Fabrinet (NYSE:FN)‘s stock had its “buy” rating reissued by research analysts at Piper Jaffray Companies in a research report issued on Friday.
Several other analysts have also recently commented on FN. Stifel Nicolaus reaffirmed a “buy” rating and issued a $48.00 target price on shares of Fabrinet in a research report on Friday, July 14th. BidaskClub raised Fabrinet from a “sell” rating to a “hold” rating in a research report on Sunday, July 16th. ValuEngine raised Fabrinet from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. B. Riley reaffirmed a “buy” rating and issued a $44.75 target price on shares of Fabrinet in a research report on Friday, August 18th. Finally, Northland Securities set a $50.00 price objective on Fabrinet and gave the stock a “buy” rating in a report on Tuesday, August 22nd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $46.42.
Shares of Fabrinet (NYSE:FN) opened at $31.11 on Friday. The company has a market capitalization of $1,159.57, a price-to-earnings ratio of 12.29, a PEG ratio of 1.16 and a beta of 1.03. The company has a quick ratio of 1.80, a current ratio of 2.70 and a debt-to-equity ratio of 0.03. Fabrinet has a 12-month low of $28.60 and a 12-month high of $49.63.
Fabrinet (NYSE:FN) last issued its earnings results on Monday, August 21st. The technology company reported $0.72 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.11). The business had revenue of $370.50 million during the quarter, compared to analyst estimates of $363.41 million. Fabrinet had a return on equity of 14.35% and a net margin of 6.60%. The business’s quarterly revenue was up 34.0% on a year-over-year basis. During the same period last year, the business earned $0.60 EPS. research analysts expect that Fabrinet will post 2.22 EPS for the current year.
Fabrinet announced that its Board of Directors has initiated a stock buyback program on Monday, August 21st that permits the company to buyback $30.00 million in shares. This buyback authorization permits the technology company to purchase up to 21% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
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In other Fabrinet news, CFO Toh-Seng Ng sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $39.00, for a total transaction of $877,500.00. Following the transaction, the chief financial officer now directly owns 201,749 shares in the company, valued at $7,868,211. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO David T. Mitchell sold 105,000 shares of the firm’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $38.63, for a total value of $4,056,150.00. Following the transaction, the chief executive officer now owns 111,057 shares in the company, valued at $4,290,131.91. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 257,500 shares of company stock valued at $9,535,850. 3.30% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of FN. Parametric Portfolio Associates LLC raised its holdings in Fabrinet by 9.6% during the first quarter. Parametric Portfolio Associates LLC now owns 42,081 shares of the technology company’s stock valued at $1,769,000 after buying an additional 3,699 shares in the last quarter. Teachers Advisors LLC raised its holdings in Fabrinet by 325.2% during the first quarter. Teachers Advisors LLC now owns 367,403 shares of the technology company’s stock valued at $15,442,000 after buying an additional 280,990 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Fabrinet by 63.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,038 shares of the technology company’s stock valued at $129,000 after buying an additional 1,178 shares in the last quarter. Vanguard Group Inc. raised its holdings in Fabrinet by 6.9% during the first quarter. Vanguard Group Inc. now owns 1,893,564 shares of the technology company’s stock valued at $79,586,000 after buying an additional 121,411 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Fabrinet by 10.5% during the first quarter. Geode Capital Management LLC now owns 277,645 shares of the technology company’s stock valued at $11,669,000 after buying an additional 26,304 shares in the last quarter. Institutional investors own 94.59% of the company’s stock.
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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