Fabrinet (NYSE:FN) Downgraded by ValuEngine to Sell

ValuEngine downgraded shares of Fabrinet (NYSE:FN) from a hold rating to a sell rating in a research note published on Wednesday morning, ValuEngine reports.

Other equities research analysts have also recently issued reports about the company. Needham & Company LLC set a $70.00 target price on Fabrinet and gave the stock a buy rating in a research note on Monday, August 26th. Piper Jaffray Companies lowered their target price on Fabrinet to $64.00 and set an overweight rating on the stock in a research note on Tuesday, August 20th. Stifel Nicolaus lowered their target price on Fabrinet from $65.00 to $60.00 and set a buy rating on the stock in a research note on Tuesday, August 20th. JPMorgan Chase & Co. started coverage on Fabrinet in a research note on Monday, July 29th. They set a neutral rating and a $57.00 target price on the stock. Finally, Northland Securities upgraded Fabrinet from a market perform rating to an outperform rating and lifted their target price for the stock from $44.00 to $57.00 in a research note on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $62.33.

NYSE:FN traded up $0.49 during trading hours on Wednesday, hitting $51.03. 237,559 shares of the company traded hands, compared to its average volume of 336,834. The company has a quick ratio of 2.33, a current ratio of 3.27 and a debt-to-equity ratio of 0.07. The firm’s 50-day simple moving average is $52.14 and its 200-day simple moving average is $52.48. Fabrinet has a one year low of $40.94 and a one year high of $62.31. The company has a market cap of $1.86 billion, a PE ratio of 15.23 and a beta of 1.07.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, August 19th. The technology company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.09. The business had revenue of $405.10 million for the quarter, compared to analysts’ expectations of $399.22 million. Fabrinet had a return on equity of 15.40% and a net margin of 7.63%. The business’s revenue was up 17.3% on a year-over-year basis. During the same period last year, the business earned $0.81 EPS. As a group, equities research analysts expect that Fabrinet will post 3.26 EPS for the current year.

In related news, CFO Toh-Seng Ng sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $53.70, for a total value of $268,500.00. Following the sale, the chief financial officer now directly owns 64,963 shares in the company, valued at approximately $3,488,513.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David T. Mitchell sold 30,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $52.62, for a total value of $1,578,600.00. Following the completion of the sale, the director now owns 27,402 shares in the company, valued at $1,441,893.24. The disclosure for this sale can be found here. Insiders have sold a total of 100,206 shares of company stock worth $5,242,670 over the last quarter. Company insiders own 1.90% of the company’s stock.

A number of institutional investors have recently made changes to their positions in FN. Geode Capital Management LLC raised its stake in Fabrinet by 19.4% in the 4th quarter. Geode Capital Management LLC now owns 425,370 shares of the technology company’s stock valued at $21,825,000 after acquiring an additional 68,991 shares during the period. BlackRock Inc. raised its stake in Fabrinet by 1.6% in the 1st quarter. BlackRock Inc. now owns 5,452,511 shares of the technology company’s stock valued at $285,494,000 after acquiring an additional 85,633 shares during the period. NumerixS Investment Technologies Inc raised its stake in Fabrinet by 78.9% in the 1st quarter. NumerixS Investment Technologies Inc now owns 3,400 shares of the technology company’s stock valued at $178,000 after acquiring an additional 1,500 shares during the period. GAM Holding AG bought a new stake in Fabrinet in the 1st quarter valued at about $802,000. Finally, Sheets Smith Wealth Management bought a new stake in Fabrinet in the 1st quarter valued at about $447,000. Institutional investors and hedge funds own 95.26% of the company’s stock.

Fabrinet Company Profile

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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Analyst Recommendations for Fabrinet (NYSE:FN)

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