A number of other equities research analysts also recently issued reports on the company. Zacks Investment Research downgraded Fabrinet from a hold rating to a sell rating in a research report on Friday. Needham & Company LLC reduced their price target on Fabrinet from $60.00 to $45.00 and set a strong-buy rating on the stock in a research report on Tuesday, November 7th. J P Morgan Chase & Co downgraded Fabrinet from an overweight rating to a neutral rating and set a $42.00 price target on the stock. in a research report on Tuesday, November 7th. B. Riley reduced their price target on Fabrinet from $46.50 to $42.50 and set a buy rating on the stock in a research report on Friday, November 3rd. Finally, BidaskClub downgraded Fabrinet from a sell rating to a strong sell rating in a research report on Tuesday, August 22nd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Fabrinet currently has a consensus rating of Hold and a consensus price target of $46.42.
Fabrinet (FN) opened at $31.11 on Friday. Fabrinet has a 12-month low of $28.60 and a 12-month high of $49.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.70 and a quick ratio of 1.80. The company has a market capitalization of $1,169.39, a P/E ratio of 12.39, a PEG ratio of 1.17 and a beta of 1.03.
Fabrinet (NYSE:FN) last posted its earnings results on Monday, August 21st. The technology company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.11). Fabrinet had a net margin of 6.60% and a return on equity of 14.35%. The firm had revenue of $370.50 million during the quarter, compared to analyst estimates of $363.41 million. During the same period in the previous year, the company posted $0.60 EPS. Fabrinet’s revenue for the quarter was up 34.0% compared to the same quarter last year. sell-side analysts expect that Fabrinet will post 2.22 EPS for the current fiscal year.
Fabrinet announced that its Board of Directors has authorized a share 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 buy up to 21% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
In other news, COO Harpal Gill sold 50,000 shares of the stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $39.07, for a total value of $1,953,500.00. Following the completion of the transaction, the chief operating officer now directly owns 194,193 shares in the company, valued at approximately $7,587,120.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David T. Mitchell sold 105,000 shares of the stock in a transaction on 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 of the company’s stock, valued at $4,290,131.91. The disclosure for this sale can be found here. In the last ninety days, insiders sold 257,500 shares of company stock worth $9,535,850. Company insiders own 3.30% of the company’s stock.
A number of large investors have recently made changes to their positions in FN. YorkBridge Wealth Partners LLC raised its position in Fabrinet by 14.1% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 2,727 shares of the technology company’s stock worth $117,000 after purchasing an additional 338 shares during the last quarter. Riverhead Capital Management LLC raised its position in Fabrinet by 68.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,864 shares of the technology company’s stock worth $122,000 after purchasing an additional 1,164 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Fabrinet by 63.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,038 shares of the technology company’s stock worth $129,000 after purchasing an additional 1,178 shares during the last quarter. Flinton Capital Management LLC raised its position in Fabrinet by 62.7% during the 2nd 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 during the last quarter. Finally, SG Americas Securities LLC bought a new position in Fabrinet during the 3rd quarter worth $161,000. 94.59% of the stock is owned by institutional investors and hedge funds.
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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