Several other brokerages also recently weighed in on FN. JPMorgan Chase & Co. restated a buy rating on shares of Fabrinet in a research note on Sunday, May 29th. Zacks Investment Research upgraded shares of Fabrinet from a hold rating to a strong-buy rating and set a $46.00 target price for the company in a research note on Wednesday, August 17th. Piper Jaffray Cos. restated an overweight rating and issued a $50.00 target price on shares of Fabrinet in a research note on Tuesday, September 6th. Stifel Nicolaus upped their target price on shares of Fabrinet from $40.00 to $48.00 and gave the company a buy rating in a research note on Tuesday, August 16th. Finally, B. Riley restated a buy rating and issued a $52.75 target price on shares of Fabrinet in a research note on Monday, August 22nd. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $47.68.
Fabrinet (NYSE:FN) opened at 44.88 on Monday. The stock has a market capitalization of $1.62 billion, a P/E ratio of 26.71 and a beta of 0.48. Fabrinet has a 12 month low of $17.88 and a 12 month high of $45.01. The firm’s 50-day moving average is $40.10 and its 200 day moving average is $35.52.
Fabrinet (NYSE:FN) last announced its earnings results on Monday, August 15th. The company reported $0.60 earnings per share for the quarter, meeting the consensus estimate of $0.60. The business earned $276.40 million during the quarter, compared to the consensus estimate of $262.95 million. Fabrinet had a net margin of 6.34% and a return on equity of 13.07%. The business’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.40 earnings per share. On average, equities analysts anticipate that Fabrinet will post $2.03 earnings per share for the current year.
In related news, CEO David T. Mitchell sold 75,000 shares of the company’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $39.95, for a total value of $2,996,250.00. Following the sale, the chief executive officer now directly owns 725,533 shares of the company’s stock, valued at $28,985,043.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rollance E. Olson sold 5,000 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $40.06, for a total transaction of $200,300.00. Following the completion of the sale, the director now directly owns 44,829 shares in the company, valued at $1,795,849.74. The disclosure for this sale can be found here. 5.90% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Riverhead Capital Management LLC bought a new stake in Fabrinet during the first quarter valued at about $148,000. Quadrature Capital Ltd bought a new stake in Fabrinet during the first quarter valued at about $656,000. UBS Asset Management Americas Inc. boosted its stake in Fabrinet by 251.8% in the first quarter. UBS Asset Management Americas Inc. now owns 129,800 shares of the company’s stock valued at $4,199,000 after buying an additional 92,900 shares in the last quarter. UBS Group AG boosted its stake in Fabrinet by 606.5% in the first quarter. UBS Group AG now owns 6,563 shares of the company’s stock valued at $213,000 after buying an additional 5,634 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in Fabrinet by 22.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 704,816 shares of the company’s stock valued at $22,801,000 after buying an additional 129,290 shares in the last quarter. 90.88% of the stock is currently owned by hedge funds and other institutional investors.
Fabrinet Company Profile
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of complex 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 entire 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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