Fabrinet (FN) Given “Overweight” Rating at Piper Jaffray Cos.
Fabrinet (NYSE:FN)‘s stock had its “overweight” rating reaffirmed by equities researchers at Piper Jaffray Cos. in a report issued on Friday. They presently have a $53.00 price target on the stock, up from their prior price target of $50.00. Piper Jaffray Cos.’s price objective indicates a potential upside of 17.41% from the company’s previous close.
Several other research firms have also commented on FN. Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 target price on shares of Fabrinet in a report on Monday, September 19th. Stifel Nicolaus increased their target price on shares of Fabrinet from $40.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, August 16th. JPMorgan Chase & Co. increased their target price on shares of Fabrinet from $42.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, August 16th. Zacks Investment Research lowered shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 18th. Finally, B. Riley reaffirmed a “buy” rating and set a $52.75 target price on shares of Fabrinet in a report on Monday, August 22nd. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Fabrinet has a consensus rating of “Buy” and a consensus price target of $48.11.
Fabrinet (NYSE:FN) traded down 2.15% during midday trading on Friday, reaching $45.14. 478,695 shares of the company’s stock traded hands. The company’s 50-day moving average price is $42.05 and its 200-day moving average price is $36.82. Fabrinet has a 52-week low of $20.04 and a 52-week high of $46.50. The stock has a market cap of $1.63 billion, a P/E ratio of 26.87 and a beta of 0.66.
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Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, August 15th. The company reported $0.60 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.60. The firm had revenue of $276.40 million for the quarter, compared to analyst estimates of $262.95 million. Fabrinet had a net margin of 6.34% and a return on equity of 13.07%. The business’s revenue for the quarter was up 33.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.40 EPS. On average, equities analysts predict that Fabrinet will post $2.02 EPS for the current fiscal year.
In related news, CEO David T. Mitchell sold 75,000 shares of Fabrinet stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $39.95, for a total transaction of $2,996,250.00. Following the completion of the transaction, the chief executive officer now directly owns 725,533 shares of the company’s stock, valued at approximately $28,985,043.35. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Rollance E. Olson sold 5,000 shares of Fabrinet stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $40.06, for a total transaction of $200,300.00. Following the transaction, the director now directly owns 44,829 shares of the company’s stock, valued at $1,795,849.74. The disclosure for this sale can be found here. Corporate insiders own 5.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its stake in Fabrinet by 5.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,064,635 shares of the company’s stock worth $76,639,000 after buying an additional 102,747 shares in the last quarter. BlackRock Fund Advisors raised its stake in Fabrinet by 2.6% in the second quarter. BlackRock Fund Advisors now owns 2,026,150 shares of the company’s stock worth $75,211,000 after buying an additional 50,538 shares in the last quarter. Vanguard Group Inc. raised its stake in Fabrinet by 10.1% in the second quarter. Vanguard Group Inc. now owns 1,557,580 shares of the company’s stock worth $57,818,000 after buying an additional 142,342 shares in the last quarter. FMR LLC raised its stake in Fabrinet by 25.5% in the second quarter. FMR LLC now owns 1,474,931 shares of the company’s stock worth $54,749,000 after buying an additional 300,000 shares in the last quarter. Finally, Whale Rock Capital Management LLC raised its stake in Fabrinet by 20.3% in the second quarter. Whale Rock Capital Management LLC now owns 1,374,137 shares of the company’s stock worth $51,008,000 after buying an additional 231,953 shares in the last quarter. 90.88% of the stock is owned by institutional investors.
Fabrinet Company Profile
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of complex 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 entire 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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