Principal Financial Group Inc. Has $53.74 Million Stake in Fabrinet (NYSE:FN)

Principal Financial Group Inc. increased its stake in shares of Fabrinet (NYSE:FN) by 18.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 227,300 shares of the technology company’s stock after purchasing an additional 35,504 shares during the quarter. Principal Financial Group Inc. owned approximately 0.63% of Fabrinet worth $53,743,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FN. Driehaus Capital Management LLC grew its holdings in shares of Fabrinet by 183.5% during the 2nd quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock valued at $68,046,000 after acquiring an additional 179,943 shares in the last quarter. Whale Rock Capital Management LLC raised its holdings in shares of Fabrinet by 25.8% during the third quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock worth $202,338,000 after acquiring an additional 175,684 shares in the last quarter. Clearbridge Investments LLC acquired a new stake in Fabrinet during the second quarter valued at $27,911,000. World Investment Advisors LLC purchased a new position in Fabrinet in the third quarter valued at about $20,187,000. Finally, DekaBank Deutsche Girozentrale increased its position in Fabrinet by 3,831.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 82,088 shares of the technology company’s stock worth $19,465,000 after purchasing an additional 80,000 shares during the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Stock Performance

Shares of FN stock opened at $221.26 on Monday. The stock’s 50 day simple moving average is $242.77 and its 200 day simple moving average is $237.75. Fabrinet has a twelve month low of $159.69 and a twelve month high of $278.38. The company has a market capitalization of $8.02 billion, a price-to-earnings ratio of 26.18 and a beta of 0.92.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The company 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. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, analysts forecast that Fabrinet will post 9.1 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on FN shares. B. Riley lowered 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 report on Wednesday, November 20th. Barclays started coverage on shares of Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price objective on the stock. Finally, Needham & Company LLC initiated coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 target price for the company. One 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’s stock. According to MarketBeat.com, Fabrinet presently has an average rating of “Hold” and an average target price of $252.14.

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.