Fabrinet (NYSE:FN)‘s stock had its “overweight” rating reissued by equities researchers at Piper Jaffray Cos. in a research report issued on Friday. They presently have a $53.00 target price on the stock, up from their previous target price of $50.00. Piper Jaffray Cos.’s target price would suggest a potential upside of 17.41% from the stock’s current price.
FN has been the subject of several other research reports. Needham & Company LLC reissued a “buy” rating and set a $54.00 target price on shares of Fabrinet in a research note on Monday, September 19th. B. Riley reissued a “buy” rating and set a $52.75 target price on shares of Fabrinet in a research note on Monday, August 22nd. Zacks Investment Research cut Fabrinet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 18th. JPMorgan Chase & Co. boosted their target price on Fabrinet from $42.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, August 16th. Finally, Stifel Nicolaus boosted their target price on Fabrinet from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, August 16th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $48.11.
Shares of Fabrinet (NYSE:FN) traded down 2.15% during trading on Friday, reaching $45.14. The company’s stock had a trading volume of 478,695 shares. Fabrinet has a one year low of $20.04 and a one year high of $46.50. The firm has a market cap of $1.63 billion, a P/E ratio of 26.87 and a beta of 0.66. The stock’s 50 day moving average is $42.05 and its 200 day moving average is $36.82.
Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, August 15th. The company reported $0.60 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.60. Fabrinet had a return on equity of 13.07% and a net margin of 6.34%. The firm earned $276.40 million during the quarter, compared to the consensus estimate of $262.95 million. During the same quarter in the previous year, the company posted $0.40 earnings per share. The business’s revenue was up 33.8% on a year-over-year basis. On average, equities analysts forecast that Fabrinet will post $2.02 EPS for the current fiscal year.
In other Fabrinet news, Director Rollance E. Olson sold 5,000 shares of the business’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $40.06, for a total value of $200,300.00. Following the sale, the director now directly owns 44,829 shares of the company’s stock, valued at $1,795,849.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David T. Mitchell sold 75,000 shares of the business’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $39.95, for a total value of $2,996,250.00. Following the completion of the sale, the chief executive officer now directly owns 725,533 shares in the company, valued at $28,985,043.35. The disclosure for this sale can be found here. 5.90% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Mason Street Advisors LLC bought a new stake in Fabrinet during the second quarter valued at approximately $222,000. Royal Bank of Canada increased its stake in Fabrinet by 32.5% in the second quarter. Royal Bank of Canada now owns 62,561 shares of the company’s stock valued at $2,322,000 after buying an additional 15,328 shares during the period. Braun Stacey Associates Inc. bought a new stake in Fabrinet during the second quarter valued at approximately $10,195,000. Stifel Financial Corp bought a new stake in Fabrinet during the second quarter valued at approximately $495,000. Finally, Arizona State Retirement System increased its stake in Fabrinet by 1.9% in the second quarter. Arizona State Retirement System now owns 15,860 shares of the company’s stock valued at $589,000 after buying an additional 300 shares during the period. 90.88% of the stock is currently owned by institutional investors and hedge funds.
Fabrinet Company Profile
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of complex 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 entire 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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