VIRGINIA RETIREMENT SYSTEMS ET Al Invests $2.81 Million in Fabrinet $FN

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Fabrinet (NYSE:FN) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 5,006 shares of the technology company’s stock, valued at approximately $2,814,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Core Wealth Advisors LLC purchased a new position in Fabrinet in the fourth quarter worth $25,000. Continuum Advisory LLC purchased a new stake in Fabrinet during the second quarter valued at about $25,000. Harbour Investments Inc. lifted its stake in Fabrinet by 75.0% during the fourth quarter. Harbour Investments Inc. now owns 63 shares of the technology company’s stock worth $29,000 after purchasing an additional 27 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in Fabrinet during the first quarter worth about $31,000. Finally, Creative Financial Designs Inc. ADV purchased a new position in shares of Fabrinet in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FN shares. Barclays raised their price objective on Fabrinet from $702.00 to $739.00 and gave the company an “overweight” rating in a report on Tuesday, August 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $650.00 target price on shares of Fabrinet in a research note on Tuesday, August 18th. Fox Advisors upgraded shares of Fabrinet from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, August 19th. Rosenblatt Securities reissued a “buy” rating and set a $750.00 price target on shares of Fabrinet in a research note on Tuesday, August 18th. Finally, Zacks Research lowered shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $649.50.

Insider Activity

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

Fabrinet Trading Down 3.6%

FN opened at $403.25 on Friday. The company has a market cap of $14.45 billion, a P/E ratio of 30.90 and a beta of 1.21. The business’s 50-day moving average price is $472.32 and its 200-day moving average price is $561.31. Fabrinet has a 12 month low of $348.01 and a 12 month high of $748.89.

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

Fabrinet Company Profile

Fabrinet (NYSE: FN) is a provider of advanced manufacturing services for original equipment manufacturers and other technology companies. The company specializes in precision optical, electromechanical and electronic manufacturing, helping customers design, assemble, test and package complex products.

Its capabilities support products used in optical communications, including components, modules and transceivers for telecommunications and data-center networks. Fabrinet also provides manufacturing services for industrial lasers, medical devices, automotive applications, and aerospace and defense products.