California State Teachers Retirement System Acquires 11,896 Shares of Fabrinet $FN

California State Teachers Retirement System grew its stake in shares of Fabrinet (NYSE:FN - Free Report) by 28.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,643 shares of the technology company's stock after acquiring an additional 11,896 shares during the quarter. California State Teachers Retirement System owned about 0.15% of Fabrinet worth $30,151,657 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Paradigm Capital Management Inc. NY acquired a new position in shares of Fabrinet in the 2nd quarter valued at about $298,183,000. Norges Bank bought a new stake in Fabrinet during the 4th quarter worth about $193,766,000. JPMorgan Chase & Co. raised its holdings in shares of Fabrinet by 64.8% during the fourth quarter. JPMorgan Chase & Co. now owns 1,065,414 shares of the technology company's stock worth $485,063,000 after acquiring an additional 419,081 shares during the period. Polar Capital Holdings Plc raised its position in shares of Fabrinet by 58.9% in the fourth quarter. Polar Capital Holdings Plc now owns 551,916 shares of the technology company's stock valued at $251,276,000 after purchasing an additional 204,612 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Fabrinet by 42.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 473,902 shares of the technology company's stock worth $215,758,000 after purchasing an additional 140,347 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company's stock.

Insider Activity

In other news, EVP Edward Archer sold 2,500 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total transaction of $964,775.00. Following the completion of the sale, the executive vice president owned 7,007 shares in the company, valued at $2,704,071.37. This trade represents a 26.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.24% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

FN has been the subject of several analyst reports. Barclays raised their price target on shares of Fabrinet from $702.00 to $739.00 and gave the company an "overweight" rating in a report on Tuesday, August 18th. JPMorgan Chase & Co. increased their price target on Fabrinet from $680.00 to $695.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 18th. Needham & Company LLC restated a "buy" rating and issued a $650.00 price objective on shares of Fabrinet in a report on Tuesday, August 18th. Zacks Research downgraded Fabrinet from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 15th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $750.00 price target on shares of Fabrinet in a report on Tuesday, August 18th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Fabrinet has a consensus rating of "Moderate Buy" and an average price target of $649.50.

Fabrinet Price Performance

Fabrinet stock traded down $5.98 during mid-day trading on Tuesday, reaching $376.57. 301,263 shares of the company traded hands, compared to its average volume of 847,666. Fabrinet has a fifty-two week low of $348.01 and a fifty-two week high of $748.89. The firm's fifty day moving average is $468.29 and its two-hundred day moving average is $558.73. The company has a market capitalization of $13.49 billion, a price-to-earnings ratio of 28.88 and a beta of 1.21.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 18th. The technology company reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.81 by $0.29. The company had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.28 billion. Fabrinet had a return on equity of 21.23% and a net margin of 10.19%.The firm's revenue for the quarter was up 44.6% on a year-over-year basis. During the same period last year, the firm earned $2.65 EPS. As a group, equities research analysts predict that Fabrinet will post 17.5 earnings per share for the current year.

Fabrinet Company Profile

Fabrinet NYSE: FN is a provider of advanced manufacturing services for original equipment manufacturers and other technology companies. The company specializes in precision optical, electromechanical and electronic manufacturing, helping customers design, assemble, test and package complex products.

Its capabilities support products used in optical communications, including components, modules and transceivers for telecommunications and data-center networks. Fabrinet also provides manufacturing services for industrial lasers, medical devices, automotive applications, and aerospace and defense products.

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