Fabrinet (FN) Raised to “Buy” at ValuEngine
ValuEngine upgraded shares of Fabrinet (NYSE:FN) from a hold rating to a buy rating in a research note published on Wednesday.
A number of other equities research analysts have also recently commented on FN. Zacks Investment Research cut Fabrinet from a hold rating to a sell rating in a report on Tuesday, May 2nd. B. Riley reissued a buy rating and set a $44.75 price target on shares of Fabrinet in a report on Thursday, May 4th. Needham & Company LLC reissued a strong-buy rating and set 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. Finally, J P Morgan Chase & Co set a $57.00 price target on Fabrinet and gave the company a buy rating in a report on Thursday, June 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $52.46.
Shares of Fabrinet (FN) opened at 42.26 on Wednesday. The company’s 50 day moving average price is $42.89 and its 200-day moving average price is $40.59. Fabrinet has a 1-year low of $31.97 and a 1-year high of $49.63. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 17.76 and a beta of 1.08.
Fabrinet (NYSE:FN) last released its earnings results on Monday, May 8th. The technology company reported $0.57 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by $0.17. The company had revenue of $366.80 million for the quarter, compared to analysts’ expectations of $362.07 million. Fabrinet had a net margin of 6.74% and a return on equity of 14.95%. Fabrinet’s revenue for the quarter was up 46.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.56 earnings per share. On average, equities analysts forecast that Fabrinet will post $3.36 earnings per share for the current year.
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In other news, CEO David T. Mitchell sold 52,500 shares of Fabrinet stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $37.02, for a total value 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 $3,780,260.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.30% of the company’s stock.
Several large investors have recently modified their holdings of the company. Tocqueville Asset Management L.P. boosted its stake in shares of Fabrinet by 292.4% in the second quarter. Tocqueville Asset Management L.P. now owns 74,170 shares of the technology company’s stock valued at $3,164,000 after buying an additional 55,270 shares during the last quarter. Marshall Wace North America L.P. bought a new stake in shares of Fabrinet during the second quarter valued at $1,862,000. BB&T Securities LLC boosted its stake in shares of Fabrinet by 79.6% in the second quarter. BB&T Securities LLC now owns 9,794 shares of the technology company’s stock valued at $417,000 after buying an additional 4,340 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Fabrinet by 55.7% in the second quarter. BNP Paribas Arbitrage SA now owns 10,806 shares of the technology company’s stock valued at $461,000 after buying an additional 3,865 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Fabrinet by 10.1% in the second quarter. Legal & General Group Plc now owns 72,454 shares of the technology company’s stock valued at $3,093,000 after buying an additional 6,646 shares during the last quarter. 93.69% of the stock is currently owned by hedge funds and other institutional investors.
Fabrinet Company Profile
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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