Piper Jaffray Cos. reaffirmed their overweight rating on shares of Fabrinet (NYSE:FN) in a report released on Friday morning. They currently have a $53.00 price objective on the stock, up from their previous price objective of $50.00.
A number of other analysts also recently issued reports on FN. B. Riley reaffirmed a buy rating and set a $42.25 price target on shares of Fabrinet in a report on Friday, August 12th. Zacks Investment Research downgraded shares of Fabrinet from a strong-buy rating to a hold rating in a report on Tuesday, July 5th. Needham & Company LLC raised their price target on shares of Fabrinet from $48.00 to $54.00 and gave the company a buy rating in a report on Tuesday, August 16th. JPMorgan Chase & Co. raised their price target on shares of Fabrinet from $42.00 to $48.00 and gave the company an overweight rating in a report on Tuesday, August 16th. Finally, Stifel Nicolaus raised their price target on shares of Fabrinet from $40.00 to $48.00 and gave the company a buy rating in a report on Tuesday, August 16th. One investment analyst has rated the stock with a sell rating and six have given a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $48.11.
Shares of Fabrinet (NYSE:FN) opened at 42.15 on Friday. The firm has a 50-day moving average of $42.46 and a 200 day moving average of $37.23. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 25.09 and a beta of 0.66. Fabrinet has a 12 month low of $20.13 and a 12 month high of $46.50.
Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, August 15th. The company reported $0.60 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.60. Fabrinet had a net margin of 6.34% and a return on equity of 13.07%. The company had revenue of $276.40 million for the quarter, compared to the consensus estimate of $262.95 million. During the same period in the prior year, the firm posted $0.40 EPS. Fabrinet’s revenue for the quarter was up 33.8% on a year-over-year basis. On average, analysts expect that Fabrinet will post $2.02 earnings per share for the current year.
In other news, Director Rollance E. Olson sold 5,000 shares of the stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $40.06, for a total value of $200,300.00. Following the transaction, the director now owns 44,829 shares in the company, valued at approximately $1,795,849.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David T. Mitchell sold 75,000 shares of the stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $39.95, for a total transaction of $2,996,250.00. Following the completion of the transaction, the chief executive officer now owns 725,533 shares in the company, valued at approximately $28,985,043.35. The disclosure for this sale can be found here. 5.90% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the company. Creative Planning boosted its position in shares of Fabrinet by 49.5% in the third quarter. Creative Planning now owns 2,810 shares of the company’s stock valued at $125,000 after buying an additional 930 shares during the period. PineBridge Investments L.P. boosted its position in shares of Fabrinet by 4.1% in the second quarter. PineBridge Investments L.P. now owns 3,886 shares of the company’s stock valued at $144,000 after buying an additional 154 shares during the period. Riverhead Capital Management LLC acquired a new position in shares of Fabrinet during the first quarter valued at $148,000. Teacher Retirement System of Texas boosted its position in shares of Fabrinet by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 4,223 shares of the company’s stock valued at $157,000 after buying an additional 511 shares during the period. Finally, Advisor Group Inc. acquired a new position in shares of Fabrinet during the second quarter valued at $159,000. Hedge funds and other institutional investors own 90.82% 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 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.
Receive News & 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 companies with MarketBeat.com's FREE daily email newsletter.