Fabrinet (FN) Issues Quarterly Earnings Results

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

FN opened at $50.00 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.16 and a quick ratio of 2.21. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 16.78, a price-to-earnings-growth ratio of 1.28 and a beta of 0.68. Fabrinet has a 12 month low of $24.02 and a 12 month high of $54.70.

Several analysts have commented on the company. Zacks Investment Research cut Fabrinet from a “buy” rating to a “hold” rating in a report on Friday, August 24th. Needham & Company LLC cut Fabrinet from a “strong-buy” rating to a “buy” rating and lifted their price target for the company from $45.00 to $55.00 in a report on Tuesday, August 21st. They noted that the move was a valuation call. Piper Jaffray Companies upgraded Fabrinet to an “overweight” rating and set a $56.00 price target for the company in a report on Tuesday. B. Riley lifted their price target on Fabrinet from $40.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, August 16th. Finally, ValuEngine upgraded Fabrinet from a “sell” rating to a “hold” rating in a report on Wednesday, August 8th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Fabrinet presently has a consensus rating of “Buy” and an average target price of $49.00.

In other news, Director David T. Mitchell sold 40,000 shares of the business’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $45.40, for a total transaction of $1,816,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Toh-Seng Ng sold 20,000 shares of the business’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $47.77, for a total value of $955,400.00. Following the sale, the chief financial officer now owns 177,340 shares of the company’s stock, valued at approximately $8,471,531.80. The disclosure for this sale can be found here. Insiders sold a total of 165,000 shares of company stock valued at $7,727,350 in the last 90 days. 1.90% of the stock is owned by company insiders.

Several large investors have recently modified their holdings of the company. LSV Asset Management grew its holdings in shares of Fabrinet by 32.2% during the 3rd quarter. LSV Asset Management now owns 501,712 shares of the technology company’s stock worth $23,209,000 after purchasing an additional 122,312 shares during the period. Stone Ridge Asset Management LLC boosted its holdings in Fabrinet by 41.4% in the 3rd quarter. Stone Ridge Asset Management LLC now owns 8,700 shares of the technology company’s stock worth $402,000 after acquiring an additional 2,549 shares during the period. Penserra Capital Management LLC purchased a new position in Fabrinet in the 3rd quarter worth approximately $645,000. Lisanti Capital Growth LLC purchased a new position in Fabrinet in the 3rd quarter worth approximately $2,239,000. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new position in Fabrinet in the 3rd quarter worth approximately $507,000. Institutional investors and hedge funds own 99.66% of the company’s stock.

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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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