Fabrinet (FN) Issues Quarterly Earnings Results, Beats Expectations By $0.24 EPS

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Fabrinet (NYSE:FN) released its quarterly earnings results on Monday. The technology company reported $0.92 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.24, MarketWatch Earnings reports. Fabrinet had a net margin of 6.14% and a return on equity of 12.68%. The firm had revenue of $377.00 million for the quarter, compared to the consensus estimate of $352.28 million. During the same quarter in the previous year, the firm posted $0.75 EPS. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. Fabrinet updated its Q2 2019 guidance to $0.91-0.94 EPS and its Q2 guidance to $0.91-0.94 EPS.

FN stock traded up $0.01 during mid-day trading on Wednesday, hitting $50.01. 7,492 shares of the company were exchanged, compared to its average volume of 344,310. The firm has a market cap of $1.71 billion, a P/E ratio of 16.79, a P/E/G ratio of 1.28 and a beta of 0.68. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.16 and a quick ratio of 2.21. Fabrinet has a twelve month low of $24.02 and a twelve month high of $54.70.

Several equities research analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research note on Friday, August 24th. Needham & Company LLC lifted their price target on shares of Fabrinet from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, September 5th. B. Riley lifted their price target on shares of Fabrinet from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, August 16th. ValuEngine raised shares of Fabrinet from a “sell” rating to a “hold” rating in a research note on Wednesday, August 8th. Finally, Piper Jaffray Companies raised shares of Fabrinet to an “overweight” rating and set a $56.00 price target on the stock in a research note on Tuesday. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Fabrinet has a consensus rating of “Buy” and an average price target of $49.00.

In other news, CFO Toh-Seng Ng sold 20,000 shares of Fabrinet stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $47.77, for a total value of $955,400.00. Following the completion of the transaction, the chief financial officer now directly owns 177,340 shares of the company’s stock, valued at approximately $8,471,531.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David T. Mitchell sold 40,000 shares of Fabrinet stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $46.14, for a total transaction of $1,845,600.00. Following the completion of the transaction, the director now directly owns 69,641 shares of the company’s stock, valued at $3,213,235.74. The disclosure for this sale can be found here. Over the last three months, insiders have sold 165,000 shares of company stock valued at $7,727,350. 1.90% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of FN. Boenning & Scattergood Inc. acquired a new position in shares of Fabrinet in the 3rd quarter valued at about $222,000. Xact Kapitalforvaltning AB acquired a new position in shares of Fabrinet in the 2nd quarter valued at about $226,000. United Services Automobile Association acquired a new position in shares of Fabrinet in the 2nd quarter valued at about $234,000. Fox Run Management L.L.C. acquired a new position in shares of Fabrinet in the 3rd quarter valued at about $247,000. Finally, Meeder Asset Management Inc. acquired a new position in shares of Fabrinet in the 3rd quarter valued at about $259,000. 99.66% of the stock is owned by institutional investors and hedge funds.

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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 optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.

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Earnings History for Fabrinet (NYSE:FN)

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