Fabrinet (FN) Stock Rating Lowered by Zacks Investment Research
Fabrinet (NYSE:FN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.
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. “
Other research analysts also recently issued reports about the company. B. Riley restated a “buy” rating and set a $44.75 price objective on shares of Fabrinet in a research note on Tuesday, May 9th. BidaskClub upgraded Fabrinet from a “sell” rating to a “hold” rating in a research note on Sunday, July 16th. ValuEngine upgraded Fabrinet from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. J P Morgan Chase & Co set a $57.00 price objective on Fabrinet and gave the stock a “buy” rating in a research note on Thursday, June 1st. Finally, Stifel Nicolaus restated a “buy” rating on shares of Fabrinet in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $50.93.
Shares of Fabrinet (NYSE:FN) opened at 38.53 on Thursday. The firm’s 50-day moving average is $43.04 and its 200 day moving average is $40.69. The firm has a market capitalization of $1.44 billion, a PE ratio of 14.99 and a beta of 1.08. Fabrinet has a 52 week low of $31.97 and a 52 week high of $49.63.
Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, August 21st. The technology company reported $0.72 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by $0.11. The firm had revenue of $370.50 million for the quarter, compared to analyst estimates of $363.41 million. Fabrinet had a net margin of 7.40% and a return on equity of 17.90%. The business’s revenue was up 34.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.60 earnings per share. On average, equities analysts forecast that Fabrinet will post $3.46 earnings per share for the current year.
Fabrinet declared that its board has initiated a stock buyback program on Monday, August 21st that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the technology company to buy up to 21% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
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In other news, CEO David T. Mitchell sold 52,500 shares of the stock in a transaction on 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 completion of 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 document filed with the SEC, which is available at the SEC website. Corporate insiders own 4.30% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kimelman & Baird LLC boosted its position in Fabrinet by 2.2% in the second quarter. Kimelman & Baird LLC now owns 145,000 shares of the technology company’s stock valued at $6,186,000 after buying an additional 3,100 shares during the last quarter. Wasatch Advisors Inc. boosted its position in Fabrinet by 55.0% in the second quarter. Wasatch Advisors Inc. now owns 595,046 shares of the technology company’s stock valued at $25,385,000 after buying an additional 211,152 shares during the last quarter. Piedmont Investment Advisors LLC acquired a new position in Fabrinet during the second quarter valued at about $344,000. The Manufacturers Life Insurance Company boosted its position in Fabrinet by 3.4% in the second quarter. The Manufacturers Life Insurance Company now owns 26,533 shares of the technology company’s stock valued at $1,132,000 after buying an additional 862 shares during the last quarter. Finally, Summit Partners Public Asset Management LLC acquired a new position in Fabrinet during the second quarter valued at about $4,949,000. 95.10% of the stock is owned by institutional investors.
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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