Fabrinet (NYSE:FN) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas cut its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 45.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,306 shares of the technology company's stock after selling 11,693 shares during the period. Teacher Retirement System of Texas' holdings in Fabrinet were worth $2,826,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of FN. Private Trust Co. NA lifted its holdings in Fabrinet by 44.3% in the first quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock valued at $33,000 after acquiring an additional 51 shares during the period. Versant Capital Management Inc lifted its holdings in Fabrinet by 353.7% in the first quarter. Versant Capital Management Inc now owns 186 shares of the technology company's stock valued at $37,000 after acquiring an additional 145 shares during the period. Huntington National Bank lifted its holdings in Fabrinet by 66.7% in the fourth quarter. Huntington National Bank now owns 230 shares of the technology company's stock valued at $51,000 after acquiring an additional 92 shares during the period. Quarry LP lifted its holdings in Fabrinet by 315.8% in the fourth quarter. Quarry LP now owns 237 shares of the technology company's stock valued at $52,000 after acquiring an additional 180 shares during the period. Finally, Orion Capital Management LLC acquired a new stake in Fabrinet in the fourth quarter valued at $62,000. 97.38% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fabrinet

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on FN shares. Needham & Company LLC reaffirmed a "buy" rating and set a $280.00 price target on shares of Fabrinet in a research note on Tuesday, May 6th. B. Riley upgraded Fabrinet from a "sell" rating to a "neutral" rating and dropped their price objective for the stock from $178.00 to $176.00 in a research report on Friday, April 4th. Rosenblatt Securities lifted their price objective on Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Barclays set a $234.00 price target on Fabrinet and gave the company an "equal weight" rating in a report on Tuesday, May 6th. Finally, Wolfe Research started coverage on Fabrinet in a report on Tuesday, July 8th. They issued a "peer perform" rating for the company. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $247.50.

Fabrinet Stock Up 0.7%

Shares of NYSE FN traded up $2.02 during midday trading on Friday, hitting $291.27. The stock had a trading volume of 444,977 shares, compared to its average volume of 650,405. The company has a market capitalization of $10.44 billion, a price-to-earnings ratio of 32.44 and a beta of 1.04. Fabrinet has a 1-year low of $148.55 and a 1-year high of $300.29. The company has a fifty day moving average price of $250.27 and a 200 day moving average price of $224.78.

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

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.