Brokerages expect Fabrinet (NYSE:FN) to announce sales of $321.67 million for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Fabrinet’s earnings, with the highest sales estimate coming in at $325.00 million and the lowest estimate coming in at $320.00 million. Fabrinet posted sales of $366.84 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 12.3%. The company is scheduled to report its next earnings results on Monday, May 14th.
According to Zacks, analysts expect that Fabrinet will report full year sales of $321.67 million for the current fiscal year, with estimates ranging from $1.35 billion to $1.36 billion. For the next financial year, analysts forecast that the business will post sales of $1.44 billion per share, with estimates ranging from $1.44 billion to $1.45 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Fabrinet.
Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, February 5th. The technology company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. Fabrinet had a net margin of 6.24% and a return on equity of 12.96%. The company had revenue of $337.10 million during the quarter, compared to analyst estimates of $329.41 million. During the same period last year, the firm posted $0.91 EPS. Fabrinet’s revenue for the quarter was down 4.0% compared to the same quarter last year.
Several equities analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Fabrinet from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 24th. ValuEngine raised shares of Fabrinet from a “hold” rating to a “buy” rating in a report on Thursday, February 8th. Needham & Company LLC cut their target price on shares of Fabrinet from $60.00 to $45.00 and set a “strong-buy” rating for the company in a report on Tuesday, November 7th. Stifel Nicolaus cut their target price on shares of Fabrinet from $40.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday, January 24th. Finally, B. Riley cut their target price on shares of Fabrinet from $46.50 to $42.50 and set a “buy” rating for the company in a report on Friday, November 3rd. Two research analysts have rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $41.25.
In related news, insider David T. Mitchell sold 69,801 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $30.02, for a total value of $2,095,426.02. Following the completion of the sale, the insider now owns 111,057 shares of the company’s stock, valued at approximately $3,333,931.14. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider David T. Mitchell sold 8,600 shares of the business’s stock in a transaction on Monday, January 8th. The stock was sold at an average price of $30.02, for a total transaction of $258,172.00. Following the completion of the sale, the insider now directly owns 111,057 shares of the company’s stock, valued at approximately $3,333,931.14. The disclosure for this sale can be found here. In the last three months, insiders sold 128,401 shares of company stock valued at $3,900,098. 3.30% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Flinton Capital Management LLC increased its holdings in Fabrinet by 62.7% in the 2nd quarter. Flinton Capital Management LLC now owns 3,706 shares of the technology company’s stock worth $158,000 after acquiring an additional 1,428 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Fabrinet in the 3rd quarter worth $161,000. Russell Investments Group Ltd. increased its holdings in Fabrinet by 139.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,821 shares of the technology company’s stock worth $179,000 after acquiring an additional 2,810 shares in the last quarter. Amalgamated Bank acquired a new stake in Fabrinet during the 2nd quarter worth $215,000. Finally, Miles Capital Inc. acquired a new stake in Fabrinet during the 4th quarter worth $219,000. 94.25% of the stock is owned by institutional investors.
Fabrinet (NYSE FN) opened at $28.60 on Tuesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.99 and a current ratio of 2.84. The firm has a market cap of $1,080.00, a P/E ratio of 12.17, a PEG ratio of 1.16 and a beta of 0.75. Fabrinet has a 1-year low of $24.02 and a 1-year high of $49.63.
Fabrinet announced that its Board of Directors has approved a stock repurchase program on Monday, February 5th that authorizes the company to repurchase $30.00 million in shares. This repurchase authorization authorizes the technology company to buy shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
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Fabrinet Company Profile
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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