Fabrinet (FN) Price Target Lowered to $45.00 at Needham & Company LLC
Fabrinet (NYSE:FN) had its price target trimmed by Needham & Company LLC from $60.00 to $45.00 in a research note issued to investors on Tuesday, MarketBeat reports. The firm currently has a strong-buy rating on the technology company’s stock.
Other equities analysts also recently issued research reports about the company. B. Riley restated a buy rating and set a $46.50 target price on shares of Fabrinet in a report on Wednesday, August 23rd. BidaskClub upgraded Fabrinet from a sell rating to a hold rating in a report on Sunday, July 16th. J P Morgan Chase & Co downgraded Fabrinet from an overweight rating to a neutral rating and set a $42.00 target price for the company. in a report on Tuesday. ValuEngine upgraded Fabrinet from a hold rating to a buy rating in a report on Wednesday, August 2nd. Finally, Stifel Nicolaus restated a buy rating on shares of Fabrinet in a report on Tuesday, August 22nd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $46.42.
Shares of Fabrinet (NYSE FN) traded up $0.28 during trading on Tuesday, hitting $31.11. The company had a trading volume of 405,600 shares, compared to its average volume of 685,346. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.80 and a current ratio of 2.70. The company has a market capitalization of $1,159.57, a P/E ratio of 12.29, a PEG ratio of 1.16 and a beta of 1.03. Fabrinet has a one year low of $28.60 and a one year high of $49.63.
Fabrinet (NYSE:FN) last announced its earnings results on Monday, August 21st. The technology company reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.11). The business had revenue of $370.50 million for the quarter, compared to the consensus estimate of $363.41 million. Fabrinet had a net margin of 6.60% and a return on equity of 14.35%. Fabrinet’s revenue was up 34.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.60 EPS. equities analysts predict that Fabrinet will post 2.22 EPS for the current year.
WARNING: “Fabrinet (FN) Price Target Lowered to $45.00 at Needham & Company LLC” was originally published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this story on another domain, it was copied illegally and republished in violation of US & international trademark & copyright laws. The legal version of this story can be read at https://www.thecerbatgem.com/2017/11/11/fabrinet-fn-price-target-lowered-to-45-00-at-needham-company-llc.html.
Fabrinet declared that its board has initiated a share repurchase program on Monday, August 21st that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the technology company to reacquire up to 21% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In other news, CFO Toh-Seng Ng sold 22,500 shares of the firm’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $39.00, for a total transaction of $877,500.00. Following the completion of the transaction, the chief financial officer now directly owns 201,749 shares in the company, valued at $7,868,211. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David T. Mitchell sold 50,000 shares of the firm’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $30.03, for a total value of $1,501,500.00. Following the transaction, the insider now owns 111,057 shares of the company’s stock, valued at $3,335,041.71. The disclosure for this sale can be found here. In the last quarter, insiders sold 257,500 shares of company stock valued at $9,535,850. 3.30% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of the company. Alps Advisors Inc. increased its holdings in shares of Fabrinet by 0.3% during the second quarter. Alps Advisors Inc. now owns 12,341 shares of the technology company’s stock valued at $526,000 after acquiring an additional 32 shares in the last quarter. Suntrust Banks Inc. increased its holdings in shares of Fabrinet by 0.5% during the second quarter. Suntrust Banks Inc. now owns 7,829 shares of the technology company’s stock valued at $333,000 after acquiring an additional 37 shares in the last quarter. Pinebridge Investments L.P. increased its holdings in shares of Fabrinet by 2.0% during the second quarter. Pinebridge Investments L.P. now owns 4,918 shares of the technology company’s stock valued at $210,000 after acquiring an additional 98 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Fabrinet by 0.7% during the second quarter. Louisiana State Employees Retirement System now owns 15,200 shares of the technology company’s stock valued at $648,000 after acquiring an additional 100 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Fabrinet by 1.0% during the second quarter. Arizona State Retirement System now owns 19,460 shares of the technology company’s stock valued at $830,000 after acquiring an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 94.59% 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.
Receive News & Stock Ratings for Fabrinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fabrinet and related stocks with our FREE daily email newsletter.