Fabrinet (NYSE:FN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.

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. “

A number of other analysts have also recently commented on the company. Piper Jaffray Cos. reiterated an “overweight” rating and set a $53.00 price objective (up previously from $50.00) on shares of Fabrinet in a research report on Friday, October 7th. Needham & Company LLC reiterated a “buy” rating and set a $54.00 price objective on shares of Fabrinet in a research report on Monday, September 19th. B. Riley reiterated a “buy” rating and set a $52.75 price objective on shares of Fabrinet in a research report on Monday, August 22nd. JPMorgan Chase & Co. lifted their price objective on Fabrinet from $42.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 16th. Finally, Stifel Nicolaus lifted their price objective on Fabrinet from $40.00 to $48.00 and gave the stock 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 assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $48.11.

Analyst Recommendations for Fabrinet (NYSE:FN)

Shares of Fabrinet (NYSE:FN) traded up 0.73% during mid-day trading on Monday, hitting $41.60. 226,008 shares of the stock traded hands. The stock has a 50 day moving average price of $42.64 and a 200-day moving average price of $37.46. The company has a market cap of $1.51 billion, a P/E ratio of 24.76 and a beta of 0.65. Fabrinet has a one year low of $20.62 and a one year high of $46.50.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, August 15th. The company reported $0.60 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.60. The business earned $276.40 million during the quarter, compared to the consensus estimate of $262.95 million. Fabrinet had a return on equity of 13.07% and a net margin of 6.34%. The business’s revenue was up 33.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.40 EPS. On average, analysts forecast that Fabrinet will post $2.02 earnings per share for the current fiscal year.

In other news, CEO David T. Mitchell sold 75,000 shares of the business’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $39.95, for a total transaction of $2,996,250.00. Following the completion of the sale, the chief executive officer now owns 725,533 shares in the company, valued at approximately $28,985,043.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rollance E. Olson sold 5,000 shares of the business’s stock in a transaction dated 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 owns 44,829 shares of the company’s stock, valued at approximately $1,795,849.74. The disclosure for this sale can be found here. Insiders own 5.90% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Creative Planning raised its position in Fabrinet by 49.5% in the third quarter. Creative Planning now owns 2,810 shares of the company’s stock valued at $125,000 after buying an additional 930 shares during the period. PineBridge Investments L.P. raised its position in Fabrinet by 4.1% in the second quarter. PineBridge Investments L.P. now owns 3,886 shares of the company’s stock valued at $144,000 after buying an additional 154 shares during the period. Riverhead Capital Management LLC bought a new position in Fabrinet during the first quarter valued at approximately $148,000. Teacher Retirement System of Texas raised its position in 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. Finally, Advisor Group Inc. bought a new position in Fabrinet during the second quarter valued at approximately $159,000. Institutional investors and hedge funds own 90.80% 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.

5 Day Chart for NYSE:FN

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