Fabrinet (FN) Cut to “Sell” at Zacks Investment Research
Fabrinet (NYSE:FN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
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 analysts have also recently issued research reports about the company. Needham & Company LLC increased their target price on Fabrinet from $48.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, August 16th. Stifel Nicolaus increased their target price on Fabrinet from $40.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, August 16th. B. Riley reissued a “buy” rating and set a $42.25 target price on shares of Fabrinet in a report on Friday, August 12th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Fabrinet in a report on Wednesday, July 20th. Finally, Piper Jaffray Cos. reissued an “overweight” rating and set a $50.00 target price on shares of Fabrinet in a report on Tuesday, September 6th. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. Fabrinet presently has a consensus rating of “Buy” and an average price target of $48.11.
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Shares of Fabrinet (NYSE:FN) traded down 8.09% during midday trading on Tuesday, hitting $41.79. The company had a trading volume of 986,049 shares. Fabrinet has a 12 month low of $20.13 and a 12 month high of $46.50. The company has a 50-day moving average of $42.39 and a 200-day moving average of $37.19. The company has a market capitalization of $1.51 billion, a PE ratio of 24.88 and a beta of 0.65.
Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, August 15th. The company reported $0.60 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.60. The company earned $276.40 million during the quarter, compared to analysts’ expectations of $262.95 million. Fabrinet had a return on equity of 13.07% and a net margin of 6.34%. Fabrinet’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.40 EPS. Analysts predict that Fabrinet will post $2.02 earnings per share for the current year.
In other Fabrinet news, CEO David T. Mitchell sold 75,000 shares of the firm’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $39.02, for a total transaction of $2,926,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rollance E. Olson sold 5,000 shares of the firm’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $40.06, for a total value of $200,300.00. Following the sale, the director now directly owns 44,829 shares of the company’s stock, valued at approximately $1,795,849.74. The disclosure for this sale can be found here. 5.90% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the company. Mason Street Advisors LLC acquired a new stake in Fabrinet during the second quarter valued at about $222,000. Royal Bank of Canada boosted its stake in Fabrinet by 32.5% in the second quarter. Royal Bank of Canada now owns 62,561 shares of the company’s stock valued at $2,322,000 after buying an additional 15,328 shares during the period. Braun Stacey Associates Inc. acquired a new stake in Fabrinet during the second quarter valued at about $10,195,000. Stifel Financial Corp acquired a new stake in Fabrinet during the second quarter valued at about $495,000. Finally, Arizona State Retirement System boosted its stake in Fabrinet by 1.9% in the second quarter. Arizona State Retirement System now owns 15,860 shares of the company’s stock valued at $589,000 after buying an additional 300 shares during the period. 90.82% 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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