Fabrinet (FN) Sets New 12-Month High at $41.40
Shares of Fabrinet (NYSE:FN) hit a new 52-week high during trading on Friday . The company traded as high as $41.40 and last traded at $40.36, with a volume of 984,266 shares traded. The stock had previously closed at $38.09.
A number of analysts have recently commented on the stock. B. Riley reissued a “buy” rating and issued a $42.25 price objective on shares of Fabrinet in a research report on Friday. Needham & Company LLC upped their price target on shares of Fabrinet from $45.00 to $48.00 and gave the stock a “buy” rating in a research report on Monday, July 25th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Fabrinet in a research report on Wednesday, July 20th. Zacks Investment Research lowered shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 5th. Finally, Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $44.00 price target (up from $36.00) on shares of Fabrinet in a research report on Thursday, May 5th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $40.61.
The company’s 50-day moving average is $37.21 and its 200-day moving average is $32.82. The firm has a market cap of $1.45 billion and a price-to-earnings ratio of 26.663.
In other Fabrinet news, Director Homa Bahrami sold 5,000 shares of the firm’s stock in a transaction on Thursday, May 26th. The stock was sold at an average price of $35.34, for a total transaction of $176,700.00. Following the transaction, the director now directly owns 18,616 shares in the company, valued at approximately $657,889.44. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO David T. Mitchell sold 75,000 shares of the firm’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $33.88, for a total value of $2,541,000.00. Following the transaction, the chief executive officer now owns 597,322 shares in the company, valued at $20,237,269.36. The disclosure for this sale can be found here.
A number of institutional investors recently modified their holdings of the stock. Russell Frank Co bought a new position in shares of Fabrinet during the fourth quarter valued at $2,381,000. Argent Capital Management LLC bought a new position in shares of Fabrinet during the fourth quarter valued at $1,285,000. California Public Employees Retirement System boosted its position in shares of Fabrinet by 16.1% in the fourth quarter. California Public Employees Retirement System now owns 188,700 shares of the company’s stock valued at $4,495,000 after buying an additional 26,200 shares during the period. US Bancorp DE boosted its position in shares of Fabrinet by 65.0% in the fourth quarter. US Bancorp DE now owns 62,187 shares of the company’s stock valued at $1,481,000 after buying an additional 24,498 shares during the period. Finally, Rhumbline Advisers boosted its position in shares of Fabrinet by 4.2% in the fourth quarter. Rhumbline Advisers now owns 52,330 shares of the company’s stock valued at $1,247,000 after buying an additional 2,125 shares during the period.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.