Fabrinet’s (NYSE:FN) Buy Rating Reaffirmed at Stifel Nicolaus
Stifel Nicolaus reaffirmed their buy rating on shares of Fabrinet (NYSE:FN) in a report published on Friday morning. The brokerage currently has a $48.00 target price on the technology company’s stock.
A number of other research analysts have also recently commented on the company. Zacks Investment Research cut Fabrinet from a hold rating to a sell rating in a report on Tuesday, May 2nd. Needham & Company LLC reissued a strong-buy rating and issued a $56.00 price target on shares of Fabrinet in a report on Tuesday, May 9th. Piper Jaffray Companies reissued an overweight rating on shares of Fabrinet in a report on Wednesday, May 10th. ValuEngine cut Fabrinet from a buy rating to a hold rating in a report on Friday, June 2nd. Finally, J P Morgan Chase & Co set a $57.00 price target on Fabrinet and gave the stock a buy rating in a report on Thursday, June 1st. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $52.46.
Shares of Fabrinet (NYSE:FN) traded up 0.18% during midday trading on Friday, hitting $44.85. 215,865 shares of the stock were exchanged. The stock has a market cap of $1.67 billion, a P/E ratio of 18.85 and a beta of 1.07. Fabrinet has a 52-week low of $31.97 and a 52-week high of $49.63. The firm’s 50 day moving average price is $40.65 and its 200-day moving average price is $39.94.
Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, May 8th. The technology company reported $0.57 EPS for the quarter, missing the Zacks’ consensus estimate of $0.74 by $0.17. Fabrinet had a return on equity of 14.95% and a net margin of 6.74%. The business had revenue of $366.80 million during the quarter, compared to analysts’ expectations of $362.07 million. During the same period in the prior year, the firm posted $0.56 earnings per share. The firm’s revenue for the quarter was up 46.1% on a year-over-year basis. On average, equities research analysts expect that Fabrinet will post $3.36 earnings per share for the current fiscal year.
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In other news, CEO David T. Mitchell sold 52,500 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $37.02, for a total transaction of $1,943,550.00. Following the sale, the chief executive officer now directly owns 102,114 shares of the company’s stock, valued at approximately $3,780,260.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David T. Mitchell sold 75,000 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $34.73, for a total value of $2,604,750.00. The disclosure for this sale can be found here. Insiders have sold a total of 180,000 shares of company stock worth $6,712,350 over the last ninety days. Insiders own 4.30% of the company’s stock.
Several hedge funds have recently modified their holdings of FN. BlackRock Inc. boosted its stake in shares of Fabrinet by 60,498.5% in the first quarter. BlackRock Inc. now owns 4,311,581 shares of the technology company’s stock valued at $181,218,000 after buying an additional 4,304,466 shares during the period. Congress Asset Management Co. MA purchased a new stake in shares of Fabrinet during the first quarter valued at about $58,716,000. Royce & Associates LP boosted its stake in shares of Fabrinet by 372.7% in the first quarter. Royce & Associates LP now owns 997,915 shares of the technology company’s stock valued at $41,942,000 after buying an additional 786,799 shares during the period. Whale Rock Capital Management LLC boosted its stake in shares of Fabrinet by 48.7% in the first quarter. Whale Rock Capital Management LLC now owns 915,836 shares of the technology company’s stock valued at $38,493,000 after buying an additional 300,081 shares during the period. Finally, Teachers Advisors LLC boosted its stake in shares of Fabrinet by 325.2% in the first quarter. Teachers Advisors LLC now owns 367,403 shares of the technology company’s stock valued at $15,442,000 after buying an additional 280,990 shares during the period. 94.22% of the stock is currently owned by institutional investors and hedge funds.
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of 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 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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