Fabrinet (FN) Given Average Recommendation of “Buy” by Brokerages
Fabrinet (NYSE:FN) has earned an average rating of “Buy” from the six research firms that are covering the stock. One research analyst has rated the stock with a sell recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $50.69.
Several research analysts have commented on FN shares. B. Riley reiterated a “buy” rating and set a $44.75 price target on shares of Fabrinet in a report on Monday. Piper Jaffray Companies reiterated an “overweight” rating on shares of Fabrinet in a report on Wednesday, May 10th. Needham & Company LLC restated a “strong-buy” rating and issued a $56.00 target price on shares of Fabrinet in a report on Tuesday, May 9th. Zacks Investment Research cut shares of Fabrinet from a “hold” rating to a “sell” rating in a report on Tuesday, May 2nd. Finally, Stifel Nicolaus upped their target price on shares of Fabrinet from $50.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, February 7th.
Shares of Fabrinet (NYSE:FN) traded up 0.84% during mid-day trading on Monday, reaching $35.84. 115,347 shares of the company’s stock traded hands. The company has a market cap of $1.34 billion, a P/E ratio of 15.07 and a beta of 1.50. Fabrinet has a 12-month low of $31.59 and a 12-month high of $49.63. The company’s 50 day moving average is $38.09 and its 200 day moving average is $40.44.
Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, May 8th. The technology company reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by $0.17. The company had revenue of $366.80 million during the quarter, compared to analysts’ expectations of $362.07 million. Fabrinet had a net margin of 7.32% and a return on equity of 15.24%. Fabrinet’s revenue was up 46.1% on a year-over-year basis. During the same period last year, the firm posted $0.56 earnings per share. On average, analysts predict that Fabrinet will post $3.37 EPS for the current fiscal year.
In related news, CEO David T. Mitchell sold 75,000 shares of the stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $41.33, for a total value of $3,099,750.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 225,000 shares of company stock worth $8,815,500. 4.30% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. BlackRock Group LTD increased its stake in Fabrinet by 21.5% in the third quarter. BlackRock Group LTD now owns 50,611 shares of the technology company’s stock worth $2,257,000 after buying an additional 8,958 shares during the last quarter. Rhumbline Advisers increased its stake in Fabrinet by 9.3% in the third quarter. Rhumbline Advisers now owns 44,104 shares of the technology company’s stock worth $1,967,000 after buying an additional 3,750 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in Fabrinet by 1.6% in the third quarter. TIAA CREF Investment Management LLC now owns 192,181 shares of the technology company’s stock worth $8,569,000 after buying an additional 3,046 shares during the last quarter. Teachers Advisors LLC increased its stake in Fabrinet by 10.5% in the third quarter. Teachers Advisors LLC now owns 63,057 shares of the technology company’s stock worth $2,812,000 after buying an additional 5,981 shares during the last quarter. Finally, BlackRock Inc. increased its stake in Fabrinet by 61.7% in the third quarter. BlackRock Inc. now owns 8,904 shares of the technology company’s stock worth $397,000 after buying an additional 3,397 shares during the last quarter. Institutional investors own 90.98% of the company’s stock.
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of 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 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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