Fabrinet (FN) Upgraded to Hold by Zacks Investment Research
Fabrinet (NYSE:FN) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Fabrinet provides precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, industrial lasers and sensors. The Company offers a broad range of advanced optical capabilities across the entire manufacturing process, including process engineering, design for manufacturability, supply chain management, manufacturing, final assembly and test. Fabrinet manufactures, assembles, and tests products for customers at its main manufacturing facilities in Bangkok, Thailand. The Company designs and manufactures its own bulk optical materials and components at its facilities in Fuzhou, the People’s Republic of China, and New Jersey, USA. “
Other analysts have also recently issued research reports about the company. Stifel Nicolaus reiterated a “buy” rating and set a $48.00 target price on shares of Fabrinet in a research report on Friday, July 14th. ValuEngine upgraded Fabrinet from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Northland Securities set a $50.00 price target on Fabrinet and gave the company a “buy” rating in a research report on Tuesday, August 22nd. B. Riley restated a “buy” rating and issued a $44.75 price target on shares of Fabrinet in a research report on Friday, August 18th. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Fabrinet in a research report on Tuesday, September 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $51.58.
Fabrinet (NYSE FN) traded up 0.46% during mid-day trading on Tuesday, reaching $37.09. The company’s stock had a trading volume of 234,000 shares. The firm has a market cap of $1.39 billion, a PE ratio of 14.43 and a beta of 1.15. Fabrinet has a one year low of $31.97 and a one year high of $49.63. The stock’s 50 day moving average is $37.18 and its 200 day moving average is $39.01.
Fabrinet (NYSE:FN) last posted 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 return on equity of 15.32% and a net margin of 6.84%. The firm had revenue of $370.50 million for the quarter, compared to analyst estimates of $363.41 million. During the same quarter last year, the firm posted $0.60 EPS. The firm’s revenue for the quarter was up 34.0% on a year-over-year basis. On average, analysts anticipate that Fabrinet will post $3.46 EPS for the current year.
Fabrinet declared that its Board of Directors has initiated 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 buy up to 21% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
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In other Fabrinet news, CEO David T. Mitchell sold 105,000 shares of Fabrinet stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $38.63, for a total value of $4,056,150.00. Following the sale, the chief executive officer now owns 111,057 shares of the company’s stock, valued at approximately $4,290,131.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas F. Kelly sold 30,000 shares of Fabrinet 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 sale, 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. Insiders sold a total of 207,500 shares of company stock worth $8,034,350 in the last 90 days. 4.30% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in FN. BlackRock Inc. boosted its holdings in Fabrinet by 60,498.5% in the 1st quarter. BlackRock Inc. now owns 4,311,581 shares of the technology company’s stock valued at $181,218,000 after purchasing an additional 4,304,466 shares in the last quarter. Congress Asset Management Co. MA purchased a new stake in Fabrinet in the 1st quarter valued at approximately $58,716,000. Westpac Banking Corp purchased a new stake in Fabrinet in the 2nd quarter valued at approximately $34,998,000. BT Investment Management Ltd purchased a new stake in Fabrinet in the 2nd quarter valued at approximately $38,212,000. Finally, Bank of New York Mellon Corp boosted its holdings in Fabrinet by 144.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,342,278 shares of the technology company’s stock valued at $49,827,000 after purchasing an additional 792,108 shares in the last quarter. 93.56% of the stock is currently owned by institutional investors.
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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