Maryland State Retirement & Pension System Has $1.84 Million Holdings in Fabrinet (NYSE:FN)

Posted by Defense World Staff on Sep 22nd, 2023

Maryland State Retirement & Pension System cut its stake in Fabrinet (NYSE:FN – Free Report) by 4.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,141 shares of the technology company’s stock after selling 602 shares during the period. Maryland State Retirement & Pension System’s holdings in Fabrinet were worth $1,837,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Commonwealth Equity Services LLC raised its holdings in shares of Fabrinet by 2.8% in the 4th quarter. Commonwealth Equity Services LLC now owns 3,262 shares of the technology company’s stock worth $418,000 after buying an additional 89 shares in the last quarter. NewEdge Advisors LLC grew its position in Fabrinet by 39.9% during the 1st quarter. NewEdge Advisors LLC now owns 417 shares of the technology company’s stock worth $50,000 after acquiring an additional 119 shares during the last quarter. Evergreen Capital Management LLC grew its position in Fabrinet by 6.2% during the 1st quarter. Evergreen Capital Management LLC now owns 2,142 shares of the technology company’s stock worth $225,000 after acquiring an additional 125 shares during the last quarter. Royal Bank of Canada grew its position in Fabrinet by 2.0% during the 3rd quarter. Royal Bank of Canada now owns 6,466 shares of the technology company’s stock worth $617,000 after acquiring an additional 126 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Fabrinet by 0.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,812 shares of the technology company’s stock worth $2,027,000 after acquiring an additional 132 shares during the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Edward T. Archer sold 10,358 shares of the firm’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $157.33, for a total transaction of $1,629,624.14. Following the sale, the executive vice president now owns 11,289 shares of the company’s stock, valued at approximately $1,776,098.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Fabrinet news, EVP Edward T. Archer sold 10,358 shares of Fabrinet stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $157.33, for a total value of $1,629,624.14. Following the sale, the executive vice president now owns 11,289 shares of the company’s stock, valued at approximately $1,776,098.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Seamus Grady sold 27,000 shares of Fabrinet stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $159.92, for a total value of $4,317,840.00. Following the completion of the sale, the chief executive officer now directly owns 45,471 shares in the company, valued at approximately $7,271,722.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 57,358 shares of company stock valued at $9,165,464. 0.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. HC Wainwright restated a “buy” rating and set a $28.00 price target on shares of Fabrinet in a research report on Tuesday, August 22nd. Lake Street Capital increased their price target on Fabrinet from $130.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, August 22nd. StockNews.com assumed coverage on Fabrinet in a research report on Thursday, August 17th. They issued a “hold” rating on the stock. Northland Securities increased their price objective on Fabrinet from $150.00 to $200.00 and gave the company an “outperform” rating in a research report on Wednesday, August 30th. Finally, Needham & Company LLC increased their price objective on Fabrinet from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, August 22nd. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $125.13.

Get Our Latest Research Report on FN

Fabrinet Stock Down 1.6 %

NYSE:FN opened at $151.25 on Friday. Fabrinet has a 12-month low of $90.19 and a 12-month high of $163.88. The firm has a market capitalization of $5.47 billion, a P/E ratio of 22.51 and a beta of 1.07. The stock’s fifty day simple moving average is $137.96 and its 200-day simple moving average is $120.46.

Fabrinet (NYSE:FN – Get Free Report) last posted its quarterly earnings results on Monday, August 21st. The technology company reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.06. Fabrinet had a return on equity of 18.23% and a net margin of 9.37%. The business had revenue of $655.87 million for the quarter, compared to analyst estimates of $641.42 million. During the same period last year, the company earned $1.51 EPS. The firm’s revenue was up 11.6% on a year-over-year basis. As a group, equities research analysts expect that Fabrinet will post 7.17 earnings per share for the current year.

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.