State of Alaska Department of Revenue Reduces Position in Fabrinet (NYSE:FN)

State of Alaska Department of Revenue decreased its stake in shares of Fabrinet (NYSE:FN) by 1.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,135 shares of the technology company’s stock after selling 55 shares during the quarter. State of Alaska Department of Revenue’s holdings in Fabrinet were worth $909,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legacy Wealth Asset Management LLC grew its position in shares of Fabrinet by 3.2% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company’s stock worth $325,000 after buying an additional 43 shares during the last quarter. Wolff Wiese Magana LLC grew its position in shares of Fabrinet by 2.7% in the 3rd quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company’s stock worth $417,000 after buying an additional 47 shares during the last quarter. Cynosure Group LLC grew its position in shares of Fabrinet by 3.4% in the 3rd quarter. Cynosure Group LLC now owns 1,560 shares of the technology company’s stock worth $369,000 after buying an additional 51 shares during the last quarter. Trust Point Inc. grew its position in shares of Fabrinet by 4.7% in the 3rd quarter. Trust Point Inc. now owns 1,272 shares of the technology company’s stock worth $301,000 after buying an additional 57 shares during the last quarter. Finally, Huntington National Bank grew its position in shares of Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after buying an additional 57 shares during the last quarter. Institutional investors own 97.38% of the company’s stock.

Fabrinet Price Performance

FN opened at $213.95 on Friday. The firm has a fifty day moving average price of $228.04 and a 200 day moving average price of $233.44. Fabrinet has a 1 year low of $159.69 and a 1 year high of $281.79. The stock has a market cap of $7.76 billion, a P/E ratio of 23.93 and a beta of 0.92.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) 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%. Equities analysts expect that Fabrinet will post 9.4 EPS for the current year.

Analyst Ratings Changes

Several analysts have weighed in on FN shares. JPMorgan Chase & Co. dropped their target price on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 4th. Barclays dropped their target price on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Rosenblatt Securities boosted their target price on shares of Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a research report on Tuesday, February 4th. Needham & Company LLC reissued a “buy” rating and set a $280.00 target price on shares of Fabrinet in a research report on Tuesday, February 4th. Finally, B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and dropped their price objective for the company 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 issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $243.29.

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.