Fabrinet (FN) Receives Consensus Rating of “Buy” from Brokerages

Shares of Fabrinet (NYSE:FN) have been assigned an average rating of “Buy” from the eight research firms that are currently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $45.33.

Several equities analysts have recently weighed in on the company. B. Riley cut Fabrinet from a “buy” rating to a “neutral” rating and set a $52.00 price target on the stock. in a report on Tuesday, September 4th. Zacks Investment Research cut Fabrinet from a “buy” rating to a “hold” rating in a report on Friday, August 24th. ValuEngine raised Fabrinet from a “hold” rating to a “buy” rating in a report on Thursday, August 23rd. Piper Jaffray Companies increased their price target on Fabrinet from $42.00 to $52.00 and gave the company an “overweight” rating in a report on Tuesday, August 21st. Finally, Needham & Company LLC increased their price target on Fabrinet from $55.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, September 5th.

FN stock traded up $0.37 during midday trading on Thursday, hitting $46.30. The company’s stock had a trading volume of 312,515 shares, compared to its average volume of 507,727. The stock has a market capitalization of $1.67 billion, a PE ratio of 15.54, a price-to-earnings-growth ratio of 1.13 and a beta of 0.64. Fabrinet has a 12 month low of $24.02 and a 12 month high of $48.97. The company has a current ratio of 3.16, a quick ratio of 2.21 and a debt-to-equity ratio of 0.08.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, August 20th. The technology company reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.06. The business had revenue of $345.30 million for the quarter, compared to analysts’ expectations of $338.12 million. Fabrinet had a return on equity of 12.68% and a net margin of 6.14%. The firm’s quarterly revenue was down 6.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.86 EPS. research analysts predict that Fabrinet will post 3.12 earnings per share for the current year.

In other news, Director David T. Mitchell sold 40,000 shares of the company’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $46.14, for a total value of $1,845,600.00. Following the completion of the sale, the director now directly owns 69,641 shares in the company, valued at approximately $3,213,235.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rollance E. Olson sold 5,000 shares of the company’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $48.03, for a total value of $240,150.00. Following the completion of the sale, the director now owns 48,303 shares of the company’s stock, valued at $2,319,993.09. The disclosure for this sale can be found here. Insiders have sold a total of 205,000 shares of company stock worth $8,956,150 over the last three months. Insiders own 3.30% of the company’s stock.

Several large investors have recently bought and sold shares of the company. United Services Automobile Association purchased a new stake in shares of Fabrinet in the 2nd quarter worth $234,000. Northern Trust Corp increased its stake in shares of Fabrinet by 2.5% in the 2nd quarter. Northern Trust Corp now owns 648,584 shares of the technology company’s stock worth $23,926,000 after purchasing an additional 16,038 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Fabrinet by 52.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,092,082 shares of the technology company’s stock worth $40,288,000 after purchasing an additional 375,901 shares in the last quarter. Divisar Capital Management LLC increased its stake in shares of Fabrinet by 4.0% in the 2nd quarter. Divisar Capital Management LLC now owns 647,632 shares of the technology company’s stock worth $23,891,000 after purchasing an additional 25,000 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Fabrinet by 19.0% in the 2nd quarter. Bank of America Corp DE now owns 311,932 shares of the technology company’s stock worth $11,507,000 after purchasing an additional 49,747 shares in the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

About Fabrinet

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.

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Analyst Recommendations for Fabrinet (NYSE:FN)

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