Fabrinet (FN) Stock Rating Reaffirmed by Piper Jaffray Cos.
Fabrinet (NYSE:FN)‘s stock had its “overweight” rating reaffirmed by analysts at Piper Jaffray Cos. in a report released on Friday. They currently have a $53.00 target price on the stock, up from their prior target price of $50.00. Piper Jaffray Cos.’s target price indicates a potential upside of 17.41% from the stock’s previous close.
FN has been the subject of a number of other research reports. B. Riley reissued a “buy” rating and set a $52.75 target price on shares of Fabrinet in a research report on Wednesday, August 17th. Needham & Company LLC reissued a “buy” rating and set a $54.00 target price on shares of Fabrinet in a research report on Tuesday, August 30th. Zacks Investment Research downgraded shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 5th. JPMorgan Chase & Co. increased their target price on shares of Fabrinet from $42.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, August 16th. Finally, Stifel Nicolaus increased their target price on shares of Fabrinet from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, August 16th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Fabrinet presently has an average rating of “Buy” and a consensus price target of $48.11.
Shares of Fabrinet (NYSE:FN) traded down 2.15% during mid-day trading on Friday, hitting $45.14. 478,695 shares of the stock were exchanged. The stock has a market capitalization of $1.63 billion, a P/E ratio of 26.87 and a beta of 0.66. The stock’s 50 day moving average price is $42.05 and its 200-day moving average price is $36.82. Fabrinet has a 12-month low of $20.04 and a 12-month high of $46.50.
Fabrinet (NYSE:FN) last released its earnings results on Monday, August 15th. The company reported $0.60 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.60. The business earned $276.40 million during the quarter, compared to the consensus estimate of $262.95 million. Fabrinet had a net margin of 6.34% and a return on equity of 13.07%. The company’s revenue for the quarter was up 33.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.40 EPS. On average, equities research analysts expect that Fabrinet will post $2.02 EPS for the current fiscal year.
In related news, CEO David T. Mitchell sold 75,000 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $39.02, for a total value of $2,926,500.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Rollance E. Olson sold 5,000 shares of the stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $40.06, for a total value of $200,300.00. Following the completion of the transaction, the director now owns 44,829 shares in the company, valued at $1,795,849.74. The disclosure for this sale can be found here. 5.90% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of FN. PineBridge Investments L.P. boosted its position in shares of Fabrinet by 4.1% in the second quarter. PineBridge Investments L.P. now owns 3,886 shares of the company’s stock worth $144,000 after buying an additional 154 shares in the last quarter. Riverhead Capital Management LLC bought a new position in shares of Fabrinet during the first quarter valued at $148,000. Teacher Retirement System of Texas boosted its position in shares of Fabrinet by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 4,223 shares of the company’s stock valued at $157,000 after buying an additional 511 shares during the period. Advisor Group Inc. bought a new position in shares of Fabrinet during the second quarter valued at $159,000. Finally, BlackRock Inc. boosted its position in shares of Fabrinet by 123.5% in the second quarter. BlackRock Inc. now owns 5,507 shares of the company’s stock valued at $204,000 after buying an additional 3,043 shares during the period. Institutional investors own 90.88% of the company’s stock.
Fabrinet Company Profile
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of complex 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 entire 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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