Fabrinet (FN) Stock Rating Reaffirmed by Needham & Company LLC
Fabrinet (NYSE:FN)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a report issued on Monday. They currently have a $54.00 target price on the stock. Needham & Company LLC’s price objective suggests a potential upside of 24.83% from the company’s current price.
Other research analysts also recently issued reports about the company. B. Riley restated a “buy” rating and issued a $52.75 price target on shares of Fabrinet in a research note on Monday, August 22nd. JPMorgan Chase & Co. restated a “buy” rating on shares of Fabrinet in a research note on Sunday, May 29th. Zacks Investment Research upgraded Fabrinet from a “hold” rating to a “strong-buy” rating and set a $46.00 price target for the company in a research note on Wednesday, August 17th. Piper Jaffray Cos. reiterated an “overweight” rating and set a $50.00 target price (up from $44.00) on shares of Fabrinet in a research report on Tuesday, August 16th. Finally, Stifel Nicolaus increased their target price on Fabrinet from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, August 16th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $47.68.
Fabrinet (NYSE:FN) opened at 43.26 on Monday. The firm’s 50-day moving average is $39.82 and its 200-day moving average is $35.46. The stock has a market capitalization of $1.57 billion, a P/E ratio of 25.75 and a beta of 0.48. Fabrinet has a 12 month low of $17.88 and a 12 month high of $45.01.
Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, August 15th. The company reported $0.60 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.60. Fabrinet had a return on equity of 13.07% and a net margin of 6.34%. The business earned $276.40 million during the quarter, compared to the consensus estimate of $262.95 million. During the same period in the prior year, the company posted $0.40 EPS. The firm’s revenue for the quarter was up 33.8% compared to the same quarter last year. On average, equities analysts expect that Fabrinet will post $2.03 earnings per share for the current fiscal year.
In related news, Director Rollance E. Olson sold 5,000 shares of the firm’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $40.06, for a total value of $200,300.00. Following the completion of the sale, the director now directly owns 44,829 shares in the company, valued at $1,795,849.74. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO David T. Mitchell sold 75,000 shares of the firm’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $39.95, for a total value of $2,996,250.00. Following the completion of the sale, the chief executive officer now owns 725,533 shares of the company’s stock, valued at $28,985,043.35. The disclosure for this sale can be found here. 5.90% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. Mason Street Advisors LLC bought a new stake in shares of Fabrinet during the second quarter worth about $222,000. Royal Bank of Canada raised its stake in Fabrinet by 32.5% in the second quarter. Royal Bank of Canada now owns 62,561 shares of the company’s stock worth $2,322,000 after buying an additional 15,328 shares during the last quarter. Braun Stacey Associates Inc. acquired a new stake in Fabrinet during the second quarter worth $10,195,000. Stifel Financial Corp acquired a new stake in Fabrinet during the second quarter worth $495,000. Finally, Arizona State Retirement System raised its stake in Fabrinet by 1.9% in the second quarter. Arizona State Retirement System now owns 15,860 shares of the company’s stock worth $589,000 after buying an additional 300 shares during the last quarter. Institutional investors own 90.88% of the company’s stock.
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of complex 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 entire 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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