Fabrinet (FN) Receives Consensus Rating of “Buy” from Brokerages
Shares of Fabrinet (NYSE:FN) have been assigned a consensus rating of “Buy” from the seven analysts that are currently covering the company. One equities research analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $48.46.
Several brokerages have recently commented on FN. B. Riley reaffirmed a “buy” rating and set a $52.75 price objective on shares of Fabrinet in a research note on Monday, August 22nd. Zacks Investment Research raised shares of Fabrinet from a “hold” rating to a “strong-buy” rating and set a $46.00 price objective for the company in a research note on Wednesday, August 17th. Needham & Company LLC upped their price objective on shares of Fabrinet from $48.00 to $54.00 and gave the company a “buy” rating in a research note on Tuesday, August 16th. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $50.00 price objective (up from $44.00) on shares of Fabrinet in a research note on Tuesday, August 16th. Finally, Stifel Nicolaus upped their price objective 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.
Fabrinet (NYSE:FN) traded down 7.61% during trading on Tuesday, reaching $42.01. The company’s stock had a trading volume of 638,312 shares. The company has a 50-day moving average of $42.34 and a 200 day moving average of $37.16. The firm has a market cap of $1.52 billion, a PE ratio of 25.01 and a beta of 0.65. Fabrinet has a one year low of $20.13 and a one year high of $46.50.
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Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, August 15th. The company reported $0.60 EPS for the quarter, meeting the consensus estimate of $0.60. The firm earned $276.40 million during the quarter, compared to the consensus estimate of $262.95 million. Fabrinet had a net margin of 6.34% and a return on equity of 13.07%. The company’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.40 earnings per share. Analysts expect that Fabrinet will post $2.02 EPS for the current fiscal year.
In related news, CEO David T. Mitchell sold 75,000 shares of the stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $39.02, for a total value of $2,926,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rollance E. Olson sold 5,000 shares of the stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $40.06, for a total transaction of $200,300.00. Following the completion of 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. 5.90% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in FN. Westpac Banking Corp acquired a new stake in shares of Fabrinet during the second quarter worth $34,998,000. Bank of New York Mellon Corp boosted its stake in shares of Fabrinet by 144.0% in the second quarter. Bank of New York Mellon Corp now owns 1,342,278 shares of the company’s stock worth $49,827,000 after buying an additional 792,108 shares during the period. Summit Partners Public Asset Management LLC acquired a new stake in shares of Fabrinet during the first quarter worth $10,999,000. FMR LLC boosted its stake in shares of 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 during the period. Finally, Braun Stacey Associates Inc. acquired a new stake in shares of Fabrinet during the second quarter worth $10,195,000. 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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