Wall Street brokerages predict that Fabrinet (NYSE:FN) will post $352.73 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Fabrinet’s earnings. The lowest sales estimate is $351.00 million and the highest is $354.00 million. Fabrinet reported sales of $357.31 million during the same quarter last year, which indicates a negative year over year growth rate of 1.3%. The business is expected to issue its next quarterly earnings report after the market closes on Monday, November 5th.
On average, analysts expect that Fabrinet will report full year sales of $1.46 billion for the current year, with estimates ranging from $1.44 billion to $1.47 billion. For the next fiscal year, analysts forecast that the firm will post sales of $1.63 billion, with estimates ranging from $1.62 billion to $1.64 billion. Zacks’ sales calculations are an average based on a survey of research firms that that provide coverage for Fabrinet.
Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, August 20th. The technology company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.06. The firm had revenue of $345.30 million during the quarter, compared to analysts’ expectations of $338.12 million. Fabrinet had a net margin of 6.14% and a return on equity of 12.68%. The business’s revenue was down 6.8% on a year-over-year basis. During the same period last year, the company earned $0.86 earnings per share.
A number of research analysts have recently issued reports on FN shares. ValuEngine upgraded shares of Fabrinet from a “hold” rating to a “buy” rating in a report on Thursday, August 23rd. Stifel Nicolaus began coverage on shares of Fabrinet in a report on Monday, October 22nd. They set a “buy” rating and a $53.00 price objective for the company. Needham & Company LLC boosted their price target on shares of Fabrinet from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 5th. Zacks Investment Research upgraded shares of Fabrinet from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a report on Friday, August 17th. Finally, B. Riley boosted their price target on shares of Fabrinet from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, August 16th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $48.43.
In other Fabrinet news, Director David T. Mitchell sold 40,000 shares of Fabrinet stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $45.40, for a total value of $1,816,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Toh-Seng Ng sold 20,000 shares of Fabrinet stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $47.77, for a total transaction of $955,400.00. Following the completion of the sale, the chief financial officer now directly owns 177,340 shares in the company, valued at approximately $8,471,531.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 165,000 shares of company stock worth $7,727,350. 1.90% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in FN. Boenning & Scattergood Inc. bought a new stake in shares of Fabrinet in the third quarter valued at approximately $222,000. Xact Kapitalforvaltning AB bought a new stake in shares of Fabrinet in the second quarter valued at approximately $226,000. United Services Automobile Association bought a new stake in shares of Fabrinet in the second quarter valued at approximately $234,000. Fox Run Management L.L.C. bought a new stake in shares of Fabrinet in the third quarter valued at approximately $247,000. Finally, Meeder Asset Management Inc. bought a new stake in shares of Fabrinet in the third quarter valued at approximately $259,000. 99.66% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE FN opened at $46.55 on Monday. The stock has a market cap of $1.71 billion, a PE ratio of 19.24, a price-to-earnings-growth ratio of 1.28 and a beta of 0.68. Fabrinet has a 1 year low of $24.02 and a 1 year high of $48.97. The company has a quick ratio of 2.21, a current ratio of 3.16 and a debt-to-equity ratio of 0.08.
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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