Fabrinet (NYSE:FN) Reaches New 1-Year Low – Here’s Why

Fabrinet (NYSE:FN)’s stock price reached a new 52-week low during mid-day trading on Wednesday. The company traded as low as $345.71 and last traded at $355.6870, with a volume of 833,048 shares. The stock had previously closed at $362.69.

Analyst Ratings Changes

Several brokerages have recently commented on FN. Needham & Company LLC reaffirmed a “buy” rating and set a $650.00 target price on shares of Fabrinet in a report on Tuesday, August 18th. JPMorgan Chase & Co. upped their target price on Fabrinet from $680.00 to $695.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 18th. Barclays lifted their price objective on shares of Fabrinet from $702.00 to $739.00 and gave the company an “overweight” rating in a research note on Tuesday, August 18th. Rosenblatt Securities reiterated a “buy” rating and set a $750.00 price target on shares of Fabrinet in a report on Tuesday, August 18th. Finally, Weiss Ratings lowered Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 9th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $646.88.

Fabrinet Stock Performance

The company has a market cap of $12.74 billion, a price-to-earnings ratio of 27.50 and a beta of 1.23. The business’s 50 day moving average price is $432.46 and its 200-day moving average price is $536.63.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Tuesday, August 18th. The technology company reported $4.10 EPS for the quarter, topping analysts’ consensus estimates of $3.81 by $0.29. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Fabrinet had a net margin of 10.19% and a return on equity of 21.23%. The company’s revenue for the quarter was up 44.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.65 earnings per share. On average, equities research analysts expect that Fabrinet will post 17.50 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total transaction of $964,775.00. Following the sale, the executive vice president directly owned 7,007 shares of the company’s stock, valued at approximately $2,704,071.37. This represents a 26.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Robeco Institutional Asset Management B.V. increased its position in Fabrinet by 81.2% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 772 shares of the technology company’s stock valued at $328,000 after acquiring an additional 346 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Fabrinet by 17.8% in the 3rd quarter. IFP Advisors Inc now owns 324 shares of the technology company’s stock worth $137,000 after purchasing an additional 49 shares during the last quarter. Fulcrum Wealth Advisors LLC acquired a new position in shares of Fabrinet during the 3rd quarter worth about $1,064,000. Vontobel Holding Ltd. grew its holdings in Fabrinet by 184.7% during the third quarter. Vontobel Holding Ltd. now owns 2,178 shares of the technology company’s stock valued at $924,000 after purchasing an additional 1,413 shares during the period. Finally, Walser Wealth Management Company A Ltd Liability Co increased its position in shares of Fabrinet by 53.9% in the 3rd quarter. Walser Wealth Management Company A Ltd Liability Co now owns 1,561 shares of the technology company’s stock valued at $662,000 after buying an additional 547 shares in the last quarter. 97.38% of the stock is owned by institutional investors.

About Fabrinet

Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.