Fabrinet $FN Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp lowered its position in Fabrinet (NYSE:FN) by 10.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,713 shares of the technology company’s stock after selling 1,546 shares during the period. Texas Permanent School Fund Corp’s holdings in Fabrinet were worth $4,041,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Maseco LLP purchased a new stake in Fabrinet during the second quarter worth $25,000. Elevation Point Wealth Partners LLC purchased a new position in shares of Fabrinet in the second quarter valued at $35,000. First Horizon Advisors Inc. raised its stake in shares of Fabrinet by 124.2% during the 2nd quarter. First Horizon Advisors Inc. now owns 139 shares of the technology company’s stock worth $41,000 after buying an additional 77 shares during the last quarter. Cullen Frost Bankers Inc. boosted its position in shares of Fabrinet by 118.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 142 shares of the technology company’s stock worth $42,000 after buying an additional 77 shares in the last quarter. Finally, REAP Financial Group LLC boosted its position in shares of Fabrinet by 171.9% in the 2nd quarter. REAP Financial Group LLC now owns 155 shares of the technology company’s stock worth $46,000 after buying an additional 98 shares in the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FN has been the subject of several recent research reports. Weiss Ratings restated a “buy (b-)” rating on shares of Fabrinet in a report on Monday. Northland Securities set a $550.00 price objective on shares of Fabrinet in a research note on Tuesday, November 4th. Rosenblatt Securities upped their target price on Fabrinet from $425.00 to $550.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. JPMorgan Chase & Co. increased their target price on Fabrinet from $430.00 to $530.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. Finally, Susquehanna started coverage on Fabrinet in a report on Monday. They issued a “positive” rating and a $550.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $463.63.

Insider Transactions at Fabrinet

In other news, Director Thomas F. Kelly sold 2,200 shares of the firm’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $464.14, for a total transaction of $1,021,108.00. Following the sale, the director owned 18,789 shares in the company, valued at $8,720,726.46. This trade represents a 10.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Seamus Grady sold 22,451 shares of the company’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $446.95, for a total value of $10,034,474.45. Following the completion of the transaction, the chief executive officer owned 23,573 shares of the company’s stock, valued at $10,535,952.35. The trade was a 48.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 28,151 shares of company stock worth $12,643,707 over the last quarter. 0.24% of the stock is currently owned by insiders.

Fabrinet Stock Performance

Shares of FN opened at $452.51 on Friday. Fabrinet has a 1 year low of $148.55 and a 1 year high of $531.22. The company’s 50 day simple moving average is $437.44 and its 200 day simple moving average is $358.49. The company has a market capitalization of $16.21 billion, a price-to-earnings ratio of 46.60 and a beta of 1.05.

Fabrinet Company 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.