379,922.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.51% of the company’s stock.

Analysts Set New Price Targets

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

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.