Zacks Investment Research lowered shares of Fabrinet (NYSE:FN) from a hold rating to a sell rating in a report released on Tuesday.

According to Zacks, “Fabrinet provides precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, industrial lasers and sensors. The Company offers a broad range of advanced optical capabilities across the entire manufacturing process, including process engineering, design for manufacturability, supply chain management, manufacturing, final assembly and test. Fabrinet manufactures, assembles, and tests products for customers at its main manufacturing facilities in Bangkok, Thailand. The Company designs and manufactures its own bulk optical materials and components at its facilities in Fuzhou, the People’s Republic of China, and New Jersey, USA. “

FN has been the topic of several other research reports. 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. Piper Jaffray Cos. reissued an overweight rating and set a $50.00 target price on shares of Fabrinet in a research report on Tuesday, September 6th. JPMorgan Chase & Co. raised their target price on Fabrinet from $42.00 to $48.00 and gave the stock an overweight rating in a research report on Tuesday, August 16th. Stifel Nicolaus raised their target price on Fabrinet from $40.00 to $48.00 and gave the stock a buy rating in a research report on Tuesday, August 16th. Finally, B. Riley reissued a buy rating and set a $52.75 target price on shares of Fabrinet in a research report on Monday, August 22nd. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $48.11.

Shares of Fabrinet (NYSE:FN) opened at 41.79 on Tuesday. Fabrinet has a 1-year low of $20.13 and a 1-year high of $46.50. The company has a 50-day moving average of $42.39 and a 200-day moving average of $37.19. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 24.88 and a beta of 0.66.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, August 15th. The company reported $0.60 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.60. The business earned $276.40 million during the quarter, compared to analysts’ expectations of $262.95 million. Fabrinet had a return on equity of 13.07% and a net margin of 6.34%. The business’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same quarter last year, the business 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, Director Rollance E. Olson sold 5,000 shares of Fabrinet stock in a transaction that occurred 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 sale, the director now directly owns 44,829 shares in the company, valued at $1,795,849.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO David T. Mitchell sold 75,000 shares of Fabrinet stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $39.02, for a total value of $2,926,500.00. The disclosure for this sale can be found here. 5.90% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA increased its stake in Fabrinet by 115.1% in the second quarter. BNP Paribas Arbitrage SA now owns 9,979 shares of the company’s stock worth $370,000 after buying an additional 5,339 shares during the period. Prudential Financial Inc. increased its stake in Fabrinet by 20.0% in the first quarter. Prudential Financial Inc. now owns 83,329 shares of the company’s stock worth $2,696,000 after buying an additional 13,900 shares during the period. Goldman Sachs Group Inc. acquired a new stake in Fabrinet during the first quarter worth $1,061,000. State Board of Administration of Florida Retirement System increased its stake in Fabrinet by 15.2% in the second quarter. State Board of Administration of Florida Retirement System now owns 18,777 shares of the company’s stock worth $697,000 after buying an additional 2,475 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Fabrinet by 5.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,064,635 shares of the company’s stock worth $76,639,000 after buying an additional 102,747 shares during the period. Hedge funds and other institutional investors own 90.82% of the company’s stock.

About Fabrinet

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.

5 Day Chart for NYSE:FN

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