Published On: Mon, Sep 19th, 2016

Fabrinet (FN) Rating Reiterated by Needham & Company LLC

Fabrinet (NYSE:FN)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Monday.
Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. reissued a “buy” rating on shares of Fabrinet in a report on Sunday, May 29th. B. Riley reissued a “buy” rating and issued a $52.75 price objective on shares of Fabrinet in a report on Wednesday, August 17th. Stifel Nicolaus raised their price objective on shares of Fabrinet from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Tuesday, August 16th. Zacks Investment Research downgraded shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 18th. Finally, Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $50.00 price target (up previously from $44.00) on shares of Fabrinet in a report on Tuesday, August 16th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Fabrinet presently has an average rating of “Buy” and an average target price of $47.68.
Fabrinet (NYSE:FN) opened at 43.12 on Monday. The stock has a 50 day moving average of $39.23 and a 200-day moving average of $34.93. Fabrinet has a one year low of $17.88 and a one year high of $45.01. The company has a market cap of $1.56 billion, a price-to-earnings ratio of 25.67 and a beta of 0.48.

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Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, August 15th. The company reported $0.60 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.60. The company had revenue of $276.40 million for the quarter, compared to the consensus estimate of $262.95 million. Fabrinet had a net margin of 6.34% and a return on equity of 13.07%. The firm’s revenue was up 33.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.40 earnings per share. On average, equities analysts predict that Fabrinet will post $2.03 EPS for the current fiscal year.
In other news, CEO David T. Mitchell sold 75,000 shares of the business’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $39.95, for a total value of $2,996,250.00. Following the transaction, the chief executive officer now owns 725,533 shares of the company’s stock, valued at $28,985,043.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Rollance E. Olson sold 5,000 shares of the business’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $40.06, for a total transaction of $200,300.00. Following the completion of the transaction, the director now directly owns 44,829 shares in the company, valued at approximately $1,795,849.74. The disclosure for this sale can be found here. 5.90% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in FN. Louisiana State Employees Retirement System increased its position in Fabrinet by 0.7% in the second quarter. Louisiana State Employees Retirement System now owns 13,600 shares of the company’s stock valued at $505,000 after buying an additional 100 shares during the period. PineBridge Investments L.P. increased its position in Fabrinet by 4.1% in the second quarter. PineBridge Investments L.P. now owns 3,886 shares of the company’s stock valued at $144,000 after buying an additional 154 shares during the period. Barclays PLC increased its position in Fabrinet by 0.5% in the first quarter. Barclays PLC now owns 41,802 shares of the company’s stock valued at $1,337,000 after buying an additional 202 shares during the period. Arizona State Retirement System increased its position in Fabrinet by 1.9% in the second quarter. Arizona State Retirement System now owns 15,860 shares of the company’s stock valued at $589,000 after buying an additional 300 shares during the period. Finally, US Bancorp DE increased its position in Fabrinet by 0.6% in the second quarter. US Bancorp DE now owns 68,128 shares of the company’s stock valued at $2,529,000 after buying an additional 375 shares during the period. 90.88% 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 (OEMs) of complex 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 entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.

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