Zacks Investment Research downgraded shares of Fabrinet (NYSE:FN) from a hold rating to a sell rating in a research report released on Friday.

According to Zacks, “Fabrinet provides precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, industrial lasers and sensors. The Company offers a broad range of advanced optical capabilities across the entire manufacturing process, including process engineering, design for manufacturability, supply chain management, manufacturing, final assembly and test. Fabrinet manufactures, assembles, and tests products for customers at its main manufacturing facilities in Bangkok, Thailand. The Company designs and manufactures its own bulk optical materials and components at its facilities in Fuzhou, the People’s Republic of China, and New Jersey, USA. “

Other equities research analysts have also issued research reports about the stock. B. Riley restated a buy rating and issued a $46.50 target price on shares of Fabrinet in a research note on Wednesday, August 23rd. BidaskClub upgraded shares of Fabrinet from a sell rating to a hold rating in a research note on Sunday, July 16th. J P Morgan Chase & Co lowered shares of Fabrinet from an overweight rating to a neutral rating and set a $42.00 target price on the stock. in a research note on Tuesday, November 7th. ValuEngine upgraded shares of Fabrinet from a hold rating to a buy rating in a research note on Wednesday, August 2nd. Finally, Stifel Nicolaus restated a buy rating on shares of Fabrinet in a research note on Tuesday, August 22nd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Fabrinet currently has an average rating of Hold and an average price target of $46.42.

Fabrinet (NYSE FN) opened at $31.46 on Friday. Fabrinet has a 1-year low of $28.60 and a 1-year high of $49.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.70 and a quick ratio of 1.85. The company has a market cap of $1,169.38, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 1.17 and a beta of 1.03.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, August 21st. The technology company reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.11). The company had revenue of $370.50 million during the quarter, compared to analyst estimates of $363.41 million. Fabrinet had a net margin of 6.60% and a return on equity of 14.35%. The business’s revenue for the quarter was up 34.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.60 EPS. equities analysts expect that Fabrinet will post 2.22 earnings per share for the current fiscal year.

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Fabrinet announced that its board has authorized a stock repurchase program on Monday, August 21st that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the technology company to buy up to 21% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

In other Fabrinet news, CEO David T. Mitchell sold 105,000 shares of the company’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $38.63, for a total value of $4,056,150.00. Following the completion of the transaction, the chief executive officer now owns 111,057 shares in the company, valued at approximately $4,290,131.91. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Toh-Seng Ng sold 22,500 shares of the company’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $39.00, for a total transaction of $877,500.00. Following the completion of the transaction, the chief financial officer now owns 201,749 shares of the company’s stock, valued at approximately $7,868,211. The disclosure for this sale can be found here. In the last quarter, insiders have sold 257,500 shares of company stock worth $9,535,850. 3.30% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Schwab Charles Investment Management Inc. grew its position in Fabrinet by 7.9% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 200,746 shares of the technology company’s stock worth $8,438,000 after purchasing an additional 14,706 shares during the last quarter. Royce & Associates LP grew its position in Fabrinet by 39.9% in the 2nd quarter. Royce & Associates LP now owns 1,396,450 shares of the technology company’s stock worth $59,573,000 after purchasing an additional 398,535 shares during the last quarter. BlackRock Inc. grew its position in Fabrinet by 0.4% in the 2nd quarter. BlackRock Inc. now owns 4,328,966 shares of the technology company’s stock worth $184,673,000 after purchasing an additional 17,385 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Fabrinet by 63.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,038 shares of the technology company’s stock worth $129,000 after purchasing an additional 1,178 shares during the last quarter. Finally, Capital Management Associates NY grew its position in Fabrinet by 63.5% in the 2nd quarter. Capital Management Associates NY now owns 10,300 shares of the technology company’s stock worth $439,000 after purchasing an additional 4,000 shares during the last quarter. Hedge funds and other institutional investors own 94.37% of the company’s stock.

About Fabrinet

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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Analyst Recommendations for Fabrinet (NYSE:FN)

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