Fabrinet (NYSE:FN) Receives Consensus “Moderate Buy” Recommendation from Analysts

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Fabrinet Shares (NYSE:FN – Get an assessment) received a consensus “moderate buy” recommendation from the six brokerages that currently cover the company, MarketBeat Ratings reports. One investment analyst gave the stock a hold rating and four gave the company a buy rating. The 12-month average price target among brokers who have quoted the stock over the past year is $115.60.

FN has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut its price target on Fabrinet from $115.00 to $88.00 and set a “neutral” rating for the company in a Thursday, July 14 research report. Needham & Company LLC raised its price target on Fabrinet shares from $130.00 to $135.00 and gave the company a “buy” rating in a Tuesday, August 16 report. To finish, StockNews.com upgraded Fabrinet’s shares from a “hold” rating to a “buy” rating in a Wednesday, August 24 report.

Insider activity at Fabrinet

In related news, CEO Seamus Grady sold 26,360 Fabrinet shares in a transaction on Monday August 22. The shares were sold at an average price of $112.24, for a total transaction of $2,958,646.40. As a result of the transaction, the CEO now directly owns 74,706 shares of the company, valued at $8,385,001.44. The sale was disclosed in a filing with the SEC, accessible via this link. In other news, COO Harpal Gill sold 21,088 Fabrinet shares in a trade on Thursday, August 18. The shares were sold at an average price of $117.70, for a total transaction of $2,482,057.60. Following the completion of the sale, the COO now directly owns 39,656 shares of the company, valued at $4,667,511.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, available at this link. Also, CEO Seamus Grady sold 26,360 Fabrinet shares in a trade on Monday August 22. The stock was sold at an average price of $112.24, for a total transaction of $2,958,646.40. Following the sale, the CEO now owns 74,706 shares of the company, valued at $8,385,001.44. Disclosure of this sale can be found here. Insiders sold a total of 115,129 shares of the company valued at $12,818,755 in the past ninety days. 0.42% of the shares are held by insiders of the company.

Institutional entries and exits

A number of institutional investors and hedge funds have recently increased or reduced their stakes in the company. Meeder Asset Management Inc. increased its stake in Fabrinet shares by 546.3% in the 2nd quarter. Meeder Asset Management Inc. now owns 349 shares of the technology company valued at $28,000 after purchasing an additional 295 shares during the period. Covestor Ltd purchased a new equity stake in Fabrinet in Q4 valued at approximately $49,000. Archer Investment Corp bought a new equity stake in Fabrinet in Q1 worth about $58,000. Point72 Hong Kong Ltd purchased a new equity stake in Fabrinet in Q2 worth approximately $56,000. Finally, Quantbot Technologies LP purchased a new equity stake in Fabrinet in Q2 valued at approximately $56,000. 97.21% of the shares are currently held by institutional investors and hedge funds.

Fabrinet trades down 1.9%

Shares of FN stocks opened at $98.62 on Friday. Fabrinet has a 52-week low of $74.57 and a 52-week high of $126.28. The company has a debt ratio of 0.01, a quick ratio of 1.80 and a current ratio of 2.83. The company has a market capitalization of $3.59 billion, a PE ratio of 18.40 and a beta of 0.95. The stock has a fifty-day simple moving average of $97.67 and a two-hundred-day simple moving average of $94.13.

Fabrinet (NYSE:FN – Get an assessment) last released its quarterly results on Monday, August 15. The technology company reported earnings per share (EPS) of $1.68 for the quarter, beating analyst consensus estimates of $1.42 by $0.26. The company posted revenue of $587.90 million in the quarter, compared to analyst estimates of $581.48 million. Fabrinet posted a return on equity of 16.67% and a net margin of 8.86%. Fabrinet’s revenue for the quarter increased by 15.4% compared to the same quarter last year. In the same quarter a year earlier, the company posted EPS of $1.14. On average, analysts predict that Fabrinet will post 6.11 EPS for the current fiscal year.

About Fabrinet

(Get an assessment)

Fabrinet provides optical packaging and optical, electromechanical and precision electronics manufacturing services in North America, Asia-Pacific and Europe. The company offers a range of advanced optical and electromechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, l advanced packaging, integration, final assembly and testing.

See also

Analyst Recommendations for Fabrinet (NYSE: FN)

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