Fabrinet’s (FN) Overweight Rating Reaffirmed at Piper Jaffray Cos.
Piper Jaffray Cos. restated their overweight rating on shares of Fabrinet (NYSE:FN) in a report published on Friday. The brokerage currently has a $53.00 price objective on the stock, up from their previous price objective of $50.00.
A number of other equities analysts also recently weighed in on the company. Needham & Company LLC restated a buy rating and issued a $54.00 target price on shares of Fabrinet in a research note on Monday, September 19th. Zacks Investment Research downgraded Fabrinet from a strong-buy rating to a hold rating in a research note on Thursday, August 18th. JPMorgan Chase & Co. restated a buy rating on shares of Fabrinet in a research note on Wednesday, July 20th. Stifel Nicolaus boosted their target price on 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 restated a buy rating and issued a $52.75 target price on shares of Fabrinet in a research note on Monday, August 22nd. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $48.11.
Shares of Fabrinet (NYSE:FN) traded up 1.77% during midday trading on Friday, reaching $45.94. The company had a trading volume of 35,479 shares. The company has a 50 day moving average price of $42.18 and a 200-day moving average price of $36.94. Fabrinet has a one year low of $20.04 and a one year high of $46.50. The firm has a market capitalization of $1.66 billion, a P/E ratio of 27.35 and a beta of 0.65.
Fabrinet (NYSE:FN) last announced its earnings results on Monday, August 15th. The company reported $0.60 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.60. Fabrinet had a return on equity of 13.07% and a net margin of 6.34%. The firm had revenue of $276.40 million for the quarter, compared to the consensus estimate of $262.95 million. During the same quarter in the previous year, the business earned $0.40 EPS. The company’s revenue was up 33.8% compared to the same quarter last year. On average, analysts anticipate that Fabrinet will post $2.02 EPS for the current fiscal year.
In other Fabrinet news, Director Rollance E. Olson sold 5,000 shares of the business’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $40.06, for a total transaction of $200,300.00. Following the sale, the director now owns 44,829 shares of the company’s stock, valued at approximately $1,795,849.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David T. Mitchell sold 75,000 shares of the business’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $39.95, for a total transaction of $2,996,250.00. Following the sale, the chief executive officer now directly owns 725,533 shares in the company, valued at approximately $28,985,043.35. The disclosure for this sale can be found here. Company insiders own 5.90% of the company’s stock.
A number of large investors have recently modified their holdings of FN. Mason Street Advisors LLC acquired a new stake in shares of Fabrinet during the second quarter worth about $222,000. Royal Bank of Canada boosted its stake in shares of Fabrinet by 32.5% in the second quarter. Royal Bank of Canada now owns 62,561 shares of the company’s stock worth $2,322,000 after buying an additional 15,328 shares during the last quarter. Braun Stacey Associates Inc. acquired a new stake in shares of Fabrinet during the second quarter worth about $10,195,000. Stifel Financial Corp acquired a new stake in shares of Fabrinet during the second quarter worth about $495,000. Finally, Arizona State Retirement System boosted 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 last quarter. 90.82% of the stock is currently owned by institutional investors and hedge funds.
Fabrinet Company Profile
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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