Fabrinet (NYSE:FN) Receives Average Rating of “Hold” from Brokerages

Shares of Fabrinet (NYSE:FN) have received an average rating of “Hold” from the seven ratings firms that are presently covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $254.43.

A number of brokerages have issued reports on FN. Barclays initiated coverage on shares of Fabrinet in a research report on Thursday. They set an “equal weight” rating and a $292.00 price objective on the stock. JPMorgan Chase & Co. boosted their price target on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Rosenblatt Securities raised their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Needham & Company LLC began coverage on Fabrinet in a report on Tuesday, November 5th. They set a “buy” rating and a $280.00 target price on the stock. Finally, B. Riley lowered their target price on Fabrinet from $196.00 to $194.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th.

Insider Transactions at Fabrinet

In other news, EVP Edward T. Archer sold 8,690 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the transaction, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at $1,835,426.58. This represents a 51.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Csaba Sverha sold 100 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $270.00, for a total value of $27,000.00. Following the sale, the chief financial officer now owns 19,347 shares of the company’s stock, valued at approximately $5,223,690. This represents a 0.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 44,728 shares of company stock valued at $11,645,062 in the last quarter. 0.38% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its holdings in Fabrinet by 7.6% in the 3rd quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock worth $233,359,000 after purchasing an additional 69,554 shares in the last quarter. Barclays PLC boosted its position in shares of Fabrinet by 304.6% in the 3rd quarter. Barclays PLC now owns 69,128 shares of the technology company’s stock worth $16,345,000 after purchasing an additional 52,042 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Fabrinet during the third quarter worth about $61,000. Y Intercept Hong Kong Ltd acquired a new position in Fabrinet during the 3rd quarter valued at approximately $780,000. Finally, MML Investors Services LLC increased its position in shares of Fabrinet by 41.2% in the 3rd quarter. MML Investors Services LLC now owns 14,411 shares of the technology company’s stock valued at $3,407,000 after acquiring an additional 4,203 shares during the period. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Trading Down 6.8 %

Fabrinet stock opened at $234.85 on Monday. Fabrinet has a 1-year low of $159.30 and a 1-year high of $278.38. The firm has a market capitalization of $8.52 billion, a PE ratio of 27.79 and a beta of 0.95. The firm’s 50 day simple moving average is $242.35 and its 200 day simple moving average is $236.02.

Fabrinet (NYSE:FN) last released its earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.01. The business had revenue of $804.20 million for the quarter, compared to analysts’ expectations of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The firm’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.78 earnings per share. Research analysts forecast that Fabrinet will post 9.1 earnings per share for the current year.

About Fabrinet

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