Fabrinet (NYSE:FN) announced its quarterly earnings data on Monday. The technology company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.24, MarketWatch Earnings reports. The business had revenue of $377.00 million for the quarter, compared to the consensus estimate of $352.28 million. Fabrinet had a net margin of 6.14% and a return on equity of 12.68%. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.75 earnings per share. Fabrinet updated its Q2 2019 guidance to $0.91-0.94 EPS and its Q2 guidance to $0.91-0.94 EPS.
NYSE:FN traded up $2.09 during trading hours on Wednesday, reaching $52.09. 250,438 shares of the company were exchanged, compared to its average volume of 344,310. The company has a quick ratio of 2.21, a current ratio of 3.16 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.71 billion, a P/E ratio of 17.48, a P/E/G ratio of 1.28 and a beta of 0.68. Fabrinet has a 52-week low of $24.02 and a 52-week high of $54.70.
Several equities analysts recently issued reports on FN shares. ValuEngine raised shares of Fabrinet from a “hold” rating to a “buy” rating in a research note on Thursday, August 23rd. Stifel Nicolaus started coverage on shares of Fabrinet in a research note on Monday, October 22nd. They set a “buy” rating and a $53.00 price objective on the stock. Needham & Company LLC upped their price objective on shares of Fabrinet from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, September 5th. Zacks Investment Research raised shares of Fabrinet from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Friday, August 17th. Finally, B. Riley increased their price target on shares of Fabrinet from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, August 16th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $49.00.
In other news, Director Rollance E. Olson sold 5,000 shares of the stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $48.03, for a total value of $240,150.00. Following the completion of the sale, the director now owns 48,303 shares of the company’s stock, valued at $2,319,993.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David T. Mitchell sold 40,000 shares of the stock in a transaction on Monday, October 1st. The stock was sold at an average price of $45.40, for a total transaction of $1,816,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 165,000 shares of company stock worth $7,727,350. 1.90% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Systematic Financial Management LP acquired a new stake in shares of Fabrinet in the second quarter worth $1,434,000. State Board of Administration of Florida Retirement System grew its holdings in Fabrinet by 19.5% during the 2nd 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 purchasing an additional 2,910 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Fabrinet by 52.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,092,082 shares of the technology company’s stock valued at $40,288,000 after purchasing an additional 375,901 shares in the last quarter. Rhumbline Advisers grew its holdings in Fabrinet by 4.4% during the 2nd quarter. Rhumbline Advisers now owns 87,187 shares of the technology company’s stock valued at $3,216,000 after purchasing an additional 3,691 shares in the last quarter. Finally, Seven Eight Capital LP acquired a new stake in Fabrinet during the 3rd quarter valued at $546,000. 99.66% of the stock is owned by institutional investors.
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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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