New York State Teachers Retirement System Raises Position in Fabrinet (NYSE:FN)

New York State Teachers Retirement System boosted its holdings in Fabrinet (NYSE:FN) by 2.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,550 shares of the technology company’s stock after purchasing an additional 600 shares during the period. New York State Teachers Retirement System’s holdings in Fabrinet were worth $7,478,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FN. California Public Employees Retirement System boosted its stake in shares of Fabrinet by 3.1% during the fourth quarter. California Public Employees Retirement System now owns 60,275 shares of the technology company’s stock valued at $11,472,000 after purchasing an additional 1,805 shares during the period. GAMMA Investing LLC purchased a new stake in Fabrinet during the 4th quarter valued at $34,000. Atria Wealth Solutions Inc. bought a new stake in Fabrinet in the 4th quarter worth $476,000. Truist Financial Corp increased its position in shares of Fabrinet by 178.9% in the fourth quarter. Truist Financial Corp now owns 5,463 shares of the technology company’s stock valued at $1,040,000 after acquiring an additional 3,504 shares during the period. Finally, Alliance Wealth Advisors LLC UT bought a new position in shares of Fabrinet during the fourth quarter valued at about $270,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FN. Rosenblatt Securities raised their target price on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Needham & Company LLC boosted their target price on Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. raised their price target on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. B. Riley lifted their price target on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Finally, Jefferies Financial Group initiated coverage on shares of Fabrinet in a report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $219.00.

Insider Buying and Selling at Fabrinet

In related news, CFO Csaba Sverha sold 9,288 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the completion of the transaction, the chief financial officer now owns 19,768 shares of the company’s stock, valued at approximately $5,338,941.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.51% of the company’s stock.

Fabrinet Stock Up 2.1 %

Shares of FN stock opened at $267.35 on Monday. The business’s fifty day moving average is $235.36 and its 200 day moving average is $215.59. The stock has a market cap of $9.66 billion, a price-to-earnings ratio of 35.50 and a beta of 0.96. Fabrinet has a twelve month low of $146.65 and a twelve month high of $278.38.

Fabrinet (NYSE:FN) last released its earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates of $2.06 by $0.35. Fabrinet had a net margin of 9.90% and a return on equity of 17.67%. The firm had revenue of $753.26 million for the quarter, compared to the consensus estimate of $732.63 million. During the same period in the prior year, the firm earned $1.68 EPS. The company’s revenue was up 14.8% compared to the same quarter last year. Equities research analysts expect that Fabrinet will post 7.95 earnings per share for the current fiscal year.

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.