New York State Common Retirement Fund Sells 1,425 Shares of Fabrinet (NYSE:FN)

New York State Common Retirement Fund cut its holdings in Fabrinet (NYSE:FN) by 3.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,892 shares of the technology company’s stock after selling 1,425 shares during the period. New York State Common Retirement Fund owned approximately 0.10% of Fabrinet worth $8,112,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Cynosure Group LLC raised its holdings in shares of Fabrinet by 3.4% during the third quarter. Cynosure Group LLC now owns 1,560 shares of the technology company’s stock valued at $369,000 after purchasing an additional 51 shares during the period. Huntington National Bank grew its stake in shares of Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after buying an additional 57 shares during the period. CIBC Asset Management Inc increased its position in Fabrinet by 5.7% in the 4th quarter. CIBC Asset Management Inc now owns 1,113 shares of the technology company’s stock valued at $245,000 after buying an additional 60 shares in the last quarter. Nations Financial Group Inc. IA ADV raised its stake in Fabrinet by 2.4% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 2,941 shares of the technology company’s stock worth $647,000 after buying an additional 68 shares during the period. Finally, Janney Montgomery Scott LLC boosted its holdings in Fabrinet by 2.6% in the fourth quarter. Janney Montgomery Scott LLC now owns 3,279 shares of the technology company’s stock worth $721,000 after acquiring an additional 82 shares in the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Fabrinet Stock Performance

FN stock opened at $204.10 on Wednesday. The company has a market capitalization of $7.40 billion, a PE ratio of 22.83 and a beta of 0.92. Fabrinet has a one year low of $159.69 and a one year high of $281.79. The company’s 50 day moving average price is $225.21 and its two-hundred day moving average price is $234.66.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. On average, research analysts predict that Fabrinet will post 9.4 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on FN shares. JPMorgan Chase & Co. reduced their price objective on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a report on Tuesday, February 4th. Barclays cut their price target on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Fox Advisors initiated coverage on Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $280.00 target price on shares of Fabrinet in a research report on Tuesday, February 4th. Finally, Rosenblatt Securities upped their price target on Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $246.63.

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.