Retirement Systems of Alabama Invests $10.38 Million in Fabrinet (NYSE:FN)

Retirement Systems of Alabama bought a new position in shares of Fabrinet (NYSE:FN - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 43,908 shares of the technology company's stock, valued at approximately $10,382,000. Retirement Systems of Alabama owned 0.12% of Fabrinet at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. nVerses Capital LLC bought a new position in Fabrinet in the 3rd quarter worth $567,000. Barclays PLC boosted its holdings in Fabrinet by 304.6% in the 3rd 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 during the period. Charles Schwab Investment Management Inc. increased its holdings in Fabrinet by 14.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company's stock valued at $113,621,000 after acquiring an additional 61,491 shares during the last quarter. Pathstone Holdings LLC raised its stake in Fabrinet by 40.7% during the third quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company's stock valued at $1,943,000 after purchasing an additional 2,378 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Fabrinet in the third quarter worth $2,398,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Fabrinet Trading Down 2.5 %

Shares of NYSE FN traded down $5.96 during trading on Tuesday, reaching $231.67. 425,339 shares of the company traded hands, compared to its average volume of 495,659. Fabrinet has a 12-month low of $159.69 and a 12-month high of $278.38. The stock has a market cap of $8.40 billion, a P/E ratio of 28.14 and a beta of 0.92. The firm's fifty day simple moving average is $244.92 and its 200 day simple moving average is $238.08.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, topping analysts' consensus estimates of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The business had revenue of $804.20 million during the quarter, compared to the consensus estimate of $771.24 million. During the same quarter in the prior year, the firm posted $1.78 earnings per share. The company's revenue was up 17.3% compared to the same quarter last year. As a group, research analysts expect that Fabrinet will post 9.1 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have commented on FN. Rosenblatt Securities upped their price objective on Fabrinet from $260.00 to $280.00 and gave the company a "buy" rating in a research report on Tuesday, August 20th. Barclays initiated coverage on Fabrinet in a research note on Thursday, November 14th. They issued an "equal weight" rating and a $292.00 price objective on the stock. Needham & Company LLC initiated coverage on Fabrinet in a research note on Tuesday, November 5th. They set a "buy" rating and a $280.00 price target on the stock. JPMorgan Chase & Co. increased their target price on shares of Fabrinet from $240.00 to $285.00 and gave the stock a "neutral" rating in a report on Tuesday, August 20th. Finally, B. Riley downgraded shares of Fabrinet from a "neutral" rating to a "sell" rating and reduced their price objective for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, Fabrinet presently has an average rating of "Hold" and a consensus price target of $252.14.

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.