Fabrinet (FN) Receives Average Rating of “Buy” from Brokerages
Fabrinet (NYSE:FN) has received an average recommendation of “Buy” from the nine research firms that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $49.38.
FN has been the topic of several analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Fabrinet in a research report on Tuesday, September 5th. Zacks Investment Research upgraded Fabrinet from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. ValuEngine upgraded Fabrinet from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Stifel Nicolaus reiterated a “buy” rating on shares of Fabrinet in a research report on Tuesday, August 22nd. Finally, BidaskClub downgraded Fabrinet from a “hold” rating to a “sell” rating in a research report on Monday, July 31st.
Fabrinet (NYSE:FN) opened at $32.25 on Monday. The firm has a market capitalization of $1,211.80, a price-to-earnings ratio of 12.55, a P/E/G ratio of 0.97 and a beta of 1.03. The company has a current ratio of 2.57, a quick ratio of 1.80 and a debt-to-equity ratio of 0.03. Fabrinet has a 52-week low of $31.20 and a 52-week high of $49.63.
Fabrinet (NYSE:FN) last released its 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 company had revenue of $370.50 million for the quarter, compared to analysts’ expectations 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 quarter last year, the firm posted $0.60 earnings per share. equities analysts anticipate that Fabrinet will post 2.78 EPS for the current fiscal year.
Fabrinet declared that its Board of Directors has approved a stock buyback plan on Monday, August 21st that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows 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 leadership believes its shares are undervalued.
In other news, Director Thomas F. Kelly sold 30,000 shares of the business’s stock in a transaction dated 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 $2,471,642.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David T. Mitchell sold 105,000 shares of the business’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $38.63, for a total value of $4,056,150.00. Following the completion of the transaction, the chief executive officer now owns 111,057 shares in the company, valued at $4,290,131.91. The disclosure for this sale can be found here. Insiders sold 207,500 shares of company stock worth $8,034,350 over the last 90 days. Company insiders own 3.30% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of Fabrinet by 0.4% in the second quarter. BlackRock Inc. now owns 4,328,966 shares of the technology company’s stock worth $184,673,000 after purchasing an additional 17,385 shares during the last quarter. FMR LLC increased its holdings in shares of Fabrinet by 31.8% in the second quarter. FMR LLC now owns 2,772,212 shares of the technology company’s stock worth $118,262,000 after purchasing an additional 669,201 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Fabrinet by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,027,764 shares of the technology company’s stock worth $86,506,000 after purchasing an additional 5,583 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Fabrinet by 4.8% in the second quarter. Vanguard Group Inc. now owns 1,984,041 shares of the technology company’s stock worth $84,640,000 after purchasing an additional 90,477 shares during the last quarter. Finally, Congress Asset Management Co. MA increased its holdings in shares of Fabrinet by 23.6% in 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 purchasing an additional 330,178 shares during the last quarter. Institutional investors and hedge funds own 94.59% of the company’s stock.
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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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