Fabrinet (NYSE:FN) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System cut its holdings in Fabrinet (NYSE:FN) by 5.9% during the fourth quarter, HoldingsChannel reports. The fund owned 57,359 shares of the technology company’s stock after selling 3,610 shares during the period. California Public Employees Retirement System’s holdings in Fabrinet were worth $12,612,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of Fabrinet by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 4,137,579 shares of the technology company’s stock valued at $909,771,000 after acquiring an additional 113,186 shares during the last quarter. Wellington Management Group LLP increased its holdings in Fabrinet by 1.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock valued at $276,437,000 after purchasing an additional 19,677 shares during the last quarter. Geode Capital Management LLC raised its position in Fabrinet by 7.6% in the third quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock valued at $233,359,000 after purchasing an additional 69,554 shares during the period. JPMorgan Chase & Co. raised its position in Fabrinet by 1.4% in the fourth quarter. JPMorgan Chase & Co. now owns 669,459 shares of the technology company’s stock valued at $147,201,000 after purchasing an additional 9,058 shares during the period. Finally, Baillie Gifford & Co. lifted its stake in Fabrinet by 10.7% during the fourth quarter. Baillie Gifford & Co. now owns 553,038 shares of the technology company’s stock worth $121,602,000 after purchasing an additional 53,250 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Fabrinet Stock Down 0.8 %

Shares of Fabrinet stock opened at $171.11 on Friday. Fabrinet has a 52-week low of $148.55 and a 52-week high of $281.79. The company has a market capitalization of $6.21 billion, a P/E ratio of 19.14 and a beta of 0.89. The company has a 50 day moving average of $209.73 and a 200 day moving average of $228.93.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FN. Fox Advisors assumed coverage on Fabrinet in a report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price objective on the stock. JPMorgan Chase & Co. cut their price target on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. Barclays lowered their price objective on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Rosenblatt Securities reaffirmed a “buy” rating and set a $285.00 target price on shares of Fabrinet in a research note on Friday, March 14th. Finally, B. Riley raised shares of Fabrinet from a “sell” rating to a “neutral” rating and decreased their price target for the company from $178.00 to $176.00 in a research report on Friday. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $250.14.

Fabrinet Company Profile

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.