Texas Permanent School Fund Corp Boosts Stock Position in Fabrinet (NYSE:FN)

Texas Permanent School Fund Corp boosted its holdings in shares of Fabrinet (NYSE:FN) by 1.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,776 shares of the technology company’s stock after purchasing an additional 391 shares during the quarter. Texas Permanent School Fund Corp owned about 0.09% of Fabrinet worth $6,006,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Park Place Capital Corp bought a new position in Fabrinet in the 4th quarter worth about $26,000. Salem Investment Counselors Inc. bought a new stake in Fabrinet during the 4th quarter valued at $29,000. GAMMA Investing LLC bought a new position in shares of Fabrinet during the 4th quarter worth $34,000. Parallel Advisors LLC increased its stake in shares of Fabrinet by 59.7% during the fourth quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock valued at $39,000 after buying an additional 77 shares during the period. Finally, McGlone Suttner Wealth Management Inc. bought a new stake in shares of Fabrinet in the fourth quarter valued at about $52,000. Institutional investors own 97.38% of the company’s stock.

Fabrinet Price Performance

Shares of FN stock traded up $3.98 on Friday, hitting $248.55. The stock had a trading volume of 9,983 shares, compared to its average volume of 439,219. The firm has a market capitalization of $8.99 billion, a P/E ratio of 32.48 and a beta of 0.96. Fabrinet has a 1 year low of $114.83 and a 1 year high of $257.04. The company’s 50 day moving average price is $236.13 and its 200-day moving average price is $208.43.

Fabrinet (NYSE:FN) last released its earnings results on Monday, May 6th. The technology company reported $2.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.28. Fabrinet had a net margin of 9.90% and a return on equity of 17.67%. The company had revenue of $731.54 million for the quarter, compared to analyst estimates of $718.94 million. On average, equities analysts forecast that Fabrinet will post 7.95 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on FN shares. JPMorgan Chase & Co. raised their target price on shares of Fabrinet from $210.00 to $212.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price objective on shares of Fabrinet in a research note on Tuesday, May 7th. Northland Securities upgraded Fabrinet from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $200.00 to $220.00 in a report on Thursday, March 21st. Jefferies Financial Group initiated coverage on Fabrinet in a research report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 price target for the company. Finally, B. Riley dropped their price objective on Fabrinet from $173.00 to $171.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $168.67.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, Director Frank H. Levinson sold 6,000 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $241.71, for a total transaction of $1,450,260.00. Following the transaction, the director now directly owns 5,709 shares of the company’s stock, valued at approximately $1,379,922.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.51% of the stock is currently owned by insiders.

Fabrinet 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.