New York State Common Retirement Fund Reduces Stock Position in Fabrinet (NYSE:FN)

New York State Common Retirement Fund cut its stake in Fabrinet (NYSE:FN) by 3.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,892 shares of the technology company’s stock after selling 1,425 shares during the quarter. New York State Common Retirement Fund’s holdings in Fabrinet were worth $8,112,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Huntington National Bank lifted its stake 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 purchasing an additional 57 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Fabrinet during the third quarter valued at approximately $52,000. Public Employees Retirement System of Ohio bought a new position in Fabrinet in the third quarter worth approximately $61,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Fabrinet during the 3rd quarter worth $70,000. Finally, Assetmark Inc. grew its position in shares of Fabrinet by 468.4% during the 3rd quarter. Assetmark Inc. now owns 432 shares of the technology company’s stock valued at $102,000 after acquiring an additional 356 shares during the period. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Price Performance

Fabrinet stock opened at $204.10 on Wednesday. The stock has a market cap of $7.40 billion, a price-to-earnings ratio of 22.83 and a beta of 0.92. The firm has a 50-day moving average of $225.21 and a two-hundred day moving average of $234.66. Fabrinet has a 1 year low of $159.69 and a 1 year high of $281.79.

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

Wall Street Analysts Forecast Growth

FN has been the topic of a number of recent research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a report on Tuesday, February 4th. Fox Advisors began coverage on Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price objective on the stock. Barclays lowered their price objective on 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 increased their target price on shares of Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a report on Tuesday, February 4th. Finally, B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus 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.