Fabrinet (FN) Given Average Recommendation of “Buy” by Brokerages

Shares of Fabrinet (NYSE:FN) have been given an average recommendation of “Buy” by the nine ratings firms that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $39.30.

A number of research analysts have commented on FN shares. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Fabrinet in a research report on Friday, November 10th. ValuEngine cut shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Northland Securities set a $37.00 target price on shares of Fabrinet and gave the company a “buy” rating in a research report on Monday, January 29th. JPMorgan Chase & Co. cut shares of Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 target price on the stock. in a research report on Tuesday, November 7th. Finally, B. Riley decreased their target price on shares of Fabrinet from $46.50 to $42.50 and set a “buy” rating on the stock in a research report on Friday, November 3rd.

In other news, insider David T. Mitchell sold 8,600 shares of the stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $30.02, for a total transaction of $258,172.00. Following the sale, the insider now owns 111,057 shares of the company’s stock, valued at $3,333,931.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David T. Mitchell sold 69,801 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $30.02, for a total transaction of $2,095,426.02. Following the sale, the insider now directly owns 111,057 shares in the company, valued at approximately $3,333,931.14. The disclosure for this sale can be found here. Insiders have sold 128,401 shares of company stock worth $3,900,098 in the last three months. Corporate insiders own 3.30% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Flinton Capital Management LLC lifted its position in shares of Fabrinet by 62.7% during the second quarter. Flinton Capital Management LLC now owns 3,706 shares of the technology company’s stock worth $158,000 after purchasing an additional 1,428 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Fabrinet during the third quarter worth approximately $161,000. Russell Investments Group Ltd. increased its stake in shares of Fabrinet by 139.7% during the third quarter. Russell Investments Group Ltd. now owns 4,821 shares of the technology company’s stock worth $179,000 after buying an additional 2,810 shares during the period. Invictus RG purchased a new stake in shares of Fabrinet during the fourth quarter worth approximately $194,000. Finally, Miles Capital Inc. purchased a new stake in shares of Fabrinet during the fourth quarter worth approximately $219,000. 94.25% of the stock is currently owned by institutional investors and hedge funds.

Fabrinet (NYSE FN) opened at $28.66 on Wednesday. Fabrinet has a 1 year low of $24.02 and a 1 year high of $49.63. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.84 and a quick ratio of 1.99. The company has a market cap of $1,080.00, a PE ratio of 12.20, a price-to-earnings-growth ratio of 1.16 and a beta of 0.75.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, February 5th. The technology company reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.02. Fabrinet had a net margin of 6.24% and a return on equity of 12.96%. The company had revenue of $337.10 million for the quarter, compared to analysts’ expectations of $329.41 million. During the same quarter in the prior year, the company posted $0.91 earnings per share. Fabrinet’s revenue for the quarter was down 4.0% compared to the same quarter last year. equities research analysts forecast that Fabrinet will post 2.12 EPS for the current fiscal year.

Fabrinet announced that its Board of Directors has initiated a stock buyback program on Monday, February 5th that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the technology company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

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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.

Analyst Recommendations for Fabrinet (NYSE:FN)

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