B. Riley Reaffirms “Buy” Rating for Fabrinet (FN)
Fabrinet (NYSE:FN)‘s stock had its “buy” rating reiterated by research analysts at B. Riley in a report released on Friday. They presently have a $44.75 target price on the technology company’s stock. B. Riley’s target price indicates a potential upside of 10.38% from the stock’s previous close.
FN has been the subject of several other reports. ValuEngine cut shares of Fabrinet from a “buy” rating to a “hold” rating in a research note on Monday. Zacks Investment Research raised shares of 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. J P Morgan Chase & Co set a $57.00 price target on shares of Fabrinet and gave the stock a “buy” rating in a research note on Thursday, June 1st. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $48.00 price target on shares of Fabrinet in a research note on Friday, July 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $52.46.
Shares of Fabrinet (FN) opened at 40.54 on Friday. The firm has a market capitalization of $1.51 billion, a PE ratio of 17.04 and a beta of 1.08. The firm has a 50-day moving average of $43.72 and a 200-day moving average of $40.82. Fabrinet has a 1-year low of $31.97 and a 1-year high of $49.63.
In other Fabrinet news, CEO David T. Mitchell sold 52,500 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 42,631 shares of the company’s stock, valued at approximately $1,757,249.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.30% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Fenimore Asset Management boosted its position in Fabrinet by 0.4% in the fourth quarter. Fenimore Asset Management now owns 536,356 shares of the technology company’s stock valued at $12,776,000 after buying an additional 2,000 shares during the last quarter. Robeco Institutional Asset Management B.V. acquired a new position in Fabrinet during the fourth quarter worth about $2,019,000. EAM Investors LLC acquired a new position in Fabrinet during the fourth quarter worth about $1,007,000. New York State Common Retirement Fund boosted its position in Fabrinet by 2.7% in the fourth quarter. New York State Common Retirement Fund now owns 71,953 shares of the technology company’s stock worth $1,714,000 after buying an additional 1,900 shares in the last quarter. Finally, Timpani Capital Management LLC acquired a new position in Fabrinet during the fourth quarter worth about $3,058,000. 95.10% of the stock is owned by institutional investors and hedge funds.
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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