California Public Employees Retirement System Lowers Position in Fabrinet (NYSE:FN)

California Public Employees Retirement System lessened its position in Fabrinet (NYSE:FN - Free Report) by 5.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 57,359 shares of the technology company's stock after selling 3,610 shares during the period. California Public Employees Retirement System owned approximately 0.16% of Fabrinet worth $12,612,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Fabrinet in the third quarter valued at approximately $52,000. Public Employees Retirement System of Ohio bought a new stake in shares of Fabrinet in the third quarter valued at $61,000. IFP Advisors Inc raised its stake in shares of Fabrinet by 576.2% in the fourth quarter. IFP Advisors Inc now owns 284 shares of the technology company's stock valued at $63,000 after buying an additional 242 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of Fabrinet in the third quarter valued at $70,000. Finally, Assetmark Inc. grew its position in shares of Fabrinet by 12.0% in the fourth 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. Institutional investors and hedge funds own 97.38% of the company's stock.

Wall Street Analyst Weigh In

FN has been the subject of several recent analyst reports. Rosenblatt Securities restated a "buy" rating and set a $285.00 target price on shares of Fabrinet in a research report on Friday, March 14th. B. Riley upgraded Fabrinet from a "sell" rating to a "neutral" rating and reduced their target price for the stock from $178.00 to $176.00 in a research report on Friday, April 4th. Barclays reduced their target price on Fabrinet from $292.00 to $245.00 and set an "equal weight" rating for the company in a research report on Tuesday, February 4th. Fox Advisors initiated coverage on Fabrinet in a research note on Tuesday, February 18th. They set an "overweight" rating and a $270.00 price target for the company. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $280.00 price target on shares of Fabrinet in a research note on Monday, March 17th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $250.14.

Fabrinet Stock Down 7.0 %

Shares of NYSE:FN traded down $14.21 during trading on Thursday, hitting $187.69. The stock had a trading volume of 131,744 shares, compared to its average volume of 599,632. Fabrinet has a 12 month low of $148.55 and a 12 month high of $281.79. The company has a market capitalization of $6.81 billion, a PE ratio of 21.07 and a beta of 0.97. The firm's fifty day moving average is $207.41 and its 200 day moving average is $227.36.

Fabrinet (NYSE:FN - Get Free Report) last posted its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 earnings per share for the quarter, missing analysts' consensus estimates of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. Equities research analysts expect that Fabrinet will post 9.4 EPS for the current fiscal year.

About Fabrinet

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.