California Public Employees Retirement System Trims Stake in Fabrinet (NYSE:FN)

California Public Employees Retirement System lessened its stake in Fabrinet (NYSE:FN) by 5.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 57,359 shares of the technology company’s stock after selling 3,610 shares during the period. California Public Employees Retirement System owned about 0.16% of Fabrinet worth $12,612,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Assetmark Inc. increased its stake in shares of Fabrinet by 12.0% in the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock valued at $106,000 after purchasing an additional 52 shares in the last quarter. CIBC Asset Management Inc increased its position in shares of Fabrinet by 5.7% in the fourth 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 shares of 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. Janney Montgomery Scott LLC lifted its position in shares of Fabrinet by 2.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 3,279 shares of the technology company’s stock valued at $721,000 after buying an additional 82 shares in the last quarter. Finally, Transamerica Financial Advisors Inc. grew its stake in Fabrinet by 17.2% in the 4th quarter. Transamerica Financial Advisors Inc. now owns 565 shares of the technology company’s stock valued at $125,000 after acquiring an additional 83 shares during the period. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Price Performance

FN opened at $171.11 on Friday. The firm has a market capitalization of $6.21 billion, a price-to-earnings ratio of 19.14 and a beta of 0.89. The company’s 50 day simple moving average is $209.73 and its two-hundred day simple moving average is $228.93. Fabrinet has a 1-year low of $148.55 and a 1-year high of $281.79.

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Barclays reduced 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 report on Tuesday, February 4th. 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 note on Friday. Fox Advisors started coverage on Fabrinet in a research note on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price objective for the company. Rosenblatt Securities reissued a “buy” rating and set a $285.00 target price on shares of Fabrinet in a report on Friday, March 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $280.00 price target on shares of Fabrinet in a research note on Monday, March 17th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Fabrinet presently has a consensus rating of “Hold” and an average price target of $250.14.

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.