Fabrinet (FN) Rating Reiterated by Needham & Company LLC

Fabrinet (NYSE:FN)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a report released on Thursday.

A number of other equities analysts have also recently issued reports on FN. Zacks Investment Research upgraded Fabrinet from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Stifel Nicolaus restated a “buy” rating and set a $48.00 price objective on shares of Fabrinet in a report on Friday, July 14th. BidaskClub upgraded Fabrinet from a “sell” rating to a “hold” rating in a report on Sunday, July 16th. ValuEngine upgraded Fabrinet from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Finally, B. Riley restated a “buy” rating and set a $44.75 price objective on shares of Fabrinet in a report on Friday, August 18th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $51.58.

Shares of Fabrinet (NYSE FN) opened at 36.51 on Thursday. Fabrinet has a 1-year low of $31.97 and a 1-year high of $49.63. The stock’s 50 day moving average price is $37.53 and its 200-day moving average price is $39.27. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of 14.21 and a beta of 1.15.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, August 21st. The technology company reported $0.72 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.11). Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. The business had revenue of $370.50 million for the quarter, compared to analysts’ expectations of $363.41 million. During the same quarter in the previous year, the firm earned $0.60 EPS. Fabrinet’s revenue was up 34.0% compared to the same quarter last year. On average, equities research analysts forecast that Fabrinet will post $3.46 earnings per share for the current year.

Fabrinet announced that its Board of Directors has authorized a stock buyback program on Monday, August 21st that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the technology company to purchase up to 21% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

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In other Fabrinet news, CEO David T. Mitchell sold 105,000 shares of the company’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $38.63, for a total value of $4,056,150.00. Following the completion of the sale, the chief executive officer now directly owns 111,057 shares in the company, valued at approximately $4,290,131.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Toh-Seng Ng sold 22,500 shares of the company’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $39.00, for a total value of $877,500.00. Following the completion of the sale, the chief financial officer now owns 201,749 shares of the company’s stock, valued at $7,868,211. The disclosure for this sale can be found here. Insiders sold a total of 207,500 shares of company stock valued at $8,034,350 over the last quarter. Company insiders own 4.30% of the company’s stock.

Several hedge funds have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in shares of Fabrinet by 0.4% in the 2nd quarter. BlackRock Inc. now owns 4,328,966 shares of the technology company’s stock worth $184,673,000 after buying an additional 17,385 shares during the period. FMR LLC lifted its holdings in shares of Fabrinet by 31.8% in the 2nd quarter. FMR LLC now owns 2,772,212 shares of the technology company’s stock worth $118,262,000 after buying an additional 669,201 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Fabrinet by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,027,764 shares of the technology company’s stock worth $86,506,000 after buying an additional 5,583 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Fabrinet by 4.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,984,041 shares of the technology company’s stock worth $84,640,000 after buying an additional 90,477 shares during the period. Finally, Congress Asset Management Co. MA lifted its holdings in shares of Fabrinet by 23.6% in the 2nd quarter. Congress Asset Management Co. MA now owns 1,727,179 shares of the technology company’s stock worth $73,681,000 after buying an additional 330,178 shares during the period. Institutional investors and hedge funds own 93.84% 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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