$331.48 Million in Sales Expected for Fabrinet (FN) This Quarter

Equities analysts predict that Fabrinet (NYSE:FN) will announce sales of $331.48 million for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Fabrinet’s earnings, with estimates ranging from $330.00 million to $333.00 million. Fabrinet reported sales of $351.16 million in the same quarter last year, which indicates a negative year over year growth rate of 5.6%. The business is expected to report its next earnings results on Monday, February 5th.

According to Zacks, analysts expect that Fabrinet will report full year sales of $331.48 million for the current fiscal year, with estimates ranging from $1.37 billion to $1.42 billion. For the next fiscal year, analysts expect that the firm will report sales of $1.53 billion per share, with estimates ranging from $1.51 billion to $1.57 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Fabrinet.

A number of research analysts recently issued reports on FN shares. Piper Jaffray Companies restated a “buy” rating on shares of Fabrinet in a research report on Friday, November 10th. Zacks Investment Research lowered Fabrinet from a “hold” rating to a “sell” rating in a research report on Friday, November 10th. Needham & Company LLC reduced their price target on Fabrinet from $60.00 to $45.00 and set a “strong-buy” rating for the company in a research report on Tuesday, November 7th. J P Morgan Chase & Co lowered Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 price target for the company. in a research report on Tuesday, November 7th. Finally, B. Riley dropped their price objective on Fabrinet from $46.50 to $42.50 and set a “buy” rating on the stock in a research note on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $46.42.

In other news, insider David T. Mitchell sold 50,000 shares of the business’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $30.03, for a total transaction of $1,501,500.00. Following the sale, the insider now directly owns 111,057 shares of the company’s stock, valued at $3,335,041.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.30% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BT Investment Management Ltd acquired a new position in Fabrinet in the 2nd quarter valued at approximately $38,212,000. FMR LLC raised its holdings in shares of Fabrinet by 31.8% during the second quarter. FMR LLC now owns 2,772,212 shares of the technology company’s stock valued at $118,262,000 after purchasing an additional 669,201 shares during the last quarter. Legion Partners Asset Management LLC purchased a new position in shares of Fabrinet during the second quarter valued at approximately $21,365,000. Royce & Associates LP raised its holdings in shares of Fabrinet by 39.9% during the second quarter. Royce & Associates LP now owns 1,396,450 shares of the technology company’s stock valued at $59,573,000 after purchasing an additional 398,535 shares during the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of Fabrinet by 193.4% during the second quarter. Royal Bank of Canada now owns 509,613 shares of the technology company’s stock valued at $21,740,000 after purchasing an additional 335,929 shares during the last quarter. Hedge funds and other institutional investors own 94.65% of the company’s stock.

Shares of Fabrinet (NYSE FN) traded down $0.04 on Thursday, hitting $30.77. The stock had a trading volume of 229,200 shares, compared to its average volume of 666,083. The firm has a market cap of $1,158.11, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 1.16 and a beta of 0.99. The company has a current ratio of 2.70, a quick ratio of 1.85 and a debt-to-equity ratio of 0.03. Fabrinet has a one year low of $28.60 and a one year high of $49.63.

Fabrinet announced that its Board of Directors has initiated a share repurchase program on Monday, August 21st that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 21% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

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Fabrinet Company Profile

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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Earnings History and Estimates for Fabrinet (NYSE:FN)

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