State of New Jersey Common Pension Fund D Sells 6,693 Shares of Fabrinet (NYSE:FN)

State of New Jersey Common Pension Fund D lessened its holdings in shares of Fabrinet (NYSE:FN) by 32.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,982 shares of the technology company’s stock after selling 6,693 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Fabrinet were worth $3,423,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of FN. Congress Asset Management Co. MA purchased a new position in Fabrinet during the 4th quarter worth $99,045,000. TD Asset Management Inc boosted its holdings in Fabrinet by 216.1% during the 1st quarter. TD Asset Management Inc now owns 409,761 shares of the technology company’s stock worth $77,453,000 after acquiring an additional 280,145 shares during the last quarter. Epoch Investment Partners Inc. boosted its holdings in Fabrinet by 291.0% during the 1st quarter. Epoch Investment Partners Inc. now owns 275,531 shares of the technology company’s stock worth $52,081,000 after acquiring an additional 205,057 shares during the last quarter. Kennedy Capital Management LLC purchased a new position in Fabrinet during the 1st quarter worth $15,637,000. Finally, Rice Hall James & Associates LLC boosted its holdings in Fabrinet by 89.1% during the 2nd quarter. Rice Hall James & Associates LLC now owns 134,519 shares of the technology company’s stock worth $32,929,000 after acquiring an additional 63,398 shares during the last quarter. Institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Performance

Shares of Fabrinet stock opened at $231.01 on Wednesday. Fabrinet has a 52-week low of $148.97 and a 52-week high of $278.38. The stock’s 50-day simple moving average is $230.18 and its 200 day simple moving average is $219.02. The stock has a market capitalization of $8.35 billion, a P/E ratio of 30.68 and a beta of 0.96.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, August 19th. The technology company reported $2.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.35. Fabrinet had a return on equity of 18.10% and a net margin of 10.27%. The business had revenue of $753.26 million for the quarter, compared to analysts’ expectations of $732.63 million. During the same period in the previous year, the business posted $1.68 EPS. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. Equities research analysts forecast that Fabrinet will post 9.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on FN shares. Jefferies Financial Group started coverage on shares of Fabrinet in a report on Wednesday, June 26th. They set a “hold” rating and a $230.00 price objective on the stock. Rosenblatt Securities boosted 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 boosted their price target on shares of Fabrinet from $171.00 to $196.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. JPMorgan Chase & Co. boosted their price target on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Finally, Needham & Company LLC boosted their price target on shares of Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Fabrinet currently has a consensus rating of “Hold” and an average target price of $219.00.

Insider Activity at Fabrinet

In other news, CFO Csaba Sverha sold 100 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $270.00, for a total transaction of $27,000.00. Following the sale, the chief financial officer now directly owns 19,347 shares in the company, valued at $5,223,690. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the sale, the executive vice president now directly owns 8,333 shares in the company, valued at $1,835,426.58. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Csaba Sverha sold 100 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $270.00, for a total value of $27,000.00. Following the sale, the chief financial officer now owns 19,347 shares in the company, valued at $5,223,690. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,728 shares of company stock worth $11,645,062. Company insiders own 0.51% of the company’s stock.

Fabrinet 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.