Stifel Nicolaus Trims Fabrinet (NYSE:FN) Target Price to $60.00

Fabrinet (NYSE:FN) had its target price lowered by Stifel Nicolaus from $65.00 to $60.00 in a report released on Tuesday morning, BenzingaRatingsTable reports. The firm currently has a buy rating on the technology company’s stock.

Several other research analysts have also issued reports on the company. Piper Jaffray Companies dropped their price objective on Fabrinet to $64.00 and set an overweight rating for the company in a research note on Tuesday. ValuEngine cut Fabrinet from a buy rating to a hold rating in a report on Saturday, May 18th. Zacks Investment Research cut Fabrinet from a buy rating to a hold rating in a report on Tuesday, May 28th. Northland Securities restated a hold rating and set a $47.50 target price on shares of Fabrinet in a report on Monday, July 1st. Finally, JPMorgan Chase & Co. started coverage on Fabrinet in a report on Monday, July 29th. They set a neutral rating and a $57.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Fabrinet presently has a consensus rating of Hold and an average target price of $59.50.

Fabrinet stock opened at $48.39 on Tuesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.27 and a quick ratio of 2.30. The stock has a fifty day moving average price of $52.53 and a two-hundred day moving average price of $53.17. Fabrinet has a 52-week low of $40.94 and a 52-week high of $62.31. The firm has a market capitalization of $1.71 billion, a P/E ratio of 14.44, a P/E/G ratio of 0.99 and a beta of 1.00.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, August 19th. The technology company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.09. Fabrinet had a return on equity of 15.40% and a net margin of 7.63%. The firm had revenue of $405.10 million during the quarter, compared to analyst estimates of $399.22 million. During the same period in the prior year, the company posted $0.81 earnings per share. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. On average, equities research analysts predict that Fabrinet will post 3.61 EPS for the current fiscal year.

In other news, Director David T. Mitchell sold 30,000 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $42.90, for a total transaction of $1,287,000.00. Following the sale, the director now owns 73,748 shares in the company, valued at $3,163,789.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 90,000 shares of company stock worth $4,466,100 in the last 90 days. Company insiders own 1.90% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in Fabrinet by 1.6% in the first quarter. BlackRock Inc. now owns 5,452,511 shares of the technology company’s stock valued at $285,494,000 after acquiring an additional 85,633 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Fabrinet by 4.5% in the second quarter. Vanguard Group Inc. now owns 3,254,678 shares of the technology company’s stock valued at $161,660,000 after acquiring an additional 139,078 shares during the last quarter. FMR LLC boosted its holdings in Fabrinet by 4.0% in the first quarter. FMR LLC now owns 2,848,772 shares of the technology company’s stock valued at $149,162,000 after acquiring an additional 108,412 shares during the last quarter. Invesco Ltd. boosted its holdings in Fabrinet by 233.9% in the second quarter. Invesco Ltd. now owns 1,106,512 shares of the technology company’s stock valued at $54,961,000 after acquiring an additional 775,118 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Fabrinet by 23.4% in the first quarter. JPMorgan Chase & Co. now owns 999,623 shares of the technology company’s stock valued at $52,341,000 after acquiring an additional 189,390 shares during the last quarter. Institutional investors own 91.41% 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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Analyst Recommendations for Fabrinet (NYSE:FN)

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