Fabrinet (FN) Receives $48.82 Consensus Target Price from Brokerages
Fabrinet (NYSE:FN) has been assigned a consensus recommendation of “Buy” from the seven analysts that are currently covering the stock. Six research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $48.82.
A number of equities analysts recently commented on the company. B. Riley reaffirmed a “buy” rating and issued a $52.75 price objective on shares of Fabrinet in a research note on Wednesday, August 17th. Needham & Company LLC reissued a “buy” rating and issued a $54.00 price target on shares of Fabrinet in a research note on Monday, September 19th. Finally, Stifel Nicolaus boosted their price target on Fabrinet from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, August 16th.
Fabrinet (NYSE:FN) opened at 43.50 on Tuesday. The company has a market capitalization of $1.60 billion, a PE ratio of 19.39 and a beta of 1.53. Fabrinet has a 52 week low of $21.29 and a 52 week high of $46.50. The stock’s 50 day moving average is $41.83 and its 200 day moving average is $38.85.
Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, November 7th. The company reported $0.80 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.09. The company had revenue of $332.04 million for the quarter, compared to analysts’ expectations of $309.44 million. Fabrinet had a return on equity of 14.16% and a net margin of 7.60%. The business’s quarterly revenue was up 53.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.45 earnings per share. Analysts predict that Fabrinet will post $3.19 EPS for the current fiscal year.
In related news, CEO David T. Mitchell sold 75,000 shares of the company’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $39.02, for a total transaction of $2,926,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rollance E. Olson sold 5,000 shares of the company’s 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 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. Corporate insiders own 4.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in FN. Teacher Retirement System of Texas increased 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 worth $157,000 after buying an additional 511 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of 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. Nationwide Fund Advisors increased its position in shares of Fabrinet by 1.9% in the second quarter. Nationwide Fund Advisors now owns 26,796 shares of the company’s stock worth $995,000 after buying an additional 499 shares during the period. JPMorgan Chase & Co. increased its position in shares of Fabrinet by 0.8% in the second quarter. JPMorgan Chase & Co. now owns 96,350 shares of the company’s stock worth $3,576,000 after buying an additional 750 shares during the period. Finally, BlackRock Advisors LLC increased its position in shares of Fabrinet by 40.1% in the second quarter. BlackRock Advisors LLC now owns 78,185 shares of the company’s stock worth $2,902,000 after buying an additional 22,367 shares during the period. Hedge funds and other institutional investors own 87.74% of the company’s stock.
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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