Piper Jaffray Companies Reiterates Overweight Rating for Fabrinet (FN)
Fabrinet (NYSE:FN)‘s stock had its “overweight” rating reiterated by research analysts at Piper Jaffray Companies in a report released on Tuesday. They presently have a $51.00 price objective on the technology company’s stock, down from their previous price objective of $55.00. Piper Jaffray Companies’ price target points to a potential upside of 32.16% from the company’s previous close.
Other equities research analysts have also recently issued reports about the company. B. Riley reaffirmed a “buy” rating and set a $44.75 price objective on shares of Fabrinet in a research report on Thursday, May 4th. BidaskClub raised Fabrinet from a “sell” rating to a “hold” rating in a research report on Sunday, July 16th. ValuEngine raised Fabrinet from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. 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. Finally, Stifel Nicolaus reaffirmed a “buy” rating on shares of Fabrinet in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $50.93.
Shares of Fabrinet (NYSE FN) opened at 38.59 on Tuesday. Fabrinet has a 52-week low of $31.97 and a 52-week high of $49.63. The firm’s 50-day moving average is $43.24 and its 200 day moving average is $40.72. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 16.22 and a beta of 1.08.
Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, August 21st. The technology company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.83 by $0.11. Fabrinet had a net margin of 6.74% and a return on equity of 14.95%. The business had revenue of $370.50 million for the quarter, compared to analysts’ expectations of $363.41 million. During the same period last year, the business earned $0.60 earnings per share. The company’s quarterly revenue was up 34.0% on a year-over-year basis. On average, equities research analysts anticipate that Fabrinet will post $3.46 earnings per share for the current year.
Fabrinet declared that its board has authorized a share repurchase plan on Monday, August 21st that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 21% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
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In other Fabrinet news, CEO David T. Mitchell sold 52,500 shares of the stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $41.22, for a total value of $2,164,050.00. Following the transaction, the chief executive officer now owns 42,631 shares of the company’s stock, valued at $1,757,249.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 4.30% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in Fabrinet during the fourth quarter worth $1,008,000. Teachers Advisors LLC increased its position in Fabrinet by 37.0% in the fourth quarter. Teachers Advisors LLC now owns 86,413 shares of the technology company’s stock worth $3,482,000 after buying an additional 23,356 shares in the last quarter. Bank of Montreal Can increased its position in Fabrinet by 19,846.8% in the first quarter. Bank of Montreal Can now owns 159,574 shares of the technology company’s stock worth $6,707,000 after buying an additional 158,774 shares in the last quarter. Louisiana State Employees Retirement System increased its position in Fabrinet by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 15,100 shares of the technology company’s stock worth $635,000 after buying an additional 300 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position in Fabrinet by 2.0% in the first quarter. State of Alaska Department of Revenue now owns 4,080 shares of the technology company’s stock worth $171,000 after buying an additional 80 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors.
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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