Fabrinet (FN) Hits New 12-Month Low at $28.53

Fabrinet (NYSE:FN) hit a new 52-week low on Tuesday . The stock traded as low as $28.53 and last traded at $29.25, with a volume of 289900 shares traded. The stock had previously closed at $29.57.

A number of research analysts recently commented on FN shares. Piper Jaffray Companies reissued a “buy” rating on shares of Fabrinet in a report on Friday, November 10th. JPMorgan Chase & Co. downgraded Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 price target for the company. in a report on Tuesday, November 7th. B. Riley reduced their price target on Fabrinet from $46.50 to $42.50 and set a “buy” rating for the company in a report on Friday, November 3rd. Zacks Investment Research downgraded Fabrinet from a “hold” rating to a “sell” rating in a report on Friday, November 10th. Finally, Needham & Company LLC reduced their price target on Fabrinet from $60.00 to $45.00 and set a “strong-buy” rating for the company in a report on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $46.42.

The stock has a market capitalization of $1,099.47, a price-to-earnings ratio of 11.38, a P/E/G ratio of 1.10 and a beta of 0.99. The company has a current ratio of 2.70, a quick ratio of 1.85 and a debt-to-equity ratio of 0.03.

In other Fabrinet news, insider David T. Mitchell sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $30.03, for a total transaction of $1,501,500.00. Following the sale, the insider now owns 111,057 shares in the company, valued at $3,335,041.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its stake in Fabrinet by 0.4% during the second quarter. BlackRock Inc. now owns 4,328,966 shares of the technology company’s stock valued at $184,673,000 after buying an additional 17,385 shares in the last quarter. FMR LLC raised its stake in Fabrinet by 31.8% during the second quarter. FMR LLC now owns 2,772,212 shares of the technology company’s stock valued at $118,262,000 after buying an additional 669,201 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Fabrinet by 0.7% during the third quarter. Dimensional Fund Advisors LP now owns 2,042,651 shares of the technology company’s stock valued at $75,701,000 after buying an additional 14,887 shares in the last quarter. Vanguard Group Inc. raised its stake in Fabrinet by 4.8% during the second quarter. Vanguard Group Inc. now owns 1,984,041 shares of the technology company’s stock valued at $84,640,000 after buying an additional 90,477 shares in the last quarter. Finally, Royce & Associates LP raised its position in shares of Fabrinet by 11.1% during the 3rd quarter. Royce & Associates LP now owns 1,551,460 shares of the technology company’s stock worth $57,497,000 after purchasing an additional 155,010 shares during the period. Hedge funds and other institutional investors own 94.23% of the company’s stock.

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Fabrinet Company Profile

Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of 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 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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