Fabrinet (NYSE:FN) Hits New 52-Week Low on Analyst Downgrade

Shares of Fabrinet (NYSE:FN) reached a new 52-week low on Thursday after Barclays lowered their price target on the stock from $739.00 to $496.00. Barclays currently has an overweight rating on the stock. Fabrinet traded as low as $299.93 and last traded at $298.9790, with a volume of 393,405 shares. The stock had previously closed at $341.64.

Several other equities research analysts also recently commented on the company. Fox Advisors upgraded Fabrinet from an “equal weight” rating to an “overweight” rating in a report on Wednesday, August 19th. B. Riley Financial reduced their price target on shares of Fabrinet from $431.00 to $385.00 and set a “neutral” rating for the company in a research report on Friday, October 30th. Susquehanna decreased their price target on shares of Fabrinet from $850.00 to $600.00 and set a “positive” rating for the company in a research note on Wednesday, October 21st. Weiss Ratings lowered shares of Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 9th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Fabrinet from $465.00 to $470.00 and gave the stock a “neutral” rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $548.88.

Insider Buying and Selling

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the completion of the sale, the executive vice president directly owned 7,007 shares of the company’s stock, valued at approximately $2,704,071.37. The trade was a 26.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.22% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FN. Continuum Advisory LLC purchased a new stake in Fabrinet in the 2nd quarter valued at $25,000. Byrne Asset Management LLC bought a new position in Fabrinet during the 3rd quarter valued at $27,000. Cassaday & Co Wealth Management LLC purchased a new position in Fabrinet during the 1st quarter worth $31,000. Root Financial Partners LLC purchased a new position in Fabrinet during the 3rd quarter worth $40,000. Finally, Heritage Family Offices LLP bought a new stake in shares of Fabrinet in the 3rd quarter worth $51,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Performance

The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.52 and a current ratio of 2.04. The stock has a market cap of $10.82 billion, a P/E ratio of 22.91 and a beta of 1.35. The company’s 50 day moving average price is $399.10 and its 200-day moving average price is $520.09.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, November 2nd. The technology company reported $4.34 earnings per share for the quarter, beating analysts’ consensus estimates of $4.21 by $0.13. Fabrinet had a net margin of 9.35% and a return on equity of 22.32%. The company had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same period last year, the firm earned $2.92 earnings per share. The firm’s revenue was up 50.7% on a year-over-year basis. Equities analysts forecast that Fabrinet will post 17.57 EPS for the current fiscal year.

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.