Illinois Municipal Retirement Fund Sells 500 Shares of Fabrinet (NYSE:FN)

Illinois Municipal Retirement Fund reduced its position in shares of Fabrinet (NYSE:FN) by 2.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 21,269 shares of the technology company’s stock after selling 500 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Fabrinet were worth $4,048,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Baillie Gifford & Co. boosted its holdings in Fabrinet by 190.0% in the fourth quarter. Baillie Gifford & Co. now owns 563,805 shares of the technology company’s stock valued at $107,309,000 after acquiring an additional 369,389 shares during the last quarter. FMR LLC boosted its holdings in Fabrinet by 9.7% in the third quarter. FMR LLC now owns 1,987,726 shares of the technology company’s stock valued at $331,195,000 after acquiring an additional 174,945 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Fabrinet by 21.3% in the third quarter. Wellington Management Group LLP now owns 904,505 shares of the technology company’s stock valued at $150,709,000 after acquiring an additional 159,037 shares during the last quarter. Invesco Ltd. boosted its holdings in Fabrinet by 55.5% in the third quarter. Invesco Ltd. now owns 306,840 shares of the technology company’s stock valued at $51,126,000 after acquiring an additional 109,469 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Fabrinet by 159.3% during the 3rd quarter. American Century Companies Inc. now owns 157,964 shares of the technology company’s stock worth $26,320,000 after buying an additional 97,052 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on FN shares. Rosenblatt Securities restated a “buy” rating and set a $230.00 price target on shares of Fabrinet in a report on Tuesday, February 6th. Northland Securities raised Fabrinet from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $200.00 to $220.00 in a research report on Thursday, March 21st. JPMorgan Chase & Co. upped their target price on Fabrinet from $210.00 to $212.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Finally, Needham & Company LLC lowered their target price on Fabrinet from $230.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $159.57.

Insider Activity

In other news, Director Rollance E. Olson sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $205.52, for a total transaction of $2,055,200.00. Following the transaction, the director now directly owns 25,981 shares of the company’s stock, valued at $5,339,615.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.51% of the company’s stock.

Fabrinet Price Performance

NYSE:FN opened at $169.93 on Thursday. The business has a 50 day moving average of $192.74 and a 200 day moving average of $185.23. The company has a market capitalization of $6.17 billion, a price-to-earnings ratio of 24.56 and a beta of 1.04. Fabrinet has a 1-year low of $90.19 and a 1-year high of $229.02.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, February 5th. The technology company reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.84 by $0.05. Fabrinet had a return on equity of 17.27% and a net margin of 9.35%. The firm had revenue of $712.69 million during the quarter, compared to the consensus estimate of $699.76 million. As a group, sell-side analysts anticipate that Fabrinet will post 7.59 EPS 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.