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

Fabrinet (NYSE:FN) has earned an average rating of “Buy” from the eight analysts that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $52.44.

A number of equities research analysts recently weighed in on FN shares. Zacks Investment Research lowered shares of Fabrinet from a “hold” rating to a “sell” rating in a report on Tuesday, May 2nd. Needham & Company LLC reissued a “strong-buy” rating and set a $56.00 target price on shares of Fabrinet in a research report on Tuesday, May 9th. Stifel Nicolaus reissued a “buy” rating and set a $48.00 target price on shares of Fabrinet in a research report on Friday, July 14th. Piper Jaffray Companies reissued an “overweight” rating on shares of Fabrinet in a research report on Wednesday, May 10th. Finally, ValuEngine downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd.

Fabrinet (NYSE FN) traded up 0.49% on Tuesday, hitting $45.06. The stock had a trading volume of 188,255 shares. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 18.94 and a beta of 1.08. Fabrinet has a 1-year low of $31.97 and a 1-year high of $49.63. The company’s 50 day moving average is $42.49 and its 200-day moving average is $40.37.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, May 8th. The technology company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.74 by $0.17. The business had revenue of $366.80 million during the quarter, compared to the consensus estimate of $362.07 million. Fabrinet had a return on equity of 14.95% and a net margin of 6.74%. The business’s revenue for the quarter was up 46.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.56 EPS. On average, analysts forecast that Fabrinet will post $3.36 EPS for the current year.

In related news, CEO David T. Mitchell sold 52,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $37.02, for a total value of $1,943,550.00. Following the completion of the transaction, the chief executive officer now directly owns 102,114 shares of the company’s stock, valued at approximately $3,780,260.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO David T. Mitchell sold 75,000 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $34.73, for a total transaction of $2,604,750.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 180,000 shares of company stock valued at $6,712,350. 4.30% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of FN. BlackRock Inc. boosted its stake in Fabrinet by 60,498.5% in the first quarter. BlackRock Inc. now owns 4,311,581 shares of the technology company’s stock valued at $181,218,000 after buying an additional 4,304,466 shares in the last quarter. FMR LLC boosted its stake in Fabrinet by 23.9% in the fourth quarter. FMR LLC now owns 2,322,831 shares of the technology company’s stock valued at $93,610,000 after buying an additional 448,000 shares in the last quarter. Vanguard Group Inc. boosted its stake in Fabrinet by 6.9% in the first quarter. Vanguard Group Inc. now owns 1,893,564 shares of the technology company’s stock valued at $79,586,000 after buying an additional 121,411 shares in the last quarter. Congress Asset Management Co. MA boosted its stake in 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 valued at $73,681,000 after buying an additional 330,178 shares in the last quarter. Finally, Royce & Associates LP boosted its stake in Fabrinet by 372.7% in the first quarter. Royce & Associates LP now owns 997,915 shares of the technology company’s stock valued at $41,942,000 after buying an additional 786,799 shares in the last quarter. Institutional investors and hedge funds own 94.27% of the company’s stock.

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About Fabrinet

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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