Wall Street brokerages expect Fabrinet (NYSE:FN) to report $320.00 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Fabrinet’s earnings. Fabrinet reported sales of $366.84 million during the same quarter last year, which indicates a negative year over year growth rate of 12.8%. The business is expected to announce its next earnings report on Monday, May 14th.
According to Zacks, analysts expect that Fabrinet will report full year sales of $320.00 million for the current fiscal year. For the next fiscal year, analysts forecast that the business will report sales of $1.45 billion per share. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover Fabrinet.
Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, February 5th. The technology company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.70 by $0.02. The company had revenue of $337.10 million during the quarter, compared to analysts’ expectations of $329.41 million. Fabrinet had a net margin of 6.24% and a return on equity of 12.96%. Fabrinet’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.91 earnings per share.
A number of equities analysts have commented on FN shares. Stifel Nicolaus cut their price target on shares of Fabrinet from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, January 24th. ValuEngine cut shares of Fabrinet from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Needham & Company LLC reissued a “strong-buy” rating and issued a $40.00 price target (down previously from $45.00) on shares of Fabrinet in a research note on Tuesday, February 6th. Finally, Northland Securities set a $37.00 price target on shares of Fabrinet and gave the stock a “buy” rating in a research note on Monday, January 29th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Fabrinet currently has an average rating of “Hold” and a consensus price target of $41.25.
In related news, insider David T. Mitchell sold 8,600 shares of the company’s stock in a transaction on Monday, January 8th. The shares were 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 in the company, valued at approximately $3,333,931.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider David T. Mitchell sold 90,020 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $29.29, for a total transaction of $2,636,685.80. Following the sale, the insider now owns 111,057 shares of the company’s stock, valued at $3,252,859.53. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 280,442 shares of company stock valued at $8,360,899. Company insiders own 3.30% of the company’s stock.
A number of large investors have recently bought and sold shares of FN. Elkfork Partners LLC bought a new stake in Fabrinet during the 4th quarter valued at $131,000. SG Americas Securities LLC bought a new stake in Fabrinet during the 3rd quarter valued at $161,000. Russell Investments Group Ltd. raised its holdings in Fabrinet by 139.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,821 shares of the technology company’s stock valued at $179,000 after buying an additional 2,810 shares during the last quarter. Invictus RG bought a new stake in Fabrinet during the 4th quarter valued at $194,000. Finally, Miles Capital Inc. bought a new stake in Fabrinet during the 4th quarter valued at $219,000. Institutional investors own 98.66% of the company’s stock.
FN stock traded down $0.58 during midday trading on Thursday, reaching $30.61. The company had a trading volume of 429,015 shares, compared to its average volume of 516,679. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.84 and a quick ratio of 1.99. Fabrinet has a 1 year low of $24.02 and a 1 year high of $47.02. The stock has a market cap of $1,141.17, a PE ratio of 11.91 and a beta of 0.54.
Fabrinet announced that its Board of Directors has authorized a share buyback program on Monday, February 5th that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the technology company to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
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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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