Brokers Offer Predictions for Fabrinet’s Q2 2020 Earnings (NYSE:FN)
Fabrinet (NYSE:FN) – Research analysts at B. Riley dropped their Q2 2020 earnings per share (EPS) estimates for shares of Fabrinet in a report issued on Tuesday, November 5th. B. Riley analyst D. Kang now expects that the technology company will earn $0.77 per share for the quarter, down from their previous forecast of $0.83. B. Riley also issued estimates for Fabrinet’s Q3 2020 earnings at $0.79 EPS, Q4 2020 earnings at $0.86 EPS, FY2020 earnings at $3.17 EPS, Q1 2021 earnings at $0.88 EPS, Q2 2021 earnings at $0.92 EPS, Q3 2021 earnings at $0.87 EPS, Q4 2021 earnings at $0.92 EPS and FY2021 earnings at $3.57 EPS.
Several other research firms also recently commented on FN. Piper Jaffray Companies lifted their price objective on Fabrinet from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Stifel Nicolaus reduced their price target on Fabrinet from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, August 20th. ValuEngine upgraded Fabrinet from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Needham & Company LLC set a $70.00 price target on Fabrinet and gave the company a “buy” rating in a report on Monday, August 26th. Finally, Zacks Investment Research raised Fabrinet from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 22nd. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $57.25.
Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, November 4th. The technology company reported $0.86 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.14. The firm had revenue of $399.00 million for the quarter, compared to the consensus estimate of $390.30 million. Fabrinet had a return on equity of 14.48% and a net margin of 7.41%. The company’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.92 earnings per share.
Institutional investors and hedge funds have recently modified their holdings of the company. Invesco Ltd. raised its stake in Fabrinet by 233.9% during the 2nd quarter. Invesco Ltd. now owns 1,106,512 shares of the technology company’s stock valued at $54,961,000 after buying an additional 775,118 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Fabrinet during the 2nd quarter valued at $27,098,000. Wasatch Advisors Inc. raised its stake in Fabrinet by 52.7% during the 2nd quarter. Wasatch Advisors Inc. now owns 956,963 shares of the technology company’s stock valued at $47,532,000 after buying an additional 330,086 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in Fabrinet during the 2nd quarter valued at $14,636,000. Finally, APG Asset Management N.V. raised its stake in Fabrinet by 144.7% during the 2nd quarter. APG Asset Management N.V. now owns 467,400 shares of the technology company’s stock valued at $20,386,000 after buying an additional 276,400 shares during the last quarter. 94.93% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director David T. Mitchell sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $50.03, for a total value of $1,500,900.00. Following the sale, the director now directly owns 27,402 shares of the company’s stock, valued at approximately $1,370,922.06. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Seamus Grady sold 6,082 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $57.19, for a total value of $347,829.58. Following the completion of the sale, the chief executive officer now directly owns 105,597 shares in the company, valued at $6,039,092.43. The disclosure for this sale can be found here. Over the last three months, insiders sold 106,288 shares of company stock worth $5,683,500. Insiders own 1.00% of the company’s stock.
Fabrinet Company Profile
Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.
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