Fabrinet $FN Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp cut its stake in shares of Fabrinet (NYSE:FN – Free Report) by 10.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 13,713 shares of the technology company’s stock after selling 1,546 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Fabrinet were worth $4,041,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in FN. Maseco LLP acquired a new position in Fabrinet in the second quarter valued at $25,000. Elevation Point Wealth Partners LLC purchased a new position in shares of Fabrinet in the 2nd quarter worth about $35,000. First Horizon Advisors Inc. raised its holdings in shares of Fabrinet by 124.2% in the 2nd quarter. First Horizon Advisors Inc. now owns 139 shares of the technology company’s stock worth $41,000 after purchasing an additional 77 shares during the period. Cullen Frost Bankers Inc. lifted its stake 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 valued at $42,000 after purchasing an additional 77 shares in the last quarter. Finally, REAP Financial Group LLC grew its holdings in shares of Fabrinet by 171.9% during the 2nd quarter. REAP Financial Group LLC now owns 155 shares of the technology company’s stock worth $46,000 after purchasing an additional 98 shares during the period. 97.38% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fabrinet

In related news, Director Thomas F. Kelly sold 2,200 shares of the business’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $464.14, for a total value of $1,021,108.00. Following the transaction, the director owned 18,789 shares in the company, valued at approximately $8,720,726.46. The trade was a 10.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Homa Bahrami sold 3,500 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $453.75, for a total value of $1,588,125.00. Following the completion of the transaction, the director directly owned 18,316 shares of the company’s stock, valued at $8,310,885. This represents a 16.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 28,151 shares of company stock valued at $12,643,707 in the last ninety days. Insiders own 0.24% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on FN shares. Zacks Research upgraded shares of Fabrinet from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 23rd. Barclays increased their price objective on shares of Fabrinet from $329.00 to $499.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 5th. Needham & Company LLC raised their target price on shares of Fabrinet from $440.00 to $540.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Rosenblatt Securities upped their price target on shares of Fabrinet from $425.00 to $550.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Finally, Susquehanna began coverage on Fabrinet in a research report on Monday. They issued a “positive” rating and a $550.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Fabrinet has an average rating of “Moderate Buy” and an average price target of $463.63.

Get Our Latest Report on FN

Fabrinet Trading Up 6.1%

Shares of FN stock opened at $452.51 on Friday. The firm has a fifty day simple moving average of $437.44 and a 200-day simple moving average of $358.49. The company has a market capitalization of $16.21 billion, a PE ratio of 46.60 and a beta of 1.05. Fabrinet has a twelve month low of $148.55 and a twelve month high of $531.22.

Fabrinet Profile

(Free Report)

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.

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