Johnson Investment Counsel Inc. Invests $1.94 Million in Fabrinet (NYSE:FN)

Johnson Investment Counsel Inc. bought a new position in shares of Fabrinet (NYSE:FN) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 8,815 shares of the technology company’s stock, valued at approximately $1,938,000.

Other institutional investors also recently modified their holdings of the company. 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 purchasing an additional 57 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Fabrinet during the third quarter worth about $52,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Fabrinet during the third quarter worth about $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 purchasing an additional 242 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Fabrinet during the third quarter worth about $70,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Fabrinet Stock Up 5.1 %

Shares of FN opened at $197.47 on Wednesday. The company has a market capitalization of $7.16 billion, a P/E ratio of 22.09 and a beta of 0.89. The firm has a 50 day moving average of $219.91 and a 200 day moving average of $231.46. Fabrinet has a twelve month low of $159.69 and a twelve month high of $281.79.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. On average, sell-side analysts expect that Fabrinet will post 9.4 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Fox Advisors started coverage on shares of Fabrinet in a report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 target price for the company. Rosenblatt Securities raised their price objective on shares of Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a report on Tuesday, February 4th. Needham & Company LLC restated a “buy” rating and issued a $280.00 price objective on shares of Fabrinet in a report on Tuesday, February 4th. JPMorgan Chase & Co. lowered their price objective on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a report on Tuesday, February 4th. Finally, B. Riley lowered shares of Fabrinet from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, Fabrinet currently has an average rating of “Hold” and an average price target of $246.63.

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.