Fabrinet (FN) Shares Down 9.8%

Shares of Fabrinet (NYSE:FN) were down 9.8% during trading on Monday . The company traded as low as $29.58 and last traded at $30.17. Approximately 1,704,336 shares traded hands during mid-day trading, an increase of 155% from the average daily volume of 669,637 shares. The stock had previously closed at $33.45.

A number of analysts have commented on FN shares. Stifel Nicolaus reduced their target price on Fabrinet from $40.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday, January 24th. Northland Securities set a $37.00 price target on Fabrinet and gave the stock a “buy” rating in a research note on Monday, January 29th. ValuEngine downgraded Fabrinet from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Finally, Needham & Company LLC restated a “strong-buy” rating and issued a $40.00 price target (down from $45.00) on shares of Fabrinet in a research note on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $41.25.

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The company has a market capitalization of $1,247.06, a PE ratio of 11.74 and a beta of 0.54. The company has a quick ratio of 1.99, a current ratio of 2.84 and a debt-to-equity ratio of 0.02.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, February 5th. The technology company reported $0.72 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.02. The firm had revenue of $337.10 million for the quarter, compared to the consensus estimate of $329.41 million. Fabrinet had a return on equity of 12.96% and a net margin of 6.24%. The company’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same period last year, the business posted $0.91 EPS.

Fabrinet declared that its board has authorized a stock buyback plan on Monday, February 5th that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

In related news, insider David T. Mitchell sold 40,000 shares of Fabrinet stock in a transaction on Monday, April 2nd. The stock was sold at an average price of $30.77, for a total transaction of $1,230,800.00. Following the transaction, the insider now directly owns 111,057 shares in the company, valued at $3,417,223.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank H. Levinson bought 10,000 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were bought at an average price of $28.33 per share, for a total transaction of $283,300.00. Following the completion of the transaction, the director now directly owns 72,361 shares of the company’s stock, valued at approximately $2,049,987.13. The disclosure for this purchase can be found here. Insiders have sold 271,842 shares of company stock worth $8,102,727 over the last quarter. 3.30% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Fabrinet by 3.1% during the fourth quarter. BlackRock Inc. now owns 4,623,972 shares of the technology company’s stock valued at $132,709,000 after purchasing an additional 140,250 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Fabrinet by 53.7% during the third quarter. JPMorgan Chase & Co. now owns 124,233 shares of the technology company’s stock valued at $4,597,000 after purchasing an additional 43,405 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in Fabrinet by 540.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,062,930 shares of the technology company’s stock valued at $30,506,000 after purchasing an additional 896,930 shares in the last quarter. Nationwide Fund Advisors lifted its position in shares of Fabrinet by 58.9% in the third quarter. Nationwide Fund Advisors now owns 62,476 shares of the technology company’s stock valued at $2,315,000 after acquiring an additional 23,161 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Fabrinet by 0.7% in the third quarter. Dimensional Fund Advisors LP now owns 2,042,651 shares of the technology company’s stock valued at $75,701,000 after acquiring an additional 14,887 shares in the last quarter. Institutional investors own 99.12% of the company’s stock.

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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.

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