Zacks Investment Research Upgrades Fabrinet (FN) to “Hold”
Fabrinet (NYSE:FN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday.
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. “
A number of other research analysts have also commented on FN. JPMorgan Chase & Co. reissued a “buy” rating on shares of Fabrinet in a report on Wednesday, July 20th. Needham & Company LLC increased their price objective on Fabrinet from $45.00 to $48.00 and gave the company a “buy” rating in a report on Monday, July 25th. B. Riley reissued a “buy” rating and set a $42.25 price objective on shares of Fabrinet in a report on Friday, August 12th. Stifel Nicolaus increased their price objective on Fabrinet from $40.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, August 16th. Finally, Piper Jaffray Cos. reissued an “overweight” rating and set a $50.00 price objective (up previously from $44.00) on shares of Fabrinet in a report on Tuesday, August 16th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $48.11.
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Shares of Fabrinet (NYSE:FN) traded up 0.73% during midday trading on Monday, hitting $41.60. The stock had a trading volume of 226,008 shares. The firm has a market cap of $1.51 billion, a PE ratio of 24.76 and a beta of 0.65. The firm has a 50-day moving average of $42.64 and a 200 day moving average of $37.46. Fabrinet has a 12-month low of $20.62 and a 12-month high of $46.50.
Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, August 15th. The company reported $0.60 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.60. The business had revenue of $276.40 million for the quarter, compared to analyst estimates of $262.95 million. Fabrinet had a return on equity of 13.07% and a net margin of 6.34%. The firm’s revenue for the quarter was up 33.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.40 EPS. On average, analysts expect 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 that occurred on Thursday, September 1st. The stock was sold at an average price of $39.02, for a total value of $2,926,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Rollance E. Olson sold 5,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now 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 company insiders.
Several hedge funds have recently made changes to their positions in FN. Creative Planning increased its stake in shares of Fabrinet by 49.5% in the third quarter. Creative Planning now owns 2,810 shares of the company’s stock worth $125,000 after buying an additional 930 shares in the last quarter. PineBridge Investments L.P. increased its stake in shares of Fabrinet by 4.1% in the second quarter. PineBridge Investments L.P. now owns 3,886 shares of the company’s stock worth $144,000 after buying an additional 154 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of Fabrinet by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 4,223 shares of the company’s stock worth $157,000 after buying an additional 511 shares in the last quarter. Advisor Group Inc. purchased a new stake in shares of Fabrinet during the second quarter worth approximately $159,000. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Fabrinet during the third quarter worth approximately $201,000. Institutional investors own 90.80% 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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