Fabrinet (FN) Given a $50.00 Price Target at Northland Securities
A number of other equities research analysts also recently weighed in on the company. B. Riley reaffirmed a buy rating and issued a $44.75 target price on shares of Fabrinet in a report on Monday, May 15th. ValuEngine downgraded Fabrinet from a buy rating to a hold rating in a report on Monday, August 14th. J P Morgan Chase & Co set a $57.00 target price on Fabrinet and gave the company a buy rating in a report on Thursday, June 1st. Stifel Nicolaus reaffirmed a buy rating and issued a $48.00 target price on shares of Fabrinet in a report on Friday, July 14th. Finally, BidaskClub raised Fabrinet from a sell rating to a hold rating in a report on Sunday, July 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Fabrinet has a consensus rating of Buy and an average target price of $50.68.
Fabrinet (FN) opened at 36.94 on Tuesday. The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of 15.53 and a beta of 1.08. The firm has a 50 day moving average price of $43.55 and a 200-day moving average price of $40.78. Fabrinet has a 12 month low of $31.97 and a 12 month high of $49.63.
Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, August 21st. The technology company reported $0.72 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.83 by $0.11. The company had revenue of $370.50 million for the quarter, compared to analyst estimates of $363.41 million. Fabrinet had a return on equity of 14.95% and a net margin of 6.74%. The company’s quarterly revenue was up 34.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.60 EPS. On average, equities analysts forecast that Fabrinet will post $3.68 EPS for the current year.
Fabrinet declared that its Board of Directors has approved a share buyback plan on Monday, August 21st that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the technology company to purchase up to 21% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.
In other news, CEO David T. Mitchell sold 52,500 shares of the stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 102,114 shares in the company, valued at approximately $3,780,260.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.30% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in shares of Fabrinet during the fourth quarter valued at about $1,008,000. Teachers Advisors LLC raised its position in shares of Fabrinet by 37.0% in the fourth quarter. Teachers Advisors LLC now owns 86,413 shares of the technology company’s stock valued at $3,482,000 after buying an additional 23,356 shares in the last quarter. Bank of Montreal Can raised its position in shares of Fabrinet by 19,846.8% in the first quarter. Bank of Montreal Can now owns 159,574 shares of the technology company’s stock valued at $6,707,000 after buying an additional 158,774 shares in the last quarter. Louisiana State Employees Retirement System raised its position in shares of Fabrinet by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 15,100 shares of the technology company’s stock valued at $635,000 after buying an additional 300 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position in shares of Fabrinet by 2.0% in the first quarter. State of Alaska Department of Revenue now owns 4,080 shares of the technology company’s stock valued at $171,000 after buying an additional 80 shares in the last quarter. 95.10% of the stock is 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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