Todays Report: The Fabrinet (FN) gets Sell status at Zacks Investment Research

The Fabrinet (FN) gets Sell status at Zacks Investment Research

Zacks Investment Research lowered shares of Fabrinet (NYSE:FN) from a hold rating to a sell rating in a report published on Tuesday morning.

According to Zacks, “Fabrinet provides precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, industrial lasers and sensors. The Company offers a broad range of advanced optical capabilities across the entire manufacturing process, including process engineering, design for manufacturability, supply chain management, manufacturing, final assembly and test. Fabrinet manufactures, assembles, and tests products for customers at its main manufacturing facilities in Bangkok, Thailand. The Company designs and manufactures its own bulk optical materials and components at its facilities in Fuzhou, the People’s Republic of China, and New Jersey, USA. “

Other equities analysts have also issued reports about the company. Needham & Company LLC restated a buy rating and set a $54.00 target price on shares of Fabrinet in a report on Monday, September 19th. Piper Jaffray Cos. restated an overweight rating and set a $50.00 target price (up from $44.00) on shares of Fabrinet in a report on Tuesday, August 16th. JPMorgan Chase & Co. restated a buy rating on shares of Fabrinet in a report on Wednesday, July 20th. Stifel Nicolaus lifted their price objective on Fabrinet from $40.00 to $48.00 and gave the stock a buy rating in a research note on Tuesday, August 16th. Finally, B. Riley reiterated a buy rating and issued a $52.75 price objective on shares of Fabrinet in a research note on Monday, August 22nd. One research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $48.11.

Shares of Fabrinet (NYSE:FN) opened at 41.79 on Tuesday. Fabrinet has a 1-year low of $20.13 and a 1-year high of $46.50. The company has a 50 day moving average price of $42.39 and a 200-day moving average price of $37.19. The stock has a market capitalization of $1.51 billion, a P/E ratio of 24.88 and a beta of 0.66.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, August 15th. The company reported $0.60 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.60. Fabrinet had a return on equity of 13.07% and a net margin of 6.34%. The business earned $276.40 million during the quarter, compared to analyst estimates of $262.95 million. During the same period last year, the company earned $0.40 earnings per share. Fabrinet’s quarterly revenue was up 33.8% compared to the same quarter last year. On average, equities research analysts forecast that Fabrinet will post $2.02 EPS for the current fiscal year.

In related news, CEO David T. Mitchell sold 75,000 shares of Fabrinet stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $39.02, for a total transaction of $2,926,500.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Rollance E. Olson sold 5,000 shares of Fabrinet stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $40.06, for a total value of $200,300.00. Following the sale, the director now directly owns 44,829 shares in the company, valued at $1,795,849.74. The disclosure for this sale can be found here. Corporate insiders own 5.90% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in FN. Dimensional Fund Advisors LP increased its stake in Fabrinet by 5.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,064,635 shares of the company’s stock worth $76,639,000 after buying an additional 102,747 shares during the period. BlackRock Fund Advisors increased its stake in Fabrinet by 2.6% in the second quarter. BlackRock Fund Advisors now owns 2,026,150 shares of the company’s stock worth $75,211,000 after buying an additional 50,538 shares during the period. Vanguard Group Inc. increased its stake in Fabrinet by 10.1% in the second quarter. Vanguard Group Inc. now owns 1,557,580 shares of the company’s stock worth $57,818,000 after buying an additional 142,342 shares during the period. FMR LLC increased its stake in Fabrinet by 25.5% in the second quarter. FMR LLC now owns 1,474,931 shares of the company’s stock worth $54,749,000 after buying an additional 300,000 shares during the period. Finally, Whale Rock Capital Management LLC increased its stake in Fabrinet by 20.3% in the second quarter. Whale Rock Capital Management LLC now owns 1,374,137 shares of the company’s stock worth $51,008,000 after buying an additional 231,953 shares during the last quarter. 90.82% of the stock is currently owned by institutional investors and hedge funds.

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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