Fabrinet (FN) Downgraded by Zacks Investment Research to Sell
Fabrinet (NYSE:FN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors 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. “
Several other equities research analysts have also commented on the stock. Needham & Company LLC restated a “buy” rating and issued a $54.00 price target on shares of Fabrinet in a research note on Monday, September 19th. Piper Jaffray Cos. restated an “overweight” rating and issued a $50.00 price target (up previously from $44.00) on shares of Fabrinet in a research note on Tuesday, August 16th. JPMorgan Chase & Co. restated a “buy” rating on shares of Fabrinet in a research note on Wednesday, July 20th. Stifel Nicolaus raised their price target on shares of Fabrinet from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, August 16th. Finally, B. Riley reiterated a “buy” rating and set a $52.75 price objective on shares of Fabrinet in a research note on Monday, August 22nd. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $48.11.
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Fabrinet (NYSE:FN) traded down 8.09% during midday trading on Tuesday, reaching $41.79. The company had a trading volume of 986,049 shares. The company has a market capitalization of $1.51 billion, a P/E ratio of 24.88 and a beta of 0.65. Fabrinet has a 52-week low of $20.13 and a 52-week high of $46.50. The company’s 50 day moving average is $42.39 and its 200-day moving average is $37.19.
Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, August 15th. The company reported $0.60 EPS for the quarter, meeting the consensus estimate of $0.60. Fabrinet had a net margin of 6.34% and a return on equity of 13.07%. The company had revenue of $276.40 million for the quarter, compared to analyst estimates of $262.95 million. During the same quarter last year, the business earned $0.40 earnings per share. Fabrinet’s revenue was up 33.8% compared to the same quarter last year. Equities analysts expect that Fabrinet will post $2.02 earnings per share for the current fiscal year.
In other Fabrinet news, Director Rollance E. Olson sold 5,000 shares of Fabrinet stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $40.06, for a total value of $200,300.00. Following the transaction, the director now owns 44,829 shares in the company, valued at $1,795,849.74. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO David T. Mitchell sold 75,000 shares of Fabrinet stock in a transaction that occurred 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 disclosure for this sale can be found here. 5.90% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. PineBridge Investments L.P. raised its position in Fabrinet by 4.1% in the second quarter. PineBridge Investments L.P. now owns 3,886 shares of the company’s stock valued at $144,000 after buying an additional 154 shares during the period. Riverhead Capital Management LLC acquired a new position in Fabrinet during the first quarter valued at about $148,000. Teacher Retirement System of Texas raised its position in Fabrinet by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 4,223 shares of the company’s stock valued at $157,000 after buying an additional 511 shares during the period. Advisor Group Inc. acquired a new position in Fabrinet during the second quarter valued at about $159,000. Finally, BlackRock Inc. raised its position in Fabrinet by 123.5% in the second quarter. BlackRock Inc. now owns 5,507 shares of the company’s stock valued at $204,000 after buying an additional 3,043 shares during the period. Hedge funds and other institutional investors own 90.82% of the company’s stock.
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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