Piper Jaffray Companies Reiterates “Buy” Rating for Fabrinet (FN)

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.

About Fabrinet

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.

Analyst Recommendations for Fabrinet (NYSE:FN)

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