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

New York State Common Retirement Fund lowered its stake in shares of Fabrinet (NYSE:FN) by 35.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,455 shares of the technology company’s stock after selling 22,819 shares during the period. New York State Common Retirement Fund owned 0.12% of Fabrinet worth $8,080,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of FN. Park Place Capital Corp purchased a new stake in Fabrinet during the fourth quarter worth $26,000. Salem Investment Counselors Inc. purchased a new stake in shares of Fabrinet during the 4th quarter valued at $29,000. Orion Capital Management LLC purchased a new stake in shares of Fabrinet during the 3rd quarter valued at $47,000. McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Fabrinet during the 4th quarter valued at $52,000. Finally, Signaturefd LLC lifted its holdings in shares of Fabrinet by 15.9% during the 3rd quarter. Signaturefd LLC now owns 503 shares of the technology company’s stock valued at $84,000 after purchasing an additional 69 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Insiders Place Their Bets

In other Fabrinet news, Director Rollance E. Olson sold 10,000 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $205.52, for a total transaction of $2,055,200.00. Following the sale, the director now directly owns 25,981 shares of the company’s stock, valued at approximately $5,339,615.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.51% of the stock is owned by insiders.

Fabrinet Price Performance

Shares of FN stock opened at $174.10 on Friday. The firm has a market capitalization of $6.32 billion, a price-to-earnings ratio of 25.16 and a beta of 1.04. The business has a fifty day moving average of $190.24 and a 200 day moving average of $185.03. Fabrinet has a 1 year low of $90.19 and a 1 year high of $229.02.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, February 5th. The technology company reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.05. The company had revenue of $712.69 million for the quarter, compared to the consensus estimate of $699.76 million. Fabrinet had a return on equity of 17.27% and a net margin of 9.35%. As a group, equities research analysts expect that Fabrinet will post 7.59 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FN. Needham & Company LLC decreased their price objective on Fabrinet from $230.00 to $220.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Northland Securities upgraded Fabrinet from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $200.00 to $220.00 in a report on Thursday, March 21st. Rosenblatt Securities restated a “buy” rating and issued a $230.00 target price on shares of Fabrinet in a research note on Tuesday, February 6th. Finally, JPMorgan Chase & Co. raised their target price on Fabrinet from $210.00 to $212.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $159.57.

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.