Teacher Retirement System of Texas Trims Position in Fabrinet $FN

Teacher Retirement System of Texas decreased its position in shares of Fabrinet (NYSE:FN) by 17.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,823 shares of the technology company’s stock after selling 2,260 shares during the quarter. Teacher Retirement System of Texas’ holdings in Fabrinet were worth $3,946,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wasatch Advisors LP boosted its holdings in Fabrinet by 45.1% in the 2nd quarter. Wasatch Advisors LP now owns 1,779,665 shares of the technology company’s stock valued at $524,432,000 after purchasing an additional 553,196 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Fabrinet by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,051,108 shares of the technology company’s stock valued at $309,771,000 after buying an additional 5,114 shares during the period. Westfield Capital Management Co. LP raised its position in shares of Fabrinet by 102.8% during the 2nd quarter. Westfield Capital Management Co. LP now owns 663,310 shares of the technology company’s stock valued at $195,464,000 after buying an additional 336,173 shares during the period. TD Asset Management Inc lifted its holdings in Fabrinet by 25.4% in the second quarter. TD Asset Management Inc now owns 599,337 shares of the technology company’s stock valued at $176,613,000 after acquiring an additional 121,233 shares during the last quarter. Finally, Epoch Investment Partners Inc. grew its position in Fabrinet by 34.1% in the second quarter. Epoch Investment Partners Inc. now owns 522,027 shares of the technology company’s stock worth $153,831,000 after acquiring an additional 132,780 shares during the period. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Rosenblatt Securities lifted their target price on Fabrinet from $425.00 to $550.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fabrinet in a research report on Monday, December 29th. Susquehanna boosted their price objective on shares of Fabrinet from $550.00 to $570.00 and gave the company a “positive” rating in a report on Thursday, January 22nd. Northland Securities set a $600.00 target price on shares of Fabrinet in a research note on Monday, December 22nd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Fabrinet from $430.00 to $530.00 and gave the company an “overweight” rating in a research note on Tuesday, November 4th. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $477.13.

Fabrinet Price Performance

Shares of Fabrinet stock opened at $498.44 on Wednesday. The stock has a market capitalization of $17.86 billion, a price-to-earnings ratio of 51.33 and a beta of 1.04. The business has a 50-day moving average of $465.88 and a 200 day moving average of $400.64. Fabrinet has a 12 month low of $148.55 and a 12 month high of $531.22.

Insider Activity

In other Fabrinet news, Director Homa Bahrami sold 3,500 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $453.75, for a total transaction of $1,588,125.00. Following the sale, the director directly owned 18,316 shares in the company, valued at $8,310,885. This represents a 16.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas F. Kelly sold 2,200 shares of the firm’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $464.14, for a total transaction of $1,021,108.00. Following the completion of the transaction, the director directly owned 18,789 shares of the company’s stock, valued at $8,720,726.46. This represents a 10.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 28,151 shares of company stock valued at $12,643,707. 0.24% of the stock is currently owned by company insiders.

About Fabrinet

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.