New York State Teachers Retirement System Has $6.38 Million Stock Position in Fabrinet (NYSE:FN)

New York State Teachers Retirement System lowered its stake in Fabrinet (NYSE:FN) by 11.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,984 shares of the technology company’s stock after selling 3,566 shares during the period. New York State Teachers Retirement System’s holdings in Fabrinet were worth $6,380,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FN. nVerses Capital LLC acquired a new stake in Fabrinet during the 3rd quarter worth approximately $567,000. Pitcairn Co. bought a new position in Fabrinet during the 1st quarter worth $544,000. Seven Eight Capital LP acquired a new position in Fabrinet during the 1st quarter worth about $1,588,000. DekaBank Deutsche Girozentrale grew its position in shares of Fabrinet by 27.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company’s stock valued at $15,036,000 after buying an additional 17,000 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Fabrinet by 19.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 67,823 shares of the technology company’s stock valued at $12,820,000 after purchasing an additional 11,035 shares during the period. Institutional investors own 97.38% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on FN shares. Rosenblatt Securities lifted their target price on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Needham & Company LLC increased their target price on shares of Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. raised 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, 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 report on Tuesday, August 20th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $248.50.

Fabrinet Trading Down 1.2 %

NYSE FN opened at $239.61 on Tuesday. The company has a market cap of $8.69 billion, a P/E ratio of 29.58 and a beta of 0.95. The company has a fifty day simple moving average of $238.82 and a 200 day simple moving average of $231.22. Fabrinet has a 12-month low of $157.55 and a 12-month high of $278.38.

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 company had revenue of $753.26 million for the quarter, compared to analyst estimates of $732.63 million. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. The firm’s revenue was up 14.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.68 EPS. Sell-side analysts predict that Fabrinet will post 9.11 EPS for the current year.

Insider Activity

In related news, CFO Csaba Sverha sold 9,288 shares of the company’s stock in a transaction 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 sale, the chief financial officer now owns 19,768 shares in the company, valued at approximately $5,338,941.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Seamus Grady sold 26,650 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.00, for a total value of $7,195,500.00. Following the transaction, the chief executive officer now owns 37,643 shares in the company, valued at $10,163,610. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction, the chief financial officer now owns 19,768 shares of the company’s stock, valued at approximately $5,338,941.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,728 shares of company stock worth $11,645,062 over the last 90 days. 0.38% of the stock is currently owned by corporate insiders.

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.