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.
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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