Retirement Systems of Alabama Makes New $10.38 Million Investment in Fabrinet (NYSE:FN)

Retirement Systems of Alabama acquired a new stake in Fabrinet (NYSE:FN) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 43,908 shares of the technology company’s stock, valued at approximately $10,382,000. Retirement Systems of Alabama owned approximately 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 FN. Wellington Management Group LLP grew its holdings in Fabrinet by 1.7% during the third quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock worth $276,437,000 after buying an additional 19,677 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Fabrinet by 7.6% during the 3rd quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock worth $233,359,000 after acquiring an additional 69,554 shares during the last quarter. Whale Rock Capital Management LLC grew its stake in shares of Fabrinet by 25.8% in the 3rd quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock worth $202,338,000 after acquiring an additional 175,684 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Fabrinet by 14.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock valued at $113,621,000 after purchasing an additional 61,491 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Fabrinet by 4.1% during the second quarter. Bank of New York Mellon Corp now owns 314,665 shares of the technology company’s stock valued at $77,027,000 after purchasing an additional 12,409 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Needham & Company LLC started coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price objective for the company. Barclays initiated coverage on Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price target for the company. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. Rosenblatt Securities upped their price objective on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Finally, JPMorgan Chase & Co. lifted their target price on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $252.14.

Fabrinet Price Performance

NYSE:FN opened at $237.76 on Tuesday. The company has a market capitalization of $8.62 billion, a P/E ratio of 28.14 and a beta of 0.92. The business has a fifty day simple moving average of $244.92 and a two-hundred day simple moving average of $238.08. Fabrinet has a 1 year low of $159.69 and a 1 year high of $278.38.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.01. The business had revenue of $804.20 million for the quarter, compared to analysts’ expectations of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the previous year, the business posted $1.78 EPS. As a group, analysts anticipate that Fabrinet will post 9.1 earnings per share for the current 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.