Needham & Company LLC reiterated their buy rating on shares of Fabrinet (NYSE:FN) in a research note issued to investors on Monday morning. They currently have a $56.00 target price on the stock, up from their prior target price of $54.00.
Several other equities research analysts also recently weighed in on the company. Zacks Investment Research raised Fabrinet from a sell rating to a hold rating in a report on Monday, October 17th. Piper Jaffray Cos. reissued an overweight rating and issued a $53.00 price objective (up from $50.00) on shares of Fabrinet in a report on Friday, October 7th. B. Riley reaffirmed a buy rating and set a $52.75 price target on shares of Fabrinet in a report on Monday, August 22nd. JPMorgan Chase & Co. increased their price target on Fabrinet from $42.00 to $48.00 and gave the stock an overweight rating in a report on Tuesday, August 16th. Finally, Stifel Nicolaus increased their price target on Fabrinet from $40.00 to $48.00 and gave the stock a buy rating in a report on Tuesday, August 16th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $48.39.
Fabrinet (NYSE:FN) traded up 0.08% during trading on Monday, hitting $38.06. 104,384 shares of the stock traded hands. The stock has a market cap of $1.38 billion, a P/E ratio of 22.65 and a beta of 1.53. The firm’s 50-day moving average is $42.83 and its 200-day moving average is $38.24. Fabrinet has a 12 month low of $21.29 and a 12 month high of $46.50.
Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, August 15th. The company reported $0.60 earnings per share for the quarter, meeting the Thomson Reuters’ 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 return on equity of 13.07% and a net margin of 6.34%. The company’s revenue was up 33.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.40 earnings per share. On average, analysts forecast that Fabrinet will post $2.84 EPS for the current year.
In other news, Director Rollance E. Olson sold 5,000 shares of the firm’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $40.06, for a total value of $200,300.00. Following the completion of the transaction, the director now owns 44,829 shares in the company, valued at $1,795,849.74. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO David T. Mitchell sold 75,000 shares of the firm’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 completion of the transaction, the chief executive officer now owns 725,533 shares of the company’s stock, valued at approximately $28,985,043.35. The disclosure for this sale can be found here. 4.30% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisors Preferred LLC boosted its position in shares of Fabrinet by 1,034.4% in the third quarter. Advisors Preferred LLC now owns 3,789 shares of the company’s stock worth $169,000 after buying an additional 3,455 shares in the last quarter. Aperio Group LLC purchased a new position in shares of Fabrinet during the third quarter worth $271,000. Arizona State Retirement System boosted its position in shares of Fabrinet by 18.3% in the third quarter. Arizona State Retirement System now owns 18,760 shares of the company’s stock worth $837,000 after buying an additional 2,900 shares in the last quarter. Capital Management Associates NY purchased a new position in shares of Fabrinet during the third quarter worth $459,000. Finally, Quantbot Technologies LP purchased a new position in shares of Fabrinet during the third quarter worth $104,000. Institutional investors and hedge funds own 90.08% 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.
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