State Street Corp increased its position in shares of Fabrinet (NYSE:FN) by 8.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 812,262 shares of the technology company’s stock after buying an additional 63,277 shares during the period. State Street Corp owned approximately 2.18% of Fabrinet worth $34,135,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. State Board of Administration of Florida Retirement System boosted its stake in shares of Fabrinet by 1.1% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 14,133 shares of the technology company’s stock valued at $570,000 after buying an additional 160 shares during the period. Norges Bank acquired a new stake in shares of Fabrinet during the fourth quarter valued at approximately $1,008,000. Teachers Advisors LLC raised its stake in shares of Fabrinet by 37.0% in the fourth quarter. Teachers Advisors LLC now owns 86,413 shares of the technology company’s stock valued at $3,482,000 after buying an additional 23,356 shares in the last quarter. Foundry Partners LLC raised its stake in shares of Fabrinet by 85.5% in the first quarter. Foundry Partners LLC now owns 9,600 shares of the technology company’s stock valued at $403,000 after buying an additional 4,425 shares in the last quarter. Finally, Bank of Montreal Can raised its position in shares of Fabrinet by 19,846.8% in the first quarter. Bank of Montreal Can now owns 159,574 shares of the technology company’s stock worth $6,707,000 after buying an additional 158,774 shares during the period. Institutional investors and hedge funds own 95.10% of the company’s stock.
Fabrinet (FN) traded down 1.13% during trading on Friday, hitting $40.08. 504,880 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $43.63 and its 200 day moving average price is $40.81. The stock has a market cap of $1.50 billion, a P/E ratio of 16.85 and a beta of 1.08. Fabrinet has a 12-month low of $31.97 and a 12-month high of $49.63.
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A number of equities analysts recently issued reports on FN shares. Zacks Investment Research lowered Fabrinet from a “hold” rating to a “sell” rating in a research note on Tuesday, May 2nd. BidaskClub cut Fabrinet from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Needham & Company LLC restated a “strong-buy” rating and set a $56.00 target price on shares of Fabrinet in a research report on Tuesday, May 9th. Stifel Nicolaus reiterated a “buy” rating and issued a $48.00 price objective on shares of Fabrinet in a report on Friday, July 14th. Finally, ValuEngine cut Fabrinet from a “buy” rating to a “hold” rating in a report on Monday, August 14th. One analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $52.46.
In other news, CEO David T. Mitchell sold 52,500 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $41.22, for a total value of $2,164,050.00. Following the completion of the transaction, the chief executive officer now owns 42,631 shares in the company, valued at approximately $1,757,249.82. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 4.30% of the company’s stock.
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.
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