Fabrinet (NYSE:FN) Releases Earnings Results, Beats Expectations By $0.29 EPS

Fabrinet (NYSE:FN) issued its quarterly earnings results on Monday. The technology company reported $4.10 EPS for the quarter, beating analysts’ consensus estimates of $3.81 by $0.29, FiscalAI reports. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Fabrinet had a return on equity of 19.83% and a net margin of 9.94%.

Fabrinet Price Performance

FN stock traded up $28.28 during mid-day trading on Monday, reaching $598.50. The company had a trading volume of 1,306,091 shares, compared to its average volume of 828,164. The company has a market capitalization of $21.44 billion, a price-to-earnings ratio of 51.42 and a beta of 1.23. Fabrinet has a 52 week low of $272.49 and a 52 week high of $748.89. The stock has a 50 day simple moving average of $526.98 and a two-hundred day simple moving average of $568.69.

Insider Activity at Fabrinet

In other Fabrinet news, Director Homa Bahrami sold 2,500 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $711.91, for a total transaction of $1,779,775.00. Following the sale, the director directly owned 16,233 shares of the company’s stock, valued at approximately $11,556,435.03. This represents a 13.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FN. Ashton Thomas Private Wealth LLC acquired a new stake in Fabrinet in the 1st quarter valued at about $203,000. Empowered Funds LLC acquired a new position in Fabrinet during the first quarter worth approximately $2,331,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Fabrinet by 4.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,444 shares of the technology company’s stock worth $15,691,000 after buying an additional 3,717 shares during the last quarter. M&T Bank Corp bought a new stake in Fabrinet in the second quarter valued at approximately $214,000. Finally, EverSource Wealth Advisors LLC raised its stake in Fabrinet by 574.7% in the second quarter. EverSource Wealth Advisors LLC now owns 533 shares of the technology company’s stock valued at $157,000 after buying an additional 454 shares during the period. Institutional investors own 97.38% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on FN shares. JPMorgan Chase & Co. dropped their target price on Fabrinet from $700.00 to $680.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. Rosenblatt Securities upped their price target on Fabrinet from $715.00 to $750.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Northland Securities set a $800.00 price target on shares of Fabrinet in a research note on Monday, April 20th. Weiss Ratings downgraded shares of Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday. Finally, Wall Street Zen lowered shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, July 20th. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Fabrinet currently has an average rating of “Moderate Buy” and an average target price of $643.00.

Fabrinet Company Profile

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.