Brokerages Set Fabrinet (FN) PT at $44.88
Fabrinet (NYSE:FN) has earned an average recommendation of “Hold” from the nine brokerages that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $44.88.
Several research firms have weighed in on FN. Piper Jaffray Companies reiterated a “buy” rating on shares of Fabrinet in a report on Friday, November 10th. Zacks Investment Research lowered shares of Fabrinet from a “hold” rating to a “sell” rating in a report on Friday, November 10th. Needham & Company LLC decreased their target price on shares of Fabrinet from $60.00 to $45.00 and set a “strong-buy” rating on the stock in a report on Tuesday, November 7th. J P Morgan Chase & Co lowered shares of Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 target price on the stock. in a report on Tuesday, November 7th. Finally, B. Riley decreased their target price on shares of Fabrinet from $46.50 to $42.50 and set a “buy” rating on the stock in a report on Friday, November 3rd.
Fabrinet (NYSE:FN) traded down $0.19 on Friday, reaching $31.26. 301,080 shares of the company were exchanged, compared to its average volume of 669,158. The firm has a market capitalization of $1,180.00, a price-to-earnings ratio of 12.53, a PEG ratio of 1.18 and a beta of 0.99. Fabrinet has a 52-week low of $28.60 and a 52-week high of $49.63. The company has a quick ratio of 1.85, a current ratio of 2.70 and a debt-to-equity ratio of 0.03.
Fabrinet declared that its board has authorized a stock repurchase plan on Monday, August 21st that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the technology company to purchase up to 21% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other Fabrinet news, insider David T. Mitchell sold 50,000 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $30.93, for a total value of $1,546,500.00. Following the transaction, the insider now directly owns 111,057 shares in the company, valued at approximately $3,434,993.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.30% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in FN. Vanguard Group Inc. raised its stake in shares of Fabrinet by 6.9% in the 1st quarter. Vanguard Group Inc. now owns 1,893,564 shares of the technology company’s stock valued at $79,586,000 after acquiring an additional 121,411 shares during the period. Louisiana State Employees Retirement System raised its stake in shares of Fabrinet by 0.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 15,200 shares of the technology company’s stock valued at $648,000 after acquiring an additional 100 shares during the period. Aperio Group LLC raised its stake in shares of Fabrinet by 3.7% in the 2nd quarter. Aperio Group LLC now owns 5,847 shares of the technology company’s stock valued at $249,000 after acquiring an additional 209 shares during the period. Municipal Employees Retirement System of Michigan raised its stake in shares of Fabrinet by 32.3% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 11,140 shares of the technology company’s stock valued at $475,000 after acquiring an additional 2,720 shares during the period. Finally, NGAM Advisors L.P. raised its stake in shares of Fabrinet by 1.3% in the 2nd quarter. NGAM Advisors L.P. now owns 23,032 shares of the technology company’s stock valued at $983,000 after acquiring an additional 298 shares during the period. 94.65% of the stock is currently owned by institutional investors and hedge funds.
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Fabrinet Company Profile
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of 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 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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