A number of other analysts have also issued reports on FN. B. Riley reaffirmed a buy rating and issued a $46.50 target price on shares of Fabrinet in a report on Wednesday, August 23rd. Needham & Company LLC lowered their target price on Fabrinet from $60.00 to $45.00 and set a strong-buy rating on the stock in a report on Tuesday, November 7th. Zacks Investment Research lowered Fabrinet from a hold rating to a sell rating in a report on Friday. ValuEngine lowered Fabrinet from a buy rating to a hold rating in a report on Monday, August 14th. Finally, J P Morgan Chase & Co lowered Fabrinet from an overweight rating to a neutral rating and set a $42.00 target price on the stock. in a report on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $46.42.
Shares of Fabrinet (NYSE FN) traded up $0.28 during midday trading on Friday, hitting $31.11. The stock had a trading volume of 405,600 shares, compared to its average volume of 572,701. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.80 and a current ratio of 2.70. The firm has a market cap of $1,169.39, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 1.17 and a beta of 1.03. Fabrinet has a fifty-two week low of $28.60 and a fifty-two week high of $49.63.
Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, August 21st. The technology company reported $0.72 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 net margin of 6.60% and a return on equity of 14.35%. The business’s revenue was up 34.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.60 EPS. analysts predict that Fabrinet will post 2.22 earnings per share for the current year.
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Fabrinet declared that its Board of Directors has initiated a stock buyback plan on Monday, August 21st that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the technology company to buy up to 21% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
In other news, CEO David T. Mitchell sold 105,000 shares of Fabrinet stock in a transaction on Friday, August 25th. The stock was sold at an average price of $38.63, for a total value of $4,056,150.00. Following the completion of the sale, the chief executive officer now directly owns 111,057 shares of the company’s stock, valued at approximately $4,290,131.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas F. Kelly sold 30,000 shares of Fabrinet stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $38.24, for a total value of $1,147,200.00. Following the completion of the sale, the director now directly owns 64,635 shares of the company’s stock, valued at $2,471,642.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 257,500 shares of company stock valued at $9,535,850. Corporate insiders own 3.30% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FN. BlackRock Inc. increased its stake in shares of Fabrinet by 60,498.5% in the 1st 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. BT Investment Management Ltd acquired a new stake in shares of Fabrinet in the 2nd quarter valued at $38,212,000. FMR LLC increased its stake in shares of Fabrinet by 31.8% in the 2nd quarter. FMR LLC now owns 2,772,212 shares of the technology company’s stock valued at $118,262,000 after buying an additional 669,201 shares during the period. Legion Partners Asset Management LLC acquired a new stake in shares of Fabrinet in the 2nd quarter valued at $21,365,000. Finally, Royce & Associates LP increased its stake in shares of Fabrinet by 39.9% in the 2nd quarter. Royce & Associates LP now owns 1,396,450 shares of the technology company’s stock valued at $59,573,000 after buying an additional 398,535 shares during the period. 94.59% of the stock is owned by institutional investors.
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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