Fabrinet (FN) Rating Lowered to Market Perform at Northland Securities

Northland Securities downgraded shares of Fabrinet (NYSE:FN) from an outperform rating to a market perform rating in a research note released on Wednesday, May 30th, MarketBeat.com reports. They currently have $33.00 price target on the technology company’s stock.

Several other equities analysts have also recently weighed in on FN. ValuEngine cut Fabrinet from a buy rating to a hold rating in a report on Friday, February 2nd. Needham & Company LLC reaffirmed a strong-buy rating and issued a $40.00 target price (down from $45.00) on shares of Fabrinet in a report on Tuesday, February 6th. Finally, B. Riley raised their target price on Fabrinet to $38.00 and gave the stock a buy rating in a report on Tuesday, May 8th. Three research analysts have rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $40.67.

Shares of Fabrinet traded up $0.73, reaching $37.54, during midday trading on Wednesday, Marketbeat.com reports. 226,873 shares of the stock were exchanged, compared to its average volume of 579,521. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.01 and a current ratio of 2.84. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of 14.61, a price-to-earnings-growth ratio of 1.23 and a beta of 0.63. Fabrinet has a 1 year low of $24.02 and a 1 year high of $47.02.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, May 7th. The technology company reported $0.71 earnings per share for the quarter, hitting the consensus estimate of $0.71. The company had revenue of $332.20 million for the quarter, compared to the consensus estimate of $319.17 million. Fabrinet had a return on equity of 12.48% and a net margin of 6.36%. The firm’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.80 EPS. sell-side analysts forecast that Fabrinet will post 2.54 earnings per share for the current year.

In other news, COO Harpal Gill sold 16,041 shares of Fabrinet stock in a transaction that occurred on Tuesday, May 29th. The shares were sold at an average price of $37.05, for a total transaction of $594,319.05. Following the completion of the sale, the chief operating officer now owns 46,523 shares of the company’s stock, valued at $1,723,677.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider David T. Mitchell sold 40,000 shares of Fabrinet stock in a transaction that occurred on Monday, April 2nd. The shares were sold at an average price of $30.77, for a total transaction of $1,230,800.00. Following the sale, the insider now directly owns 111,057 shares of the company’s stock, valued at approximately $3,417,223.89. The disclosure for this sale can be found here. In the last three months, insiders sold 224,730 shares of company stock valued at $7,713,854. 3.30% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Optimum Investment Advisors purchased a new stake in shares of Fabrinet during the first quarter valued at $115,000. First Mercantile Trust Co. acquired a new position in Fabrinet during the first quarter valued at $134,000. Elkfork Partners LLC acquired a new position in Fabrinet during the fourth quarter valued at $131,000. 6 Meridian acquired a new position in Fabrinet during the first quarter valued at $203,000. Finally, Profund Advisors LLC acquired a new position in Fabrinet during the first quarter valued at $207,000. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

Fabrinet Company Profile

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of optical communication components, modules and sub-systems, industrial lasers, medical devices, and sensors. It offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.

Analyst Recommendations for Fabrinet (NYSE:FN)

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