Texas Permanent School Fund Corp Grows Stake in Fabrinet (NYSE:FN)

Texas Permanent School Fund Corp raised its stake in Fabrinet (NYSE:FN) by 30.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,608 shares of the technology company’s stock after acquiring an additional 9,832 shares during the period. Texas Permanent School Fund Corp owned approximately 0.12% of Fabrinet worth $10,185,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Choreo LLC purchased a new stake in shares of Fabrinet during the second quarter valued at $489,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Fabrinet during the second quarter valued at $206,000. Emerald Advisers LLC purchased a new stake in shares of Fabrinet during the second quarter valued at $12,192,000. Emerald Mutual Fund Advisers Trust boosted its position in shares of Fabrinet by 293.3% during the second quarter. Emerald Mutual Fund Advisers Trust now owns 40,553 shares of the technology company’s stock valued at $9,927,000 after buying an additional 30,241 shares during the last quarter. Finally, Los Angeles Capital Management LLC boosted its position in shares of Fabrinet by 19.5% during the second quarter. Los Angeles Capital Management LLC now owns 20,116 shares of the technology company’s stock valued at $4,924,000 after buying an additional 3,280 shares during the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Jefferies Financial Group assumed coverage on Fabrinet in a research report on Wednesday, June 26th. They set a “hold” rating and a $230.00 price objective on the stock. Needham & Company LLC increased their price objective on Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. B. Riley increased their price objective on Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Rosenblatt Securities increased their target price on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Finally, JPMorgan Chase & Co. increased their target price on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Fabrinet has a consensus rating of “Hold” and an average price target of $219.00.

Insider Activity at Fabrinet

In related news, CFO Csaba Sverha sold 9,288 shares of Fabrinet stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the transaction, the chief financial officer now owns 19,768 shares in the company, valued at approximately $5,338,941.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the transaction, the chief executive officer now owns 37,643 shares in the company, valued at approximately $10,163,610. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Csaba Sverha sold 9,288 shares of Fabrinet stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the transaction, the chief financial officer now owns 19,768 shares in the company, valued at approximately $5,338,941.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,728 shares of company stock worth $11,645,062. 0.51% of the stock is owned by corporate insiders.

Fabrinet Stock Down 0.4 %

NYSE FN opened at $209.92 on Tuesday. Fabrinet has a 52 week low of $146.65 and a 52 week high of $278.38. The company has a market capitalization of $7.59 billion, a P/E ratio of 27.88 and a beta of 0.95. The stock’s 50-day moving average price is $232.44 and its 200-day moving average price is $218.37.

Fabrinet (NYSE:FN) last released its earnings results on Monday, August 19th. The technology company reported $2.41 EPS for the quarter, topping analysts’ consensus estimates of $2.06 by $0.35. The company had revenue of $753.26 million for the quarter, compared to analysts’ expectations of $732.63 million. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. The firm’s revenue was up 14.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.68 EPS. Research analysts anticipate that Fabrinet will post 9.11 EPS for the current year.

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.