$331.48 Million in Sales Expected for Fabrinet (FN) This Quarter
Equities analysts predict that Fabrinet (NYSE:FN) will announce sales of $331.48 million for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Fabrinet’s earnings, with estimates ranging from $330.00 million to $333.00 million. Fabrinet reported sales of $351.16 million in the same quarter last year, which indicates a negative year over year growth rate of 5.6%. The business is expected to report its next earnings results on Monday, February 5th.
According to Zacks, analysts expect that Fabrinet will report full year sales of $331.48 million for the current fiscal year, with estimates ranging from $1.37 billion to $1.42 billion. For the next fiscal year, analysts expect that the firm will report sales of $1.53 billion per share, with estimates ranging from $1.51 billion to $1.57 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Fabrinet.
A number of research analysts recently issued reports on FN shares. Piper Jaffray Companies restated a “buy” rating on shares of Fabrinet in a research report on Friday, November 10th. Zacks Investment Research lowered Fabrinet from a “hold” rating to a “sell” rating in a research report on Friday, November 10th. Needham & Company LLC reduced their price target on Fabrinet from $60.00 to $45.00 and set a “strong-buy” rating for the company in a research report on Tuesday, November 7th. J P Morgan Chase & Co lowered Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 price target for the company. in a research report on Tuesday, November 7th. Finally, B. Riley dropped their price objective on Fabrinet from $46.50 to $42.50 and set a “buy” rating on the stock in a research note on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $46.42.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. BT Investment Management Ltd acquired a new position in Fabrinet in the 2nd quarter valued at approximately $38,212,000. FMR LLC raised its holdings in shares of Fabrinet by 31.8% during the second quarter. FMR LLC now owns 2,772,212 shares of the technology company’s stock valued at $118,262,000 after purchasing an additional 669,201 shares during the last quarter. Legion Partners Asset Management LLC purchased a new position in shares of Fabrinet during the second quarter valued at approximately $21,365,000. Royce & Associates LP raised its holdings in shares of Fabrinet by 39.9% during the second quarter. Royce & Associates LP now owns 1,396,450 shares of the technology company’s stock valued at $59,573,000 after purchasing an additional 398,535 shares during the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of Fabrinet by 193.4% during the second quarter. Royal Bank of Canada now owns 509,613 shares of the technology company’s stock valued at $21,740,000 after purchasing an additional 335,929 shares during the last quarter. Hedge funds and other institutional investors own 94.65% of the company’s stock.
Shares of Fabrinet (NYSE FN) traded down $0.04 on Thursday, hitting $30.77. The stock had a trading volume of 229,200 shares, compared to its average volume of 666,083. The firm has a market cap of $1,158.11, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 1.16 and a beta of 0.99. The company has a current ratio of 2.70, a quick ratio of 1.85 and a debt-to-equity ratio of 0.03. Fabrinet has a one year low of $28.60 and a one year high of $49.63.
Fabrinet announced that its Board of Directors has initiated a share repurchase program on Monday, August 21st that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 21% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
TRADEMARK VIOLATION WARNING: This article was originally published by American Banking News and is the property of of American Banking News. If you are viewing this article on another publication, it was illegally copied and reposted in violation of United States and international copyright & trademark laws. The original version of this article can be read at https://www.americanbankingnews.com/2017/12/07/331-48-million-in-sales-expected-for-fabrinet-fn-this-quarter.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Fabrinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fabrinet and related companies with MarketBeat.com's FREE daily email newsletter.