Fabrinet’s (FN) “Buy” Rating Reaffirmed at Needham & Company LLC
A number of other equities research analysts have also recently commented on the stock. Piper Jaffray Cos. reaffirmed an overweight rating and set a $50.00 price objective on shares of Fabrinet in a research note on Tuesday, September 6th. JPMorgan Chase & Co. raised their price objective on shares of Fabrinet from $42.00 to $48.00 and gave the stock an overweight rating in a research note on Tuesday, August 16th. Zacks Investment Research cut shares of Fabrinet from a strong-buy rating to a hold rating in a research note on Tuesday, July 5th. Stifel Nicolaus raised their price objective on shares of Fabrinet from $40.00 to $48.00 and gave the stock a buy rating in a research note on Tuesday, August 16th. Finally, B. Riley reaffirmed a buy rating and set a $52.75 price objective on shares of Fabrinet in a research note on Monday, August 22nd. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The stock has an average rating of Buy and a consensus target price of $47.68.
Fabrinet (NYSE:FN) opened at 43.62 on Monday. The stock has a 50 day moving average of $39.67 and a 200 day moving average of $35.34. Fabrinet has a 12-month low of $17.88 and a 12-month high of $45.01. The stock has a market cap of $1.58 billion, a P/E ratio of 25.96 and a beta of 0.48.
Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, August 15th. The company reported $0.60 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.60. Fabrinet had a net margin of 6.34% and a return on equity of 13.07%. The company had revenue of $276.40 million for the quarter, compared to the consensus estimate of $262.95 million. During the same quarter in the prior year, the company earned $0.40 EPS. Fabrinet’s quarterly revenue was up 33.8% on a year-over-year basis. On average, equities research analysts anticipate that Fabrinet will post $2.03 earnings per share for the current fiscal year.
In other Fabrinet news, Director Rollance E. Olson sold 5,000 shares of the firm’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $40.06, for a total value of $200,300.00. Following the transaction, the director now owns 44,829 shares in the company, valued at approximately $1,795,849.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David T. Mitchell sold 75,000 shares of the firm’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $39.95, for a total value of $2,996,250.00. Following the completion of the transaction, the chief executive officer now owns 725,533 shares in the company, valued at approximately $28,985,043.35. The disclosure for this sale can be found here. 5.90% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in FN. Louisiana State Employees Retirement System increased its stake in shares of Fabrinet by 0.7% in the second quarter. Louisiana State Employees Retirement System now owns 13,600 shares of the company’s stock worth $505,000 after buying an additional 100 shares during the period. PineBridge Investments L.P. increased its stake in shares of Fabrinet by 4.1% in the second quarter. PineBridge Investments L.P. now owns 3,886 shares of the company’s stock worth $144,000 after buying an additional 154 shares during the period. Barclays PLC increased its stake in shares of Fabrinet by 0.5% in the first quarter. Barclays PLC now owns 41,802 shares of the company’s stock worth $1,337,000 after buying an additional 202 shares during the period. Arizona State Retirement System increased its stake in shares of Fabrinet by 1.9% in the second quarter. Arizona State Retirement System now owns 15,860 shares of the company’s stock worth $589,000 after buying an additional 300 shares during the period. Finally, US Bancorp DE increased its stake in shares of Fabrinet by 0.6% in the second quarter. US Bancorp DE now owns 68,128 shares of the company’s stock worth $2,529,000 after buying an additional 375 shares during the period. Institutional investors own 90.88% of the company’s stock.
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of complex products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.
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