Fabrinet (NYSE:FN) Hits New 52-Week Low – What’s Next?

Fabrinet (NYSE:FN)’s stock price hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $364.41 and last traded at $373.1660, with a volume of 190,247 shares changing hands. The stock had previously closed at $392.95.

Wall Street Analyst Weigh In

A number of research analysts have commented on FN shares. Weiss Ratings lowered Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 9th. Wall Street Zen lowered Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, July 20th. B. Riley Financial cut their price objective on Fabrinet from $598.00 to $431.00 and set a “neutral” rating on the stock in a research report on Thursday. Barclays boosted their target price on Fabrinet from $702.00 to $739.00 and gave the company an “overweight” rating in a research note on Tuesday, August 18th. Finally, Fox Advisors upgraded Fabrinet from an “equal weight” rating to an “overweight” rating in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Fabrinet currently has a consensus rating of “Moderate Buy” and a consensus target price of $646.88.

Fabrinet Trading Down 5.5%

The business’s 50 day moving average price is $439.18 and its two-hundred day moving average price is $538.71. The stock has a market cap of $13.05 billion, a P/E ratio of 27.91 and a beta of 1.23.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Tuesday, August 18th. The technology company reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.81 by $0.29. Fabrinet had a net margin of 10.19% and a return on equity of 21.23%. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter in the previous year, the company earned $2.65 earnings per share. Fabrinet’s quarterly revenue was up 44.6% on a year-over-year basis. As a group, analysts expect that Fabrinet will post 17.50 earnings per share for the current year.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the transaction, the executive vice president owned 7,007 shares in the company, valued at approximately $2,704,071.37. This represents a 26.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FN. Fulcrum Wealth Advisors LLC bought a new stake in shares of Fabrinet during the third quarter valued at approximately $1,064,000. Vontobel Holding Ltd. raised its holdings in Fabrinet by 184.7% in the third quarter. Vontobel Holding Ltd. now owns 2,178 shares of the technology company’s stock worth $924,000 after purchasing an additional 1,413 shares in the last quarter. Walser Wealth Management Company A Ltd Liability Co raised its holdings in Fabrinet by 53.9% in the third quarter. Walser Wealth Management Company A Ltd Liability Co now owns 1,561 shares of the technology company’s stock worth $662,000 after purchasing an additional 547 shares in the last quarter. B.A. Schrock Wealth Management Inc. bought a new position in Fabrinet in the third quarter worth $1,305,000. Finally, Avior Wealth Management LLC lifted its position in Fabrinet by 77.9% during the third quarter. Avior Wealth Management LLC now owns 790 shares of the technology company’s stock valued at $335,000 after buying an additional 346 shares during the period. Hedge funds and other institutional investors own 97.38% of the company’s stock.

About Fabrinet

Fabrinet (NYSE: FN) provides advanced manufacturing services for companies that develop optical, electro-optical, and precision-engineered products. The company supports customers from product design and engineering through manufacturing, assembly, testing, and supply-chain management.

Its products and manufacturing capabilities include optical communications components, modules, and assemblies; precision optical and optoelectronic systems; industrial lasers; and other complex products used in communications, industrial, automotive, medical, and other technology markets.