Fabrinet (NYSE:FN) – Research analysts at B. Riley increased their Q1 2019 earnings per share (EPS) estimates for Fabrinet in a research report issued on Wednesday, August 15th. B. Riley analyst D. Kang now expects that the technology company will post earnings per share of $0.79 for the quarter, up from their prior forecast of $0.78. B. Riley has a “Buy” rating and a $50.00 price objective on the stock. B. Riley also issued estimates for Fabrinet’s Q2 2019 earnings at $0.84 EPS, Q3 2019 earnings at $0.80 EPS, Q4 2019 earnings at $0.85 EPS, FY2019 earnings at $3.29 EPS, Q1 2020 earnings at $0.88 EPS, Q2 2020 earnings at $0.95 EPS, Q3 2020 earnings at $0.89 EPS, Q4 2020 earnings at $0.95 EPS and FY2020 earnings at $3.67 EPS.
FN has been the topic of a number of other reports. Zacks Investment Research raised shares of Fabrinet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st. ValuEngine downgraded shares of Fabrinet from a “hold” rating to a “sell” rating in a research note on Saturday, June 2nd. Needham & Company LLC upped their price target on shares of Fabrinet from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a research note on Thursday, June 14th. Finally, Northland Securities downgraded shares of Fabrinet from an “outperform” rating to a “market perform” rating and set a $33.00 price target on the stock. in a research note on Wednesday, May 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $43.57.
NYSE FN opened at $43.66 on Monday. Fabrinet has a 1-year low of $24.02 and a 1-year high of $44.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.01 and a current ratio of 2.84. The firm has a market capitalization of $1.55 billion, a PE ratio of 16.99, a P/E/G ratio of 1.09 and a beta of 0.61.
A number of hedge funds have recently added to or reduced their stakes in the business. Sapphire Star Partners LP boosted its holdings in Fabrinet by 5.9% during the second quarter. Sapphire Star Partners LP now owns 23,409 shares of the technology company’s stock valued at $864,000 after acquiring an additional 1,296 shares during the period. Millennium Management LLC boosted its holdings in Fabrinet by 20.1% during the first quarter. Millennium Management LLC now owns 9,353 shares of the technology company’s stock valued at $293,000 after acquiring an additional 1,565 shares during the period. Yorktown Management & Research Co Inc boosted its holdings in Fabrinet by 11.3% during the second quarter. Yorktown Management & Research Co Inc now owns 15,634 shares of the technology company’s stock valued at $577,000 after acquiring an additional 1,584 shares during the period. State Board of Administration of Florida Retirement System boosted its holdings in Fabrinet by 19.5% during the second quarter. State Board of Administration of Florida Retirement System now owns 17,850 shares of the technology company’s stock valued at $658,000 after acquiring an additional 2,910 shares during the period. Finally, Optimum Investment Advisors bought a new stake in Fabrinet during the first quarter valued at about $115,000. Institutional investors own 97.70% of the company’s stock.
In related news, COO Harpal Gill sold 16,041 shares of the company’s stock in a transaction on Tuesday, May 29th. The shares were sold at an average price of $37.05, for a total value of $594,319.05. Following the completion of the sale, the chief operating officer now directly owns 46,523 shares in the company, valued at $1,723,677.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David T. Mitchell sold 40,000 shares of the company’s stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $39.61, for a total transaction of $1,584,400.00. Following the completion of the sale, the director now owns 113,522 shares of the company’s stock, valued at $4,496,606.42. The disclosure for this sale can be found here. Insiders sold 203,273 shares of company stock valued at $7,530,658 over the last quarter. 3.30% of the stock is currently owned by corporate insiders.
Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of optical communication components, modules and sub-systems, industrial lasers, medical devices, and sensors. It offers a range of optical and electro-mechanical capabilities across 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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