Fabrinet (NYSE:FN) Hits New 12-Month High at $107.72

Fabrinet (NYSE:FN)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $107.72 and last traded at $107.52, with a volume of 847 shares changing hands. The stock had previously closed at $106.13.

A number of brokerages have weighed in on FN. Royal Bank of Canada lowered their price target on Fabrinet from $52.00 to $50.00 and set a “sector perform” rating on the stock in a research report on Thursday, July 29th. Needham & Company LLC boosted their price target on Fabrinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, August 17th. Zacks Investment Research raised Fabrinet from a “hold” rating to a “buy” rating and set a $111.00 price target on the stock in a research report on Thursday, August 19th. Benchmark reissued a “buy” rating on shares of Fabrinet in a research report on Wednesday, August 18th. Finally, B. Riley boosted their price target on Fabrinet from $79.00 to $85.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 17th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $87.38.

The company has a quick ratio of 2.09, a current ratio of 3.04 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $3.96 billion, a P/E ratio of 27.03 and a beta of 1.02. The firm has a 50 day moving average of $96.57 and a 200-day moving average of $92.08.

Fabrinet (NYSE:FN) last released its earnings results on Monday, August 16th. The technology company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.09. The firm had revenue of $509.60 million during the quarter, compared to analysts’ expectations of $487.55 million. Fabrinet had a return on equity of 14.33% and a net margin of 7.89%. The company’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.96 earnings per share. As a group, research analysts expect that Fabrinet will post 4.78 EPS for the current year.

In other Fabrinet news, EVP Edward T. Archer sold 11,450 shares of the company’s stock in a transaction on Thursday, August 19th. The shares were sold at an average price of $99.85, for a total transaction of $1,143,282.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Seamus Grady sold 29,955 shares of the company’s stock in a transaction on Monday, August 23rd. The shares were sold at an average price of $100.60, for a total transaction of $3,013,473.00. Following the sale, the chief executive officer now directly owns 139,530 shares in the company, valued at approximately $14,036,718. The disclosure for this sale can be found here. Insiders sold 60,268 shares of company stock valued at $6,093,231 over the last 90 days. 0.67% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Eaton Vance Management bought a new position in Fabrinet in the 1st quarter valued at about $30,000. McIlrath & Eck LLC bought a new position in Fabrinet in the 1st quarter valued at about $33,000. FORA Capital LLC bought a new position in Fabrinet in the 1st quarter valued at about $50,000. Lazard Asset Management LLC bought a new position in Fabrinet in the 2nd quarter valued at about $61,000. Finally, Point72 Hong Kong Ltd bought a new position in Fabrinet in the 1st quarter valued at about $75,000. 97.22% of the stock is currently owned by institutional investors.

About Fabrinet (NYSE:FN)

Fabrinet engages in the provision of optical packaging and electronic manufacturing services to original equipment manufacturers. The firm’s engineering services include process design, failure analysis, reliability testing, tooling design, and real-time traceability system. Its manufacturing operations offer sensors, subsystems, customized optics, and optical modules and components.

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