California Public Employees Retirement System trimmed its stake in shares of Fabrinet (NYSE:FN) by 4.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 132,678 shares of the technology company’s stock after selling 6,000 shares during the quarter. California Public Employees Retirement System owned 0.36% of Fabrinet worth $4,163,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Optimum Investment Advisors acquired a new position in shares of Fabrinet in the 1st quarter worth approximately $115,000. Elkfork Partners LLC acquired a new position in shares of Fabrinet in the 4th quarter worth approximately $131,000. First Mercantile Trust Co. acquired a new position in shares of Fabrinet in the 1st quarter worth approximately $134,000. Invictus RG acquired a new position in shares of Fabrinet in the 4th quarter worth approximately $194,000. Finally, 6 Meridian acquired a new position in shares of Fabrinet in the 1st quarter worth approximately $203,000. 97.70% of the stock is currently owned by institutional investors.
Several brokerages have recently commented on FN. ValuEngine downgraded Fabrinet from a “sell” rating to a “strong sell” rating in a report on Tuesday. Needham & Company LLC boosted their target price on Fabrinet from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a report on Thursday, June 14th. B. Riley boosted their price objective on shares of Fabrinet to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, May 8th. Finally, Northland Securities cut shares of Fabrinet from an “outperform” rating to a “market perform” rating and set a $33.00 price objective for the company. in a research report on Wednesday, May 30th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Fabrinet has a consensus rating of “Hold” and an average price target of $40.67.
In related news, insider David T. Mitchell sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 2nd. The shares were sold at an average price of $30.05, for a total value of $1,202,000.00. Following the completion of the transaction, the insider now owns 111,057 shares in the company, valued at approximately $3,337,262.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Toh-Seng Ng sold 27,188 shares of the business’s stock in a transaction that occurred on Friday, May 25th. The stock was sold at an average price of $36.91, for a total transaction of $1,003,509.08. Following the completion of the transaction, the chief financial officer now owns 200,887 shares of the company’s stock, valued at approximately $7,414,739.17. The disclosure for this sale can be found here. Insiders sold a total of 224,730 shares of company stock valued at $7,713,854 in the last 90 days. 3.30% of the stock is currently owned by corporate insiders.
Fabrinet opened at $36.22 on Friday, MarketBeat Ratings reports. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.84 and a quick ratio of 2.01. Fabrinet has a fifty-two week low of $24.02 and a fifty-two week high of $47.02. The company has a market capitalization of $1.33 billion, a P/E ratio of 14.09, a P/E/G ratio of 1.18 and a beta of 0.63.
Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, May 7th. The technology company reported $0.71 earnings per share for the quarter, hitting the consensus estimate of $0.71. Fabrinet had a net margin of 6.36% and a return on equity of 12.48%. The firm had revenue of $332.20 million during the quarter, compared to analysts’ expectations of $319.17 million. During the same quarter in the previous year, the company posted $0.80 EPS. Fabrinet’s revenue was down 9.4% on a year-over-year basis. sell-side analysts forecast that Fabrinet will post 2.54 EPS for the current fiscal year.
Fabrinet Company Profile
Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of optical communication components, modules and sub-systems, industrial lasers, medical devices, and sensors. It offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.
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