Arizona State Retirement System grew its holdings in Fabrinet (NYSE:FN) by 226.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 63,178 shares of the technology company’s stock after purchasing an additional 43,818 shares during the period. Arizona State Retirement System owned about 0.17% of Fabrinet worth $1,813,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also added to or reduced their stakes in the business. California Public Employees Retirement System increased its stake in Fabrinet by 1.2% in the fourth quarter. California Public Employees Retirement System now owns 138,678 shares of the technology company’s stock worth $3,980,000 after purchasing an additional 1,700 shares during the period. Rhumbline Advisers increased its stake in Fabrinet by 2.6% in the third quarter. Rhumbline Advisers now owns 69,542 shares of the technology company’s stock worth $2,577,000 after purchasing an additional 1,768 shares during the period. Oppenheimer Asset Management Inc. increased its stake in Fabrinet by 7.7% in the third quarter. Oppenheimer Asset Management Inc. now owns 25,287 shares of the technology company’s stock worth $937,000 after purchasing an additional 1,804 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Fabrinet by 139.7% during the third quarter. Russell Investments Group Ltd. now owns 4,821 shares of the technology company’s stock valued at $179,000 after buying an additional 2,810 shares during the period. Finally, Engineers Gate Manager LP increased its stake in shares of Fabrinet by 6.2% during the fourth quarter. Engineers Gate Manager LP now owns 52,308 shares of the technology company’s stock valued at $1,501,000 after buying an additional 3,038 shares during the period. Institutional investors and hedge funds own 94.61% of the company’s stock.
In other Fabrinet news, insider David T. Mitchell sold 8,600 shares of Fabrinet stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $30.02, for a total value of $258,172.00. Following the transaction, the insider now owns 111,057 shares in the company, valued at $3,333,931.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David T. Mitchell sold 40,000 shares of Fabrinet stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $30.04, for a total value of $1,201,600.00. Following the completion of the transaction, the insider now owns 111,057 shares in the company, valued at approximately $3,336,152.28. The disclosure for this sale can be found here. Insiders sold 240,442 shares of company stock worth $7,130,099 in the last quarter. 3.30% of the stock is owned by insiders.
Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, February 5th. The technology company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.70 by $0.02. The firm had revenue of $337.10 million for the quarter, compared to analyst estimates of $329.41 million. Fabrinet had a return on equity of 12.96% and a net margin of 6.24%. The business’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.91 earnings per share. analysts forecast that Fabrinet will post 2.12 EPS for the current year.
Fabrinet declared that its board has initiated a stock repurchase plan on Monday, February 5th that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
FN has been the topic of several research reports. Stifel Nicolaus cut their price target on Fabrinet from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Wednesday, January 24th. Northland Securities set a $37.00 price target on Fabrinet and gave the company a “buy” rating in a research note on Monday, January 29th. ValuEngine lowered Fabrinet from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Finally, Needham & Company LLC restated a “strong-buy” rating and set a $40.00 price target (down previously from $45.00) on shares of Fabrinet in a research note on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Fabrinet currently has a consensus rating of “Buy” and an average price target of $41.25.
COPYRIGHT VIOLATION NOTICE: This report was published by American Banking News and is the sole property of of American Banking News. If you are viewing this report on another website, it was copied illegally and reposted in violation of US and international trademark & copyright legislation. The original version of this report can be viewed at https://www.americanbankingnews.com/2018/03/13/fabrinet-fn-holdings-increased-by-arizona-state-retirement-system.html.
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.
Want to see what other hedge funds are holding FN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fabrinet (NYSE:FN).
Receive News & Ratings for Fabrinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fabrinet and related companies with MarketBeat.com's FREE daily email newsletter.