Retirement Systems of Alabama Takes Position in Fabrinet (NYSE:FN)

Retirement Systems of Alabama acquired a new stake in shares of Fabrinet (NYSE:FN) during the third quarter, HoldingsChannel.com reports. The institutional investor acquired 43,908 shares of the technology company’s stock, valued at approximately $10,382,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. nVerses Capital LLC bought a new position in Fabrinet in the 3rd quarter valued at $567,000. Barclays PLC raised its position in shares of Fabrinet by 304.6% in the third quarter. Barclays PLC now owns 69,128 shares of the technology company’s stock worth $16,345,000 after buying an additional 52,042 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Fabrinet by 14.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock valued at $113,621,000 after buying an additional 61,491 shares during the period. Pathstone Holdings LLC grew its position in Fabrinet by 40.7% during the third quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company’s stock worth $1,943,000 after buying an additional 2,378 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Fabrinet in the 3rd quarter worth about $2,398,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Performance

Shares of Fabrinet stock opened at $237.76 on Tuesday. Fabrinet has a 52-week low of $159.69 and a 52-week high of $278.38. The company has a fifty day moving average of $244.92 and a 200-day moving average of $238.08. The stock has a market capitalization of $8.62 billion, a price-to-earnings ratio of 28.14 and a beta of 0.92.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.01. The business had revenue of $804.20 million during the quarter, compared to analyst estimates of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The company’s revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.78 earnings per share. On average, equities research analysts forecast that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FN has been the subject of several recent analyst reports. B. Riley lowered Fabrinet from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. JPMorgan Chase & Co. increased their price target on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Barclays assumed coverage on shares of Fabrinet in a report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price objective for the company. Needham & Company LLC assumed coverage on Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 target price on the stock. Finally, Rosenblatt Securities raised their price target on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $252.14.

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.