New York State Common Retirement Fund Lowers Position in Fabrinet (NYSE:FN)

New York State Common Retirement Fund decreased its stake in shares of Fabrinet (NYSE:FN - Free Report) by 2.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 36,071 shares of the technology company's stock after selling 821 shares during the period. New York State Common Retirement Fund owned 0.10% of Fabrinet worth $7,124,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Wayfinding Financial LLC acquired a new stake in Fabrinet during the 1st quarter worth approximately $30,000. Berbice Capital Management LLC acquired a new position in Fabrinet during the first quarter valued at approximately $30,000. Private Trust Co. NA grew its stake in Fabrinet by 44.3% during the first quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock worth $33,000 after buying an additional 51 shares during the period. Versant Capital Management Inc increased its position in shares of Fabrinet by 353.7% in the first quarter. Versant Capital Management Inc now owns 186 shares of the technology company's stock worth $37,000 after acquiring an additional 145 shares in the last quarter. Finally, Huntington National Bank raised its stake in shares of Fabrinet by 66.7% in the 4th 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. Hedge funds and other institutional investors own 97.38% of the company's stock.

Insider Buying and Selling at Fabrinet

In other news, COO Harpal Gill sold 18,675 shares of the stock in a transaction 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 in the company, valued at approximately $4,336,320. This represents a 50.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rollance E. Olson sold 2,500 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total value of $559,950.00. Following the sale, the director directly owned 23,201 shares of the company's stock, valued at approximately $5,196,559.98. This represents a 9.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company's stock.

Fabrinet Stock Performance

Shares of FN opened at $311.07 on Friday. The firm has a fifty day moving average of $259.66 and a 200-day moving average of $227.68. The company has a market cap of $11.15 billion, a price-to-earnings ratio of 34.64 and a beta of 1.04. Fabrinet has a 1 year low of $148.55 and a 1 year high of $312.67.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.47 by $0.05. The company had revenue of $871.80 million during 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%. The firm's quarterly revenue was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.39 EPS. Analysts predict that Fabrinet will post 9.4 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. B. Riley upgraded Fabrinet from a "sell" rating to a "neutral" rating and dropped their target price for the company from $178.00 to $176.00 in a report on Friday, April 4th. Rosenblatt Securities upped their target price on shares of Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a research note on Thursday, June 12th. Wolfe Research began coverage on shares of Fabrinet in a research note on Tuesday, July 8th. They set a "peer perform" rating on the stock. Needham & Company LLC reissued a "buy" rating and issued a $280.00 price objective on shares of Fabrinet in a research report on Tuesday, May 6th. Finally, 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. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $261.33.

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.

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