Fabrinet (NYSE:FN) posted its quarterly earnings results on Monday. The technology company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.24, MarketWatch Earnings reports. The firm had revenue of $377.00 million during the quarter, compared to analyst estimates of $352.28 million. Fabrinet had a return on equity of 12.68% and a net margin of 6.14%. Fabrinet’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.75 EPS. Fabrinet updated its Q2 2019 guidance to $0.91-0.94 EPS and its Q2 guidance to $0.91-0.94 EPS.
Shares of Fabrinet stock traded up $2.55 during trading hours on Wednesday, reaching $52.55. 20,915 shares of the stock traded hands, compared to its average volume of 344,310. The company has a market cap of $1.71 billion, a P/E ratio of 17.67, a P/E/G ratio of 1.28 and a beta of 0.68. Fabrinet has a one year low of $24.02 and a one year high of $54.70. The company has a quick ratio of 2.21, a current ratio of 3.16 and a debt-to-equity ratio of 0.08.
In related news, CFO Toh-Seng Ng sold 20,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 177,340 shares in the company, valued at approximately $8,471,531.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Rollance E. Olson sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $48.03, for a total value of $240,150.00. Following the transaction, the director now owns 48,303 shares of the company’s stock, valued at $2,319,993.09. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 165,000 shares of company stock valued at $7,727,350. Corporate insiders own 1.90% of the company’s stock.
Several large investors have recently made changes to their positions in FN. Boenning & Scattergood Inc. bought a new position in shares of Fabrinet during the 3rd quarter valued at approximately $222,000. Xact Kapitalforvaltning AB bought a new position in shares of Fabrinet during the 2nd quarter valued at approximately $226,000. United Services Automobile Association bought a new position in shares of Fabrinet during the 2nd quarter valued at approximately $234,000. Fox Run Management L.L.C. bought a new position in shares of Fabrinet during the 3rd quarter valued at approximately $247,000. Finally, Meeder Asset Management Inc. bought a new position in shares of Fabrinet during the 3rd quarter valued at approximately $259,000. Institutional investors own 99.66% of the company’s stock.
Several equities research analysts recently commented on FN shares. Piper Jaffray Companies upgraded Fabrinet to an “overweight” rating and set a $56.00 price objective for the company in a report on Tuesday. Stifel Nicolaus started coverage on Fabrinet in a report on Monday, October 22nd. They issued a “buy” rating and a $53.00 price objective for the company. Zacks Investment Research upgraded Fabrinet from a “sell” rating to a “hold” rating in a report on Tuesday, July 31st. B. Riley downgraded Fabrinet from a “buy” rating to a “neutral” rating and set a $52.00 price objective for the company. in a report on Tuesday, September 4th. Finally, ValuEngine upgraded Fabrinet from a “sell” rating to a “hold” rating in a research note on Wednesday, August 8th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $49.00.
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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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