Q2 2020 EPS Estimates for Fabrinet Decreased by B. Riley (NYSE:FN)

Fabrinet (NYSE:FN) – B. Riley dropped their Q2 2020 earnings per share (EPS) estimates for Fabrinet in a note issued to investors on Tuesday, November 5th. B. Riley analyst D. Kang now forecasts that the technology company will post earnings per share of $0.77 for the quarter, down from their previous forecast of $0.83. B. Riley also issued estimates for Fabrinet’s Q3 2020 earnings at $0.79 EPS, Q4 2020 earnings at $0.86 EPS, FY2020 earnings at $3.17 EPS, Q1 2021 earnings at $0.88 EPS, Q2 2021 earnings at $0.92 EPS, Q3 2021 earnings at $0.87 EPS, Q4 2021 earnings at $0.92 EPS and FY2021 earnings at $3.57 EPS.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, November 4th. The technology company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.14. The company had revenue of $399.00 million for the quarter, compared to analyst estimates of $390.30 million. Fabrinet had a return on equity of 14.48% and a net margin of 7.41%. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.92 earnings per share.

Several other equities analysts also recently issued reports on FN. ValuEngine upgraded shares of Fabrinet from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. began coverage on shares of Fabrinet in a research note on Monday, July 29th. They issued a “neutral” rating and a $57.00 price objective for the company. TD Securities upped their price objective on shares of Fabrinet from $41.00 to $42.00 and gave the company a “hold” rating in a research note on Thursday, October 31st. Northland Securities upgraded shares of Fabrinet from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $44.00 to $57.00 in a research note on Monday, September 30th. Finally, National Bank Financial upped their target price on shares of Fabrinet from $32.00 to $38.00 and gave the company a “sector perform” rating in a report on Tuesday, October 29th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $57.25.

Shares of FN stock traded up $1.55 on Friday, reaching $58.79. 226,281 shares of the stock were exchanged, compared to its average volume of 395,082. The company has a current ratio of 3.25, a quick ratio of 2.33 and a debt-to-equity ratio of 0.06. The business’s 50 day moving average price is $53.14 and its 200 day moving average price is $52.18. The company has a market capitalization of $2.13 billion, a price-to-earnings ratio of 17.55 and a beta of 1.03. Fabrinet has a twelve month low of $42.33 and a twelve month high of $62.31.

In related news, Director David T. Mitchell sold 30,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $50.03, for a total transaction of $1,500,900.00. Following the completion of the transaction, the director now directly owns 27,402 shares of the company’s stock, valued at $1,370,922.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Seamus Grady sold 6,082 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $57.19, for a total transaction of $347,829.58. Following the transaction, the chief executive officer now directly owns 105,597 shares of the company’s stock, valued at $6,039,092.43. The disclosure for this sale can be found here. Insiders have sold 106,288 shares of company stock valued at $5,683,500 over the last three months. 1.00% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Dalton Greiner Hartman Maher & Co. purchased a new position in Fabrinet in the second quarter valued at about $4,848,000. Municipal Employees Retirement System of Michigan increased its holdings in Fabrinet by 28.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 13,850 shares of the technology company’s stock valued at $688,000 after buying an additional 3,050 shares in the last quarter. Royal Bank of Canada increased its holdings in Fabrinet by 17.8% in the second quarter. Royal Bank of Canada now owns 410,788 shares of the technology company’s stock valued at $20,395,000 after buying an additional 61,930 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings in Fabrinet by 16.9% in the second quarter. UBS Asset Management Americas Inc. now owns 32,145 shares of the technology company’s stock valued at $1,597,000 after buying an additional 4,641 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Fabrinet by 3.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 292,968 shares of the technology company’s stock valued at $14,552,000 after buying an additional 11,021 shares in the last quarter. 94.93% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Company Profile

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.

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Earnings History and Estimates for Fabrinet (NYSE:FN)

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