Fabrinet $FN Stake Lifted by California State Teachers Retirement System

California State Teachers Retirement System boosted its stake in Fabrinet (NYSE:FN) by 72,124.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 30,151,657 shares of the technology company’s stock after purchasing an additional 30,109,910 shares during the period. California State Teachers Retirement System owned 0.84% of Fabrinet worth $16,947,643,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in FN. Core Wealth Advisors LLC acquired a new position in shares of Fabrinet during the fourth quarter valued at $25,000. Continuum Advisory LLC acquired a new stake in shares of Fabrinet in the 2nd quarter worth about $25,000. Harbour Investments Inc. increased its holdings in shares of Fabrinet by 75.0% in the 4th quarter. Harbour Investments Inc. now owns 63 shares of the technology company’s stock worth $29,000 after acquiring an additional 27 shares during the period. Cassaday & Co Wealth Management LLC bought a new stake in Fabrinet in the 1st quarter valued at about $31,000. Finally, Creative Financial Designs Inc. ADV bought a new stake in Fabrinet in the 4th quarter valued at about $32,000. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Price Performance

NYSE FN opened at $406.51 on Tuesday. Fabrinet has a 12 month low of $348.01 and a 12 month high of $748.89. The firm has a market capitalization of $14.57 billion, a PE ratio of 31.15 and a beta of 1.21. The company’s 50 day simple moving average is $479.74 and its 200 day simple moving average is $563.59.

Fabrinet (NYSE:FN) last released its earnings results on Tuesday, August 18th. The technology company reported $4.10 earnings per share for the quarter, topping analysts’ consensus estimates of $3.81 by $0.29. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fabrinet had a return on equity of 21.23% and a net margin of 10.19%.The firm’s revenue for the quarter was up 44.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.65 earnings per share. Sell-side analysts anticipate that Fabrinet will post 17.5 earnings per share for the current fiscal year.

Insider Activity at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of the company’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total value of $964,775.00. Following the completion of the sale, the executive vice president owned 7,007 shares in the company, valued at $2,704,071.37. This represents a 26.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.24% of the company’s stock.

Analyst Ratings Changes

FN has been the subject of a number of analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Fabrinet from $680.00 to $695.00 and gave the company a “neutral” rating in a research note on Tuesday, August 18th. Barclays raised their price target on shares of Fabrinet from $702.00 to $739.00 and gave the company an “overweight” rating in a research note on Tuesday, August 18th. Zacks Research cut Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Fox Advisors upgraded Fabrinet from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, August 19th. Finally, Weiss Ratings raised Fabrinet from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, August 26th. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $649.50.

Fabrinet Company Profile

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.