Fabrinet (FN) Downgraded to Sell at BidaskClub
BidaskClub cut shares of Fabrinet (NYSE:FN) from a hold rating to a sell rating in a research report released on Monday.
Several other equities analysts also recently commented on the company. Zacks Investment Research downgraded Fabrinet from a hold rating to a sell rating in a research report on Tuesday, May 2nd. Needham & Company LLC boosted their price objective on Fabrinet from $56.00 to $60.00 and gave the company a strong-buy rating in a research report on Monday, June 26th. Piper Jaffray Companies restated an overweight rating on shares of Fabrinet in a research report on Wednesday, May 10th. ValuEngine downgraded Fabrinet from a buy rating to a hold rating in a research report on Friday, June 2nd. Finally, J P Morgan Chase & Co set a $57.00 price objective on Fabrinet and gave the company a buy rating in a research report on Thursday, June 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $52.46.
Shares of Fabrinet (NYSE FN) traded down 1.70% during mid-day trading on Monday, reaching $42.26. The company had a trading volume of 301,255 shares. The firm has a 50 day moving average of $42.89 and a 200-day moving average of $40.59. Fabrinet has a one year low of $31.97 and a one year high of $49.63. The stock has a market capitalization of $1.58 billion, a P/E ratio of 17.76 and a beta of 1.08.
Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, May 8th. The technology company reported $0.57 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by $0.17. Fabrinet had a net margin of 6.74% and a return on equity of 14.95%. The company had revenue of $366.80 million for the quarter, compared to the consensus estimate of $362.07 million. During the same period in the prior year, the firm posted $0.56 EPS. The business’s revenue for the quarter was up 46.1% on a year-over-year basis. Analysts forecast that Fabrinet will post $3.36 EPS for the current fiscal year.
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In other Fabrinet news, CEO David T. Mitchell sold 52,500 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $41.22, for a total transaction of $2,164,050.00. Following the sale, the chief executive officer now directly owns 42,631 shares in the company, valued at $1,757,249.82. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 4.30% of the company’s stock.
Large investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC increased its stake in shares of Fabrinet by 1.9% in the first quarter. Tower Research Capital LLC TRC now owns 2,608 shares of the technology company’s stock worth $110,000 after buying an additional 48 shares during the period. Quantbot Technologies LP boosted its position in Fabrinet by 55.0% in the first quarter. Quantbot Technologies LP now owns 2,755 shares of the technology company’s stock worth $115,000 after buying an additional 978 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new position in Fabrinet during the first quarter worth approximately $127,000. PNC Financial Services Group Inc. boosted its position in Fabrinet by 63.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,038 shares of the technology company’s stock worth $129,000 after buying an additional 1,178 shares in the last quarter. Finally, LS Investment Advisors LLC boosted its position in Fabrinet by 196.1% in the first quarter. LS Investment Advisors LLC now owns 3,903 shares of the technology company’s stock worth $164,000 after buying an additional 2,585 shares in the last quarter. Institutional investors and hedge funds own 93.69% 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 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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