New York State Teachers Retirement System Lowers Holdings in Fabrinet (NYSE:FN)

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New York State Teachers Retirement System trimmed its position in Fabrinet (NYSE:FN) by 1.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,982 shares of the technology company’s stock after selling 452 shares during the quarter. New York State Teachers Retirement System’s holdings in Fabrinet were worth $2,356,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Lazard Asset Management LLC purchased a new stake in shares of Fabrinet in the 2nd quarter worth $61,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Fabrinet during the 2nd quarter worth $77,000. Virtu Financial LLC purchased a new stake in shares of Fabrinet during the 2nd quarter worth $203,000. JustInvest LLC purchased a new stake in shares of Fabrinet during the 2nd quarter worth $204,000. Finally, Park Avenue Securities LLC purchased a new stake in shares of Fabrinet during the 2nd quarter worth $256,000. Institutional investors and hedge funds own 96.60% of the company’s stock.

In other news, CEO Seamus Grady sold 5,759 shares of the company’s stock in a transaction dated Friday, October 1st. The stock was sold at an average price of $104.21, for a total value of $600,145.39. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Harpal Gill sold 1,000 shares of the company’s stock in a transaction dated Thursday, November 4th. The stock was sold at an average price of $118.09, for a total value of $118,090.00. The disclosure for this sale can be found here. Insiders sold 7,659 shares of company stock worth $822,329 over the last three months. Corporate insiders own 0.42% of the company’s stock.

Shares of NYSE:FN opened at $116.26 on Wednesday. The business’s 50-day moving average is $111.01 and its 200 day moving average is $102.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.90 and a quick ratio of 1.93. The firm has a market capitalization of $4.30 billion, a P/E ratio of 27.23 and a beta of 0.87. Fabrinet has a 1 year low of $74.49 and a 1 year high of $122.53.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Sunday, October 31st. The technology company reported $1.45 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.12. The business had revenue of $543.32 million for the quarter, compared to analyst estimates of $522.60 million. Fabrinet had a return on equity of 14.80% and a net margin of 8.05%. The company’s revenue was up 24.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.92 earnings per share. On average, analysts expect that Fabrinet will post 5.07 EPS for the current year.

A number of brokerages recently weighed in on FN. Needham & Company LLC upped their price objective on Fabrinet from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, November 2nd. Zacks Investment Research upgraded Fabrinet from a “hold” rating to a “buy” rating and set a $129.00 price objective for the company in a research note on Thursday, November 4th. B. Riley upped their price objective on Fabrinet from $85.00 to $96.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 2nd. They noted that the move was a valuation call. JPMorgan Chase & Co. upped their target price on Fabrinet from $112.00 to $115.00 and gave the company a “neutral” rating in a research report on Tuesday, November 2nd. Finally, Northland Securities upped their target price on Fabrinet from $112.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, November 19th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $98.67.

About Fabrinet

Fabrinet engages in the provision of optical packaging and electronic manufacturing services to original equipment manufacturers. The firm’s engineering services include process design, failure analysis, reliability testing, tooling design, and real-time traceability system. Its manufacturing operations offer sensors, subsystems, customized optics, and optical modules and components.

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