Zacks Investment Research upgraded shares of Fabrinet (NYSE:FN) from a hold rating to a buy rating in a research note issued to investors on Monday, Zacks.com reports. The firm currently has $66.00 target price on the technology company’s stock.
According to Zacks, “Fabrinet provides precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, industrial lasers and sensors. The Company offers a broad range of advanced optical capabilities across the entire manufacturing process, including process engineering, design for manufacturability, supply chain management, manufacturing, final assembly and test. Fabrinet manufactures, assembles, and tests products for customers at its main manufacturing facilities in Bangkok, Thailand. The Company designs and manufactures its own bulk optical materials and components at its facilities in Fuzhou, the People’s Republic of China, and New Jersey, USA. “
FN has been the subject of a number of other reports. Needham & Company LLC upped their price target on shares of Fabrinet from $62.00 to $68.00 and gave the stock a buy rating in a research note on Monday, May 6th. ValuEngine raised shares of Fabrinet from a hold rating to a buy rating in a research note on Saturday, April 13th. Finally, Piper Jaffray Companies upped their price target on shares of Fabrinet from $63.00 to $67.00 and gave the stock an overweight rating in a research note on Thursday, March 28th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $56.50.
NYSE FN traded down $2.05 on Monday, hitting $52.05. The stock had a trading volume of 3,013 shares, compared to its average volume of 353,898. Fabrinet has a one year low of $34.27 and a one year high of $62.31. The company has a current ratio of 3.23, a quick ratio of 2.30 and a debt-to-equity ratio of 0.07. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of 17.43, a price-to-earnings-growth ratio of 1.36 and a beta of 0.63.
Fabrinet (NYSE:FN) last posted its earnings results on Monday, May 6th. The technology company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.76 by $0.16. Fabrinet had a net margin of 7.27% and a return on equity of 15.60%. The firm had revenue of $398.95 million during the quarter, compared to analysts’ expectations of $389.60 million. During the same quarter in the prior year, the firm earned $0.71 EPS. Fabrinet’s quarterly revenue was up 20.1% on a year-over-year basis. As a group, equities research analysts expect that Fabrinet will post 3.25 earnings per share for the current fiscal year.
In related news, Director David T. Mitchell sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $57.26, for a total value of $1,717,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rollance E. Olson sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $55.62, for a total transaction of $278,100.00. Following the completion of the sale, the director now owns 47,410 shares of the company’s stock, valued at approximately $2,636,944.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 119,518 shares of company stock valued at $6,797,384. 1.90% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the stock. Nkcfo LLC acquired a new position in Fabrinet in the 4th quarter valued at approximately $30,000. Macquarie Group Ltd. acquired a new position in shares of Fabrinet during the 4th quarter worth $31,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Fabrinet during the 1st quarter worth $35,000. Covington Capital Management acquired a new position in shares of Fabrinet during the 4th quarter worth $108,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Fabrinet during the 4th quarter worth $118,000. Institutional investors and hedge funds own 97.19% of the company’s stock.
Fabrinet Company Profile
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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