Fabrinet (FN) Lowered to “Neutral” at B. Riley

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B. Riley lowered shares of Fabrinet (NYSE:FN) from a buy rating to a neutral rating in a research report sent to investors on Tuesday, MarketBeat Ratings reports. B. Riley currently has $52.00 price target on the technology company’s stock.

A number of other equities analysts have also recently commented on FN. Northland Securities cut Fabrinet from an outperform rating to a market perform rating and set a $33.00 target price for the company. in a report on Wednesday, May 30th. ValuEngine cut Fabrinet from a hold rating to a sell rating in a research note on Saturday, June 2nd. Needham & Company LLC lifted their price objective on Fabrinet from $40.00 to $45.00 and gave the company a strong-buy rating in a research note on Thursday, June 14th. Zacks Investment Research cut Fabrinet from a hold rating to a sell rating in a research note on Tuesday, July 10th. Finally, Piper Jaffray Companies lifted their price objective on Fabrinet from $42.00 to $52.00 and gave the company an overweight rating in a research note on Tuesday, August 21st. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $45.86.

Shares of Fabrinet stock opened at $46.20 on Tuesday. Fabrinet has a 12 month low of $24.02 and a 12 month high of $48.97. The stock has a market cap of $1.69 billion, a P/E ratio of 19.12, a PEG ratio of 1.24 and a beta of 0.64. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.16 and a quick ratio of 2.21.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, August 20th. The technology company reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.06. Fabrinet had a return on equity of 12.68% and a net margin of 6.14%. The company had revenue of $345.30 million during the quarter, compared to analysts’ expectations of $338.12 million. During the same period last year, the business posted $0.86 EPS. Fabrinet’s revenue for the quarter was down 6.8% on a year-over-year basis. equities analysts expect that Fabrinet will post 3.12 EPS for the current fiscal year.

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 sale, the chief financial officer now owns 177,340 shares in the company, valued at $8,471,531.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David T. Mitchell sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $39.61, for a total value of $1,584,400.00. Following the sale, the director now owns 113,522 shares of the company’s stock, valued at approximately $4,496,606.42. The disclosure for this sale can be found here. Insiders sold a total of 205,000 shares of company stock valued at $8,956,150 in the last quarter. Company insiders own 3.30% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in Fabrinet by 5.8% during the second quarter. BlackRock Inc. now owns 5,011,846 shares of the technology company’s stock worth $184,888,000 after purchasing an additional 276,857 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Fabrinet by 11.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,931,441 shares of the technology company’s stock worth $108,140,000 after purchasing an additional 307,771 shares during the last quarter. Frontier Capital Management Co. LLC lifted its stake in Fabrinet by 458.7% during the second quarter. Frontier Capital Management Co. LLC now owns 1,477,476 shares of the technology company’s stock worth $54,504,000 after purchasing an additional 1,213,046 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in Fabrinet by 12.3% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,193,501 shares of the technology company’s stock worth $37,453,000 after purchasing an additional 130,571 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Fabrinet by 52.5% during the second quarter. Bank of New York Mellon Corp now owns 1,092,082 shares of the technology company’s stock worth $40,288,000 after purchasing an additional 375,901 shares during the last quarter. Hedge funds and other institutional investors own 97.70% of the company’s stock.

About Fabrinet

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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