New York State Common Retirement Fund Reduces Holdings in Fabrinet (NYSE:FN)

New York State Common Retirement Fund lessened its position in Fabrinet (NYSE:FN - Free Report) by 2.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 36,071 shares of the technology company's stock after selling 821 shares during the quarter. New York State Common Retirement Fund owned approximately 0.10% of Fabrinet worth $7,124,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Private Trust Co. NA raised its stake in shares of 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 in the last quarter. State of Alaska Department of Revenue increased its holdings in Fabrinet by 1.7% in the first quarter. State of Alaska Department of Revenue now owns 4,205 shares of the technology company's stock valued at $830,000 after buying an additional 70 shares during the last quarter. Henry James International Management Inc. increased its holdings in Fabrinet by 5.6% in the first quarter. Henry James International Management Inc. now owns 1,317 shares of the technology company's stock valued at $260,000 after buying an additional 70 shares during the last quarter. Illumine Investment Management LLC increased its holdings in Fabrinet by 2.2% in the first quarter. Illumine Investment Management LLC now owns 3,461 shares of the technology company's stock valued at $684,000 after buying an additional 75 shares during the last quarter. Finally, Cim LLC increased its holdings in Fabrinet by 1.4% in the fourth quarter. Cim LLC now owns 6,013 shares of the technology company's stock valued at $1,322,000 after buying an additional 82 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company's stock.

Insider Transactions at Fabrinet

In related news, Director Rollance E. Olson sold 2,500 shares of the firm's stock in a transaction dated 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Harpal Gill sold 18,675 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were 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 position. The disclosure for this sale can be found here. 0.38% of the stock is owned by company insiders.

Fabrinet Trading Up 1.2%

Shares of FN traded up $3.47 during mid-day trading on Wednesday, hitting $304.26. 454,812 shares of the company's stock were exchanged, compared to its average volume of 651,599. Fabrinet has a fifty-two week low of $148.55 and a fifty-two week high of $314.47. The firm has a market capitalization of $10.90 billion, a P/E ratio of 33.88 and a beta of 1.04. The business's 50 day moving average is $264.57 and its two-hundred day moving average is $229.32.

Fabrinet (NYSE:FN - Get Free Report) last announced its earnings results 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 net margin of 10.00% and a return on equity of 17.99%. The business had revenue of $871.80 million during the quarter, compared to the consensus estimate of $857.12 million. During the same quarter in the prior year, the firm earned $2.39 earnings per share. The business's quarterly revenue was up 19.2% compared to the same quarter last year. On average, equities research analysts forecast that Fabrinet will post 9.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FN shares. JPMorgan Chase & Co. increased their target price on Fabrinet from $235.00 to $318.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Wolfe Research assumed coverage on Fabrinet in a report on Tuesday, July 8th. They set a "peer perform" rating on the stock. Rosenblatt Securities raised their price objective on Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a report on Thursday, June 12th. Needham & Company LLC reaffirmed a "buy" rating and set a $280.00 price objective on shares of Fabrinet in a report on Tuesday, May 6th. Finally, B. Riley raised 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 report on Friday, April 4th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $261.33.

About Fabrinet

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.