Fabrinet (NYSE:FN)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a report released on Thursday.

Other equities research analysts have also issued research reports about the company. B. Riley reaffirmed a “buy” rating and issued a $46.50 price target on shares of Fabrinet in a research report on Wednesday, August 23rd. ValuEngine raised Fabrinet from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Stifel Nicolaus reissued a “buy” rating and set a $48.00 target price on shares of Fabrinet in a research report on Friday, July 14th. Northland Securities set a $50.00 target price on Fabrinet and gave the stock a “buy” rating in a research report on Tuesday, August 22nd. Finally, Zacks Investment Research raised Fabrinet from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $51.58.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, August 21st. The technology company reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.11). The company had revenue of $370.50 million during the quarter, compared to analyst estimates of $363.41 million. Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. Fabrinet’s revenue for the quarter was up 34.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.60 EPS.

Fabrinet declared that its board has approved a stock repurchase program on Monday, August 21st that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 21% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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In other Fabrinet news, CFO Toh-Seng Ng sold 22,500 shares of Fabrinet stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $39.00, for a total transaction of $877,500.00. Following the transaction, the chief financial officer now owns 201,749 shares of the company’s stock, valued at $7,868,211. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Thomas F. Kelly sold 30,000 shares of Fabrinet stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $38.24, for a total value of $1,147,200.00. Following the transaction, the director now directly owns 64,635 shares in the company, valued at approximately $2,471,642.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 207,500 shares of company stock worth $8,034,350. 4.30% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in Fabrinet by 0.4% during the second quarter. BlackRock Inc. now owns 4,328,966 shares of the technology company’s stock worth $184,673,000 after buying an additional 17,385 shares during the period. FMR LLC increased its position in Fabrinet by 31.8% during the second quarter. FMR LLC now owns 2,772,212 shares of the technology company’s stock worth $118,262,000 after buying an additional 669,201 shares during the period. Dimensional Fund Advisors LP increased its position in Fabrinet by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,027,764 shares of the technology company’s stock worth $86,506,000 after buying an additional 5,583 shares during the period. Vanguard Group Inc. increased its position in Fabrinet by 4.8% during the second quarter. Vanguard Group Inc. now owns 1,984,041 shares of the technology company’s stock worth $84,640,000 after buying an additional 90,477 shares during the period. Finally, Congress Asset Management Co. MA increased its position in Fabrinet by 23.6% during the second quarter. Congress Asset Management Co. MA now owns 1,727,179 shares of the technology company’s stock worth $73,681,000 after buying an additional 330,178 shares during the period. 93.84% of the stock is currently owned by institutional investors.

About Fabrinet

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.

Analyst Recommendations for Fabrinet (NYSE:FN)

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