Public Sector Pension Investment Board Grows Stock Holdings in Fabrinet (NYSE:FN)

Public Sector Pension Investment Board grew its position in shares of Fabrinet (NYSE:FN) by 6.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 79,515 shares of the technology company’s stock after purchasing an additional 5,091 shares during the quarter. Public Sector Pension Investment Board’s holdings in Fabrinet were worth $19,464,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Evoke Wealth LLC bought a new stake in shares of Fabrinet in the 4th quarter worth approximately $3,135,000. Cim LLC bought a new position in shares of Fabrinet during the fourth quarter valued at about $1,194,000. Norden Group LLC increased its holdings in shares of Fabrinet by 1,775.2% in the first quarter. Norden Group LLC now owns 28,616 shares of the technology company’s stock worth $5,409,000 after buying an additional 27,090 shares during the period. Pitcairn Co. purchased a new position in shares of Fabrinet in the first quarter worth about $544,000. Finally, Franklin Resources Inc. purchased a new stake in Fabrinet during the 4th quarter valued at about $1,421,000. Institutional investors own 97.38% of the company’s stock.

Insider Activity at Fabrinet

In other Fabrinet news, CFO Csaba Sverha sold 9,288 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.08, for a total value of $2,508,503.04. Following the sale, the chief financial officer now owns 19,768 shares in the company, valued at $5,338,941.44. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Edward T. Archer sold 8,690 shares of Fabrinet stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the transaction, the executive vice president now owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Csaba Sverha sold 9,288 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the sale, the chief financial officer now directly owns 19,768 shares in the company, valued at $5,338,941.44. The disclosure for this sale can be found here. Insiders sold a total of 44,728 shares of company stock valued at $11,645,062 in the last three months. Company insiders own 0.51% of the company’s stock.

Fabrinet Price Performance

Shares of NYSE FN opened at $231.56 on Monday. Fabrinet has a 1 year low of $149.19 and a 1 year high of $278.38. The stock has a market capitalization of $8.37 billion, a P/E ratio of 30.75 and a beta of 0.96. The company’s 50-day moving average is $229.29 and its 200 day moving average is $219.21.

Fabrinet (NYSE:FN) last posted 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. The firm had revenue of $753.26 million for the quarter, compared to the consensus estimate of $732.63 million. Fabrinet had a return on equity of 18.10% and a net margin of 10.27%. The business’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.68 EPS. Research analysts anticipate that Fabrinet will post 9.11 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on FN shares. Needham & Company LLC increased their price objective on Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Jefferies Financial Group assumed coverage on shares of Fabrinet in a research report on Wednesday, June 26th. They set a “hold” rating and a $230.00 price target for the company. Rosenblatt Securities raised their price target on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. B. Riley upped their price objective on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Finally, JPMorgan Chase & Co. raised their target price on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $219.00.

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.