Fabrinet (FN) Receives Average Rating of “Hold” from Brokerages
Fabrinet (NYSE:FN) has earned a consensus rating of “Hold” from the nine analysts that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $50.38.
Several analysts have recently commented on FN shares. B. Riley restated a “buy” rating and issued a $46.50 target price on shares of Fabrinet in a research note on Monday, August 28th. BidaskClub upgraded Fabrinet from a “sell” rating to a “hold” rating in a research note on Sunday, July 16th. Needham & Company LLC restated a “strong-buy” rating and issued a $60.00 target price on shares of Fabrinet in a research note on Tuesday, August 22nd. Piper Jaffray Companies restated an “overweight” rating and issued a $51.00 target price (down from $55.00) on shares of Fabrinet in a research note on Tuesday, August 22nd. Finally, Zacks Investment Research downgraded Fabrinet from a “hold” rating to a “sell” rating in a research note on Thursday, August 24th.
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In other Fabrinet news, Director Thomas F. Kelly sold 30,000 shares of Fabrinet stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $38.24, for a total transaction of $1,147,200.00. Following the completion of the transaction, the director now owns 64,635 shares in the company, valued at approximately $2,471,642.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David T. Mitchell sold 105,000 shares of Fabrinet stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $38.63, for a total value of $4,056,150.00. Following the transaction, the chief executive officer now owns 111,057 shares of the company’s stock, valued at approximately $4,290,131.91. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 207,500 shares of company stock valued at $8,034,350. 4.30% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in FN. Tower Research Capital LLC TRC boosted its stake in Fabrinet by 1.9% during the 1st quarter. Tower Research Capital LLC TRC now owns 2,608 shares of the technology company’s stock valued at $110,000 after purchasing an additional 48 shares during the last quarter. Quantbot Technologies LP boosted its stake in Fabrinet by 55.0% during the 1st quarter. Quantbot Technologies LP now owns 2,755 shares of the technology company’s stock valued at $115,000 after purchasing an additional 978 shares during the last quarter. YorkBridge Wealth Partners LLC boosted its stake in Fabrinet by 14.1% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 2,727 shares of the technology company’s stock valued at $117,000 after purchasing an additional 338 shares during the last quarter. Riverhead Capital Management LLC boosted its stake in Fabrinet by 68.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,864 shares of the technology company’s stock valued at $122,000 after purchasing an additional 1,164 shares during the last quarter. Finally, Ameritas Investment Partners Inc. acquired a new position in Fabrinet during the 1st quarter valued at about $127,000. Institutional investors and hedge funds own 93.84% of the company’s stock.
Fabrinet (NYSE:FN) traded down 0.68% on Thursday, reaching $36.49. The company’s stock had a trading volume of 246,644 shares. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of 14.20 and a beta of 1.15. Fabrinet has a 52-week low of $31.97 and a 52-week high of $49.63. The firm’s 50-day moving average price is $37.50 and its 200-day moving average price is $39.20.
Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, August 21st. The technology company reported $0.72 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.11). Fabrinet had a return on equity of 15.32% and a net margin of 6.84%. The business had revenue of $370.50 million during the quarter, compared to the consensus estimate of $363.41 million. During the same period last year, the business posted $0.60 earnings per share. The business’s revenue was up 34.0% on a year-over-year basis. On average, equities analysts expect that Fabrinet will post $3.46 earnings per share for the current year.
Fabrinet announced that its Board of Directors has approved a stock buyback plan on Monday, August 21st that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 21% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
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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