State of New Jersey Common Pension Fund D Trims Stock Position in Fabrinet (NYSE:FN)

State of New Jersey Common Pension Fund D trimmed its holdings in Fabrinet (NYSE:FN) by 0.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund 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 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FN. nVerses Capital LLC acquired a new stake in shares of Fabrinet during the 3rd quarter worth approximately $567,000. Pitcairn Co. acquired a new position in shares of Fabrinet in the first quarter worth about $544,000. Seven Eight Capital LP acquired a new position in shares of Fabrinet in the first quarter worth about $1,588,000. DekaBank Deutsche Girozentrale boosted its stake in shares of Fabrinet by 27.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company’s stock worth $15,036,000 after acquiring an additional 17,000 shares in the last quarter. Finally, M&G Plc purchased a new position in shares of Fabrinet in the 1st quarter valued at about $9,719,000. 97.38% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Csaba Sverha sold 100 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.00, for a total value of $27,000.00. Following the completion of the transaction, the chief financial officer now directly owns 19,347 shares in the company, valued at approximately $5,223,690. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Edward T. Archer sold 8,690 shares of Fabrinet 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 owns 8,333 shares in the company, valued at $1,835,426.58. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,728 shares of company stock valued at $11,645,062. Insiders own 0.38% of the company’s stock.

Fabrinet Stock Down 4.5 %

Fabrinet stock opened at $258.85 on Wednesday. The company has a fifty day simple moving average of $240.03 and a 200-day simple moving average of $234.35. The firm 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 52-week low of $159.30 and a 52-week high of $278.38.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.01. The company had revenue of $804.20 million during the quarter, compared to the consensus estimate of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. Fabrinet’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.78 EPS. On average, research analysts anticipate that Fabrinet will post 9.11 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on FN. Rosenblatt Securities raised their price objective 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. lifted their price target on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Needham & Company LLC initiated coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective for the company. Finally, B. Riley dropped their target price on shares of Fabrinet from $196.00 to $194.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $248.17.

About Fabrinet

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.