Fabrinet (FN) Stock Rating Upgraded by BidaskClub
Fabrinet (NYSE:FN) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued to investors on Sunday.
FN has been the topic of several other reports. B. Riley reaffirmed a “buy” rating and issued a $44.75 price target on shares of Fabrinet in a research report on Monday, May 15th. Zacks Investment Research raised Fabrinet from a “sell” rating to a “hold” rating in a research report on Wednesday. Piper Jaffray Companies reaffirmed an “overweight” rating on shares of Fabrinet in a research report on Wednesday, May 10th. J P Morgan Chase & Co set a $57.00 price target on Fabrinet and gave the stock a “buy” rating in a research report on Thursday, June 1st. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $48.00 price target on shares of Fabrinet in a research report on Friday. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $52.46.
Fabrinet (FN) traded up 0.45% during mid-day trading on Friday, hitting $44.98. 561,635 shares of the stock were exchanged. Fabrinet has a one year low of $31.97 and a one year high of $49.63. The company has a market cap of $1.68 billion, a P/E ratio of 18.91 and a beta of 1.08. The company has a 50-day moving average price of $37.95 and a 200-day moving average price of $39.72.
Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, May 8th. The technology company reported $0.57 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by $0.17. The business had revenue of $366.80 million during the quarter, compared to the consensus estimate of $362.07 million. Fabrinet had a return on equity of 14.95% and a net margin of 6.74%. The business’s quarterly revenue was up 46.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.56 earnings per share. On average, analysts predict that Fabrinet will post $3.36 earnings per share for the current fiscal year.
In other news, CEO David T. Mitchell sold 52,500 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $41.22, for a total transaction of $2,164,050.00. Following the sale, the chief executive officer now directly owns 42,631 shares in the company, valued at $1,757,249.82. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO David T. Mitchell sold 75,000 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $34.73, for a total value of $2,604,750.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 180,000 shares of company stock worth $6,712,350. 4.30% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC boosted its stake in Fabrinet by 1.9% in the first quarter. Tower Research Capital LLC TRC now owns 2,608 shares of the technology company’s stock worth $110,000 after buying an additional 48 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Fabrinet by 2.0% in the first quarter. State of Alaska Department of Revenue now owns 4,080 shares of the technology company’s stock worth $171,000 after buying an additional 80 shares during the period. Meridian Wealth Management LLC boosted its stake in shares of Fabrinet by 1.7% in the first quarter. Meridian Wealth Management LLC now owns 7,571 shares of the technology company’s stock worth $318,000 after buying an additional 125 shares during the period. Suffolk Capital Management LLC boosted its stake in shares of Fabrinet by 0.4% in the first quarter. Suffolk Capital Management LLC now owns 35,997 shares of the technology company’s stock worth $1,513,000 after buying an additional 139 shares during the period. Finally, Bragg Financial Advisors Inc boosted its stake in shares of Fabrinet by 0.3% in the first quarter. Bragg Financial Advisors Inc now owns 48,295 shares of the technology company’s stock worth $2,030,000 after buying an additional 140 shares during the period. Institutional investors and hedge funds own 94.27% 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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