Fabrinet (FN) Releases Earnings Results, Misses Estimates By $0.05 EPS
Fabrinet (NYSE:FN) issued its quarterly earnings results on Monday. The technology company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.05), Briefing.com reports. Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. The business had revenue of $357.31 million for the quarter, compared to analysts’ expectations of $358.61 million. During the same quarter in the prior year, the firm posted $0.80 EPS. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. Fabrinet updated its Q2 guidance to $0.69-0.71 EPS.
Shares of Fabrinet (FN) traded down $0.52 during midday trading on Monday, reaching $31.73. The company’s stock had a trading volume of 1,181,068 shares, compared to its average volume of 412,734. The company has a quick ratio of 1.80, a current ratio of 2.57 and a debt-to-equity ratio of 0.03. Fabrinet has a 1 year low of $31.20 and a 1 year high of $49.63. The stock has a market capitalization of $1,190.00, a P/E ratio of 12.55, a P/E/G ratio of 0.97 and a beta of 1.03.
Fabrinet declared that its Board of Directors has approved a share 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 reacquire up to 21% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In other Fabrinet news, Director Thomas F. Kelly sold 30,000 shares of the business’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $38.24, for a total value of $1,147,200.00. Following the transaction, the director now owns 64,635 shares in the company, valued at $2,471,642.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Harpal Gill sold 50,000 shares of the business’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $39.07, for a total value of $1,953,500.00. Following the completion of the transaction, the chief operating officer now owns 194,193 shares in the company, valued at approximately $7,587,120.51. The disclosure for this sale can be found here. Insiders sold 207,500 shares of company stock worth $8,034,350 in the last 90 days. Corporate insiders own 3.30% of the company’s stock.
FN has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Fabrinet from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Stifel Nicolaus reiterated a “buy” rating and set a $48.00 price target on shares of Fabrinet in a report on Friday, July 14th. BidaskClub upgraded Fabrinet from a “sell” rating to a “hold” rating in a report on Sunday, July 16th. ValuEngine upgraded Fabrinet from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Finally, B. Riley reiterated a “buy” rating and set a $44.75 price target on shares of Fabrinet in a report on Friday, August 18th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $50.92.
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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