Brokerages Expect Fabrinet (NYSE:FN) Will Post Quarterly Sales of $363.69 Million
Equities research analysts expect Fabrinet (NYSE:FN) to report $363.69 million in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Fabrinet’s earnings. The lowest sales estimate is $362.76 million and the highest is $366.00 million. Fabrinet posted sales of $276.39 million during the same quarter last year, which would indicate a positive year over year growth rate of 31.6%. The business is expected to announce its next earnings results after the market closes on Monday, August 21st.
According to Zacks, analysts expect that Fabrinet will report full year sales of $363.69 million for the current year, with estimates ranging from $1.41 billion to $1.42 billion. For the next fiscal year, analysts expect that the firm will post sales of $1.56 billion per share, with estimates ranging from $1.52 billion to $1.60 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Fabrinet.
A number of brokerages have commented on FN. ValuEngine cut Fabrinet from a “buy” rating to a “hold” rating in a research note on Monday. B. Riley reaffirmed a “buy” rating and issued a $44.75 price target on shares of Fabrinet in a research note on Monday, May 15th. Zacks Investment Research raised Fabrinet from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Piper Jaffray Companies reaffirmed an “overweight” rating on shares of Fabrinet in a research note on Wednesday, May 10th. Finally, J P Morgan Chase & Co set a $57.00 target price on Fabrinet and gave the company a “buy” rating in a research note on Thursday, June 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $52.46.
In related news, CEO David T. Mitchell sold 52,500 shares of Fabrinet 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.30% of the company’s stock.
Several large investors have recently added to or reduced their stakes in FN. State Street Corp raised its stake in Fabrinet by 5.8% in the second quarter. State Street Corp now owns 859,659 shares of the technology company’s stock valued at $36,676,000 after buying an additional 47,397 shares in the last quarter. Dana Investment Advisors Inc. raised its stake in Fabrinet by 2.2% in the second quarter. Dana Investment Advisors Inc. now owns 55,751 shares of the technology company’s stock valued at $2,378,000 after buying an additional 1,176 shares in the last quarter. Legion Partners Asset Management LLC purchased a new stake in Fabrinet during the second quarter valued at $21,365,000. Divisar Capital Management LLC purchased a new stake in Fabrinet during the second quarter valued at $5,671,000. Finally, Flinton Capital Management LLC raised its stake in Fabrinet by 62.7% in the second quarter. Flinton Capital Management LLC now owns 3,706 shares of the technology company’s stock valued at $158,000 after buying an additional 1,428 shares in the last quarter. Institutional investors own 95.10% of the company’s stock.
Fabrinet (NYSE:FN) opened at 42.18 on Tuesday. The firm has a market cap of $1.57 billion, a P/E ratio of 17.73 and a beta of 1.08. The stock has a 50 day moving average price of $44.00 and a 200 day moving average price of $40.81. Fabrinet has a 1-year low of $31.97 and a 1-year high of $49.63.
Fabrinet Company Profile
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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