Fabrinet (NYSE:FN) Receives $61.60 Average PT from Analysts

Fabrinet (NYSE:FN) has been assigned a consensus recommendation of “Hold” from the seven ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and four have given a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $61.60.

Several equities research analysts have recently weighed in on FN shares. Piper Jaffray Companies lowered their target price on shares of Fabrinet to $64.00 and set an “overweight” rating on the stock in a report on Tuesday, August 20th. Needham & Company LLC set a $70.00 target price on shares of Fabrinet and gave the stock a “buy” rating in a report on Monday, August 26th. JPMorgan Chase & Co. started coverage on shares of Fabrinet in a report on Monday, July 29th. They issued a “neutral” rating and a $57.00 target price on the stock. Zacks Investment Research lowered shares of Fabrinet from a “hold” rating to a “sell” rating in a report on Friday, August 23rd. Finally, Stifel Nicolaus lowered their target price on shares of Fabrinet from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, August 20th.

In related news, CFO Toh-Seng Ng sold 5,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $53.70, for a total transaction of $268,500.00. Following the transaction, the chief financial officer now owns 64,963 shares in the company, valued at approximately $3,488,513.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David T. Mitchell sold 30,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $53.83, for a total transaction of $1,614,900.00. Following the transaction, the director now owns 73,748 shares in the company, valued at approximately $3,969,854.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 100,206 shares of company stock worth $5,242,670. 1.90% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of FN. BlackRock Inc. grew its stake in shares of Fabrinet by 1.6% during the 1st quarter. BlackRock Inc. now owns 5,452,511 shares of the technology company’s stock worth $285,494,000 after acquiring an additional 85,633 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Fabrinet by 4.5% in the second quarter. Vanguard Group Inc. now owns 3,254,678 shares of the technology company’s stock worth $161,660,000 after acquiring an additional 139,078 shares during the period. FMR LLC grew its holdings in shares of Fabrinet by 4.0% in the first quarter. FMR LLC now owns 2,848,772 shares of the technology company’s stock worth $149,162,000 after acquiring an additional 108,412 shares during the period. Invesco Ltd. grew its holdings in shares of Fabrinet by 233.9% in the second quarter. Invesco Ltd. now owns 1,106,512 shares of the technology company’s stock worth $54,961,000 after acquiring an additional 775,118 shares during the period. Finally, Wasatch Advisors Inc. grew its holdings in shares of Fabrinet by 52.7% in the second quarter. Wasatch Advisors Inc. now owns 956,963 shares of the technology company’s stock worth $47,532,000 after acquiring an additional 330,086 shares during the period. Institutional investors and hedge funds own 95.26% of the company’s stock.

FN opened at $50.00 on Monday. The firm’s 50-day simple moving average is $51.72 and its 200-day simple moving average is $52.37. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.33 and a current ratio of 3.27. Fabrinet has a twelve month low of $40.94 and a twelve month high of $62.31. The firm has a market cap of $1.84 billion, a price-to-earnings ratio of 14.93 and a beta of 1.07.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, August 19th. The technology company reported $0.90 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.09. Fabrinet had a net margin of 7.63% and a return on equity of 15.40%. The business had revenue of $405.10 million for the quarter, compared to analyst estimates of $399.22 million. During the same quarter in the prior year, the firm earned $0.81 EPS. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fabrinet will post 3.26 EPS for the current fiscal year.

About Fabrinet

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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Analyst Recommendations for Fabrinet (NYSE:FN)

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