Fabrinet (FN) Given Average Rating of “Hold” by Brokerages
Shares of Fabrinet (NYSE:FN) have been given an average recommendation of “Hold” by the nine research firms that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $52.30.
Several analysts have recently weighed in on the company. B. Riley restated a “buy” rating and set a $46.50 price target on shares of Fabrinet in a report on Wednesday, August 23rd. ValuEngine cut Fabrinet from a “buy” rating to a “hold” rating in a report on Monday, August 14th. Northland Securities set a $50.00 price target on Fabrinet and gave the stock a “buy” rating in a report on Tuesday, August 22nd. Piper Jaffray Companies restated an “overweight” rating and set a $51.00 price target (down from $55.00) on shares of Fabrinet in a report on Tuesday, August 22nd. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and issued a $54.00 target price (down from $57.00) on shares of Fabrinet in a report on Tuesday, August 22nd.
Fabrinet (NYSE FN) opened at 37.81 on Friday. Fabrinet has a 52-week low of $31.97 and a 52-week high of $49.63. The firm has a market capitalization of $1.41 billion, a P/E ratio of 14.71 and a beta of 1.14. The firm’s 50-day moving average is $40.23 and its 200-day moving average is $39.91.
Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, August 21st. The technology company reported $0.72 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.11). The firm had revenue of $370.50 million for the quarter, compared to the consensus estimate of $363.41 million. Fabrinet had a return on equity of 15.32% and a net margin of 6.84%. The business’s revenue for the quarter was up 34.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 earnings per share. On average, equities analysts expect that Fabrinet will post $3.46 earnings per share for the current year.
Fabrinet announced that its Board of Directors has approved a stock buyback plan on Monday, August 21st that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 21% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In other Fabrinet 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 value of $2,164,050.00. Following the transaction, the chief executive officer now directly owns 42,631 shares of the company’s stock, valued at $1,757,249.82. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thomas F. Kelly sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $38.24, for a total value of $1,147,200.00. Following the completion of the transaction, the director now directly owns 64,635 shares in the company, valued at $2,471,642.40. The disclosure for this sale can be found here. Insiders sold 260,000 shares of company stock worth $10,198,400 over the last quarter. 4.30% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Schwab Charles Investment Management Inc. lifted its stake in Fabrinet by 7.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 200,746 shares of the technology company’s stock valued at $8,438,000 after buying an additional 14,706 shares during the period. Karp Capital Management Corp acquired a new position in Fabrinet in the first quarter valued at approximately $237,000. Argent Capital Management LLC lifted its stake in Fabrinet by 72.5% in the first quarter. Argent Capital Management LLC now owns 148,035 shares of the technology company’s stock valued at $6,222,000 after buying an additional 62,235 shares during the period. Prudential Financial Inc. lifted its stake in Fabrinet by 0.4% in the first quarter. Prudential Financial Inc. now owns 64,329 shares of the technology company’s stock valued at $2,704,000 after buying an additional 270 shares during the period. Finally, Suffolk Capital Management LLC lifted its stake in Fabrinet by 0.4% in the first quarter. Suffolk Capital Management LLC now owns 35,997 shares of the technology company’s stock valued at $1,513,000 after buying an additional 139 shares during the period. 93.93% of the stock is currently owned by hedge funds and other institutional investors.
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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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