Fabrinet (FN) Given Consensus Recommendation of “Hold” by Analysts
Fabrinet (NYSE:FN) has been assigned an average rating of “Hold” from the nine ratings firms that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $52.30.
A number of analysts have commented on the stock. J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $54.00 target price (down from $57.00) on shares of Fabrinet in a report on Tuesday, August 22nd. ValuEngine cut shares of Fabrinet from a “buy” rating to a “hold” rating in a report on Monday, August 14th. Stifel Nicolaus reaffirmed a “buy” rating on shares of Fabrinet in a report on Tuesday, August 22nd. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Fabrinet in a research note on Tuesday, September 5th. Finally, Zacks Investment Research raised shares of Fabrinet from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th.
In related news, CFO Toh-Seng Ng sold 22,500 shares of the company’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $39.00, for a total transaction of $877,500.00. Following the completion of the transaction, the chief financial officer now owns 201,749 shares in the company, valued at $7,868,211. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Thomas F. Kelly sold 30,000 shares of the company’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $38.24, for a total transaction of $1,147,200.00. Following the transaction, the director now owns 64,635 shares of the company’s stock, valued at approximately $2,471,642.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 207,500 shares of company stock valued at $8,034,350. Corporate insiders own 4.30% of the company’s stock.
Large investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC boosted its position in shares of Fabrinet by 1.9% during the first quarter. Tower Research Capital LLC TRC now owns 2,608 shares of the technology company’s stock worth $110,000 after acquiring an additional 48 shares during the last quarter. Quantbot Technologies LP boosted its position in shares of Fabrinet by 55.0% during the first quarter. Quantbot Technologies LP now owns 2,755 shares of the technology company’s stock worth $115,000 after acquiring an additional 978 shares during the last quarter. YorkBridge Wealth Partners LLC boosted its position in shares of Fabrinet by 14.1% during the second quarter. YorkBridge Wealth Partners LLC now owns 2,727 shares of the technology company’s stock worth $117,000 after acquiring an additional 338 shares during the last quarter. Riverhead Capital Management LLC boosted its position in shares of Fabrinet by 68.5% during the second quarter. Riverhead Capital Management LLC now owns 2,864 shares of the technology company’s stock worth $122,000 after acquiring an additional 1,164 shares during the last quarter. Finally, Ameritas Investment Partners Inc. bought a new position in shares of Fabrinet during the first quarter worth $127,000. Hedge funds and other institutional investors own 93.84% of the company’s stock.
Fabrinet (FN) opened at 37.02 on Thursday. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of 14.40 and a beta of 1.15. The company has a 50-day moving average of $37.66 and a 200-day moving average of $39.34. Fabrinet has a 1-year low of $31.97 and a 1-year high of $49.63.
Fabrinet (NYSE:FN) last announced its earnings results on Monday, August 21st. The technology company reported $0.72 EPS for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.11). Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. The business had revenue of $370.50 million for the quarter, compared to analysts’ expectations of $363.41 million. During the same period in the prior year, the company posted $0.60 earnings per share. The firm’s quarterly revenue was up 34.0% on a year-over-year basis. Analysts anticipate that Fabrinet will post $3.46 earnings per share for the current fiscal year.
Fabrinet announced that its Board of Directors has initiated a share buyback program on Monday, August 21st that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 21% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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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