Teacher Retirement System of Texas Sells 11,693 Shares of Fabrinet (NYSE:FN)

Teacher Retirement System of Texas lessened its position in shares of Fabrinet (NYSE:FN - Free Report) by 45.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,306 shares of the technology company's stock after selling 11,693 shares during the quarter. Teacher Retirement System of Texas' holdings in Fabrinet were worth $2,826,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of FN. Assetmark Inc. grew its holdings in Fabrinet by 12.0% in the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company's stock valued at $106,000 after buying an additional 52 shares during the period. Proficio Capital Partners LLC bought a new stake in Fabrinet in the fourth quarter valued at about $8,412,000. Raymond James Financial Inc. acquired a new stake in shares of Fabrinet during the 4th quarter valued at approximately $24,844,000. PNC Financial Services Group Inc. boosted its holdings in shares of Fabrinet by 12.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,678 shares of the technology company's stock valued at $809,000 after buying an additional 418 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Fabrinet by 15.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,534 shares of the technology company's stock valued at $2,096,000 after acquiring an additional 1,262 shares during the period. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on FN shares. Barclays set a $234.00 target price on Fabrinet and gave the company an "equal weight" rating in a research note on Tuesday, May 6th. Needham & Company LLC restated a "buy" rating and issued a $280.00 target price on shares of Fabrinet in a report on Tuesday, May 6th. JPMorgan Chase & Co. boosted their target price on Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Wolfe Research started coverage on Fabrinet in a report on Tuesday. They set a "peer perform" rating on the stock. Finally, Rosenblatt Securities increased their price objective on Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Fabrinet currently has an average rating of "Hold" and a consensus target price of $247.50.

Fabrinet Price Performance

FN traded up $2.02 during trading on Friday, hitting $291.27. 444,977 shares of the stock traded hands, compared to its average volume of 649,327. The business has a 50 day moving average price of $250.27 and a 200 day moving average price of $224.76. Fabrinet has a twelve month low of $148.55 and a twelve month high of $300.29. The company has a market cap of $10.44 billion, a price-to-earnings ratio of 32.44 and a beta of 1.04.

Fabrinet (NYSE:FN - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.05. Fabrinet had a return on equity of 17.99% and a net margin of 10.00%. The firm had revenue of $871.80 million during the quarter, compared to analyst estimates of $857.12 million. During the same period last year, the company posted $2.39 EPS. The business's quarterly revenue was up 19.2% on a year-over-year basis. On average, equities research analysts predict that Fabrinet will post 9.4 earnings per share for the current year.

Insider Activity

In other Fabrinet news, Director Rollance E. Olson sold 2,500 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total transaction of $559,950.00. Following the sale, the director owned 23,201 shares in the company, valued at $5,196,559.98. This trade represents a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Harpal Gill sold 18,675 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total transaction of $4,482,000.00. Following the completion of the sale, the chief operating officer owned 18,068 shares of the company's stock, valued at approximately $4,336,320. The trade was a 50.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.38% of the stock is 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.