Analysts Set Fabrinet (FN) Price Target at $39.30

Shares of Fabrinet (NYSE:FN) have received an average recommendation of “Buy” from the nine analysts that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $39.30.

Several research firms have recently commented on FN. ValuEngine upgraded shares of Fabrinet from a “hold” rating to a “buy” rating in a report on Thursday, February 8th. Stifel Nicolaus lowered their price target on shares of Fabrinet from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, January 24th. Northland Securities set a $37.00 price target on shares of Fabrinet and gave the company a “buy” rating in a report on Monday, January 29th. Finally, Needham & Company LLC restated a “strong-buy” rating and set a $40.00 price target (down from $45.00) on shares of Fabrinet in a report on Tuesday, February 6th.

Fabrinet (NYSE:FN) traded up $0.19 during midday trading on Friday, reaching $32.75. 274,670 shares of the company’s stock traded hands, compared to its average volume of 743,952. Fabrinet has a 12-month low of $24.02 and a 12-month high of $47.02. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.99 and a current ratio of 2.84. The stock has a market cap of $1,217.98, a PE ratio of 13.99, a price-to-earnings-growth ratio of 1.28 and a beta of 0.50.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, February 5th. The technology company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.02. Fabrinet had a net margin of 6.24% and a return on equity of 12.96%. The firm had revenue of $337.10 million for the quarter, compared to analysts’ expectations of $329.41 million. During the same period in the previous year, the company posted $0.91 EPS. The company’s quarterly revenue was down 4.0% compared to the same quarter last year. equities research analysts expect that Fabrinet will post 2.12 earnings per share for the current fiscal year.

Fabrinet declared that its board has approved a stock repurchase plan on Monday, February 5th that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the technology company to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

In related news, insider David T. Mitchell sold 8,600 shares of the company’s stock in a transaction on Monday, January 8th. The shares were sold at an average price of $30.02, for a total value of $258,172.00. Following the completion of the sale, the insider now directly owns 111,057 shares in the company, valued at $3,333,931.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David T. Mitchell sold 40,000 shares of the company’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $30.04, for a total transaction of $1,201,600.00. Following the completion of the sale, the insider now owns 111,057 shares of the company’s stock, valued at $3,336,152.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 240,442 shares of company stock worth $7,130,099. 3.30% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of FN. Elkfork Partners LLC bought a new stake in Fabrinet in the fourth quarter worth $131,000. SG Americas Securities LLC acquired a new position in Fabrinet during the 3rd quarter worth $161,000. Russell Investments Group Ltd. lifted its position in Fabrinet by 139.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,821 shares of the technology company’s stock worth $179,000 after acquiring an additional 2,810 shares during the last quarter. Invictus RG acquired a new position in Fabrinet during the 4th quarter worth $194,000. Finally, Miles Capital Inc. acquired a new position in Fabrinet during the 4th quarter worth $219,000. Hedge funds and other institutional investors own 94.61% of the company’s stock.

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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.

Analyst Recommendations for Fabrinet (NYSE:FN)

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