Zacks Investment Research cut shares of Fabrinet (NYSE:FN) from a hold rating to a sell rating in a research note issued to investors on Friday morning.

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. “

A number of other research analysts have also recently weighed in on FN. Needham & Company LLC reduced their price target on shares of Fabrinet from $60.00 to $45.00 and set a strong-buy rating on the stock in a research report on Tuesday, November 7th. J P Morgan Chase & Co cut shares of Fabrinet from an overweight rating to a neutral rating and set a $42.00 price target on the stock. in a research report on Tuesday, November 7th. B. Riley reduced their price target on shares of Fabrinet from $46.50 to $42.50 and set a buy rating on the stock in a research report on Friday, November 3rd. BidaskClub cut shares of Fabrinet from a sell rating to a strong sell rating in a research report on Tuesday, August 22nd. Finally, Piper Jaffray Companies reaffirmed an overweight rating and set a $51.00 price target (down from $55.00) on shares of Fabrinet in a research report on Tuesday, August 22nd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Hold and an average price target of $46.42.

Shares of Fabrinet (NYSE FN) opened at $31.11 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.70 and a quick ratio of 1.85. Fabrinet has a 12-month low of $28.60 and a 12-month high of $49.63. The stock has a market cap of $1,169.38, a P/E ratio of 12.39, a P/E/G ratio of 1.17 and a beta of 1.03.

Fabrinet (NYSE:FN) last released its earnings results on Monday, August 21st. The technology company reported $0.72 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.11). Fabrinet had a return on equity of 14.35% and a net margin of 6.60%. The company had revenue of $370.50 million during the quarter, compared to analyst estimates of $363.41 million. During the same period in the prior year, the business posted $0.60 earnings per share. Fabrinet’s revenue was up 34.0% on a year-over-year basis. analysts anticipate that Fabrinet will post 2.22 EPS for the current fiscal year.

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Fabrinet announced that its board has initiated a share repurchase plan on Monday, August 21st that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire up to 21% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

In other news, CFO Toh-Seng Ng sold 22,500 shares of Fabrinet stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $39.00, for a total transaction of $877,500.00. Following the sale, the chief financial officer now owns 201,749 shares in the company, valued at $7,868,211. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David T. Mitchell sold 105,000 shares of Fabrinet stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $38.63, for a total transaction of $4,056,150.00. Following the sale, the chief executive officer now owns 111,057 shares in the company, valued at approximately $4,290,131.91. The disclosure for this sale can be found here. Insiders have sold 257,500 shares of company stock worth $9,535,850 in the last quarter. Insiders own 3.30% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Alps Advisors Inc. increased its stake in shares of Fabrinet by 0.3% in the second quarter. Alps Advisors Inc. now owns 12,341 shares of the technology company’s stock worth $526,000 after buying an additional 32 shares during the last quarter. Suntrust Banks Inc. increased its stake in shares of Fabrinet by 0.5% in the second quarter. Suntrust Banks Inc. now owns 7,829 shares of the technology company’s stock worth $333,000 after buying an additional 37 shares during the last quarter. Pinebridge Investments L.P. increased its stake in shares of Fabrinet by 2.0% in the second quarter. Pinebridge Investments L.P. now owns 4,918 shares of the technology company’s stock worth $210,000 after buying an additional 98 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Fabrinet by 0.7% in the second quarter. Louisiana State Employees Retirement System now owns 15,200 shares of the technology company’s stock worth $648,000 after buying an additional 100 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in shares of Fabrinet by 1.0% in the second quarter. Arizona State Retirement System now owns 19,460 shares of the technology company’s stock worth $830,000 after buying an additional 200 shares during the last quarter. Institutional investors own 94.37% of the company’s stock.

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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