State of New Jersey Common Pension Fund D Lowers Stake in Fabrinet (NYSE:FN)

State of New Jersey Common Pension Fund D decreased its position in Fabrinet (NYSE:FN) by 0.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,885 shares of the technology company’s stock after selling 97 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Fabrinet were worth $3,283,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Fabrinet by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 4,348,671 shares of the technology company’s stock valued at $821,986,000 after buying an additional 38,999 shares during the period. TD Asset Management Inc increased its stake in Fabrinet by 216.1% during the first quarter. TD Asset Management Inc now owns 409,761 shares of the technology company’s stock worth $77,453,000 after purchasing an additional 280,145 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Fabrinet by 4.1% during the second quarter. Bank of New York Mellon Corp now owns 314,665 shares of the technology company’s stock worth $77,027,000 after purchasing an additional 12,409 shares in the last quarter. Epoch Investment Partners Inc. boosted its stake in shares of Fabrinet by 9.6% in the second quarter. Epoch Investment Partners Inc. now owns 302,006 shares of the technology company’s stock valued at $73,928,000 after purchasing an additional 26,475 shares during the period. Finally, Westfield Capital Management Co. LP grew its holdings in shares of Fabrinet by 13.4% in the first quarter. Westfield Capital Management Co. LP now owns 300,421 shares of the technology company’s stock valued at $56,786,000 after purchasing an additional 35,529 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Price Performance

Shares of NYSE FN opened at $258.85 on Wednesday. The business has a 50-day moving average of $240.03 and a two-hundred day moving average of $234.35. The company has a market capitalization of $9.39 billion, a price-to-earnings ratio of 30.63 and a beta of 0.95. Fabrinet has a 1 year low of $159.30 and a 1 year high of $278.38.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.01. The firm had revenue of $804.20 million during the quarter, compared to analysts’ expectations of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The firm’s revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.78 earnings per share. As a group, equities research analysts expect that Fabrinet will post 9.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FN. B. Riley reduced their target price on shares of Fabrinet from $196.00 to $194.00 and set a “neutral” rating on the stock in a report on Tuesday, November 5th. Rosenblatt Securities lifted their target price on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. JPMorgan Chase & Co. upped their price target on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Finally, Needham & Company LLC assumed coverage on Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $248.17.

Insider Activity

In related news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the sale, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at $1,835,426.58. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of Fabrinet stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the transaction, the executive vice president now owns 8,333 shares of the company’s stock, valued at $1,835,426.58. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Csaba Sverha sold 100 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $270.00, for a total value of $27,000.00. Following the completion of the sale, the chief financial officer now owns 19,347 shares of the company’s stock, valued at approximately $5,223,690. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,728 shares of company stock worth $11,645,062. Corporate insiders own 0.38% of the company’s stock.

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.