Fabrinet $FN Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas reduced its holdings in shares of Fabrinet (NYSE:FN) by 17.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,823 shares of the technology company’s stock after selling 2,260 shares during the period. Teacher Retirement System of Texas’ holdings in Fabrinet were worth $3,946,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FN. Root Financial Partners LLC purchased a new stake in Fabrinet during the 3rd quarter valued at about $34,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Fabrinet by 1.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 14,006 shares of the technology company’s stock worth $5,185,000 after purchasing an additional 198 shares during the period. Sequoia Financial Advisors LLC boosted its position in Fabrinet by 2.3% in the third quarter. Sequoia Financial Advisors LLC now owns 2,080 shares of the technology company’s stock valued at $758,000 after buying an additional 47 shares during the last quarter. Evergreen Capital Management LLC boosted its position in Fabrinet by 7.2% in the third quarter. Evergreen Capital Management LLC now owns 3,249 shares of the technology company’s stock valued at $1,185,000 after buying an additional 217 shares during the last quarter. Finally, Leavell Investment Management Inc. acquired a new position in Fabrinet in the 3rd quarter worth approximately $213,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Fabrinet Stock Performance

Shares of FN opened at $498.44 on Wednesday. The stock has a 50 day moving average price of $465.88 and a 200 day moving average price of $400.64. Fabrinet has a one year low of $148.55 and a one year high of $531.22. The stock has a market capitalization of $17.86 billion, a price-to-earnings ratio of 51.33 and a beta of 1.04.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Rosenblatt Securities boosted their target price on shares of Fabrinet from $425.00 to $550.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Barclays upgraded Fabrinet from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $499.00 to $537.00 in a research note on Wednesday, January 14th. JPMorgan Chase & Co. boosted their price objective on Fabrinet from $430.00 to $530.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fabrinet in a report on Monday, December 29th. Finally, Susquehanna lifted their price target on Fabrinet from $550.00 to $570.00 and gave the company a “positive” rating in a research report on Thursday, January 22nd. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $477.13.

Insider Activity at Fabrinet

In other news, Director Homa Bahrami sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $453.75, for a total value of $1,588,125.00. Following the completion of the sale, the director directly owned 18,316 shares in the company, valued at $8,310,885. This represents a 16.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas F. Kelly sold 2,200 shares of the stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $464.14, for a total value of $1,021,108.00. Following the completion of the sale, the director directly owned 18,789 shares of the company’s stock, valued at approximately $8,720,726.46. This represents a 10.48% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 28,151 shares of company stock valued at $12,643,707. Corporate insiders own 0.24% of the company’s stock.

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.