Fabrinet (FN) Upgraded to Buy by ValuEngine

Fabrinet (NYSE:FN) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

Other analysts have also issued reports about the stock. JPMorgan Chase & Co. lowered shares of Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 price target for the company. in a research report on Tuesday, November 7th. Northland Securities set a $37.00 price target on shares of Fabrinet and gave the company a “buy” rating in a research report on Monday, January 29th. Needham & Company LLC decreased their price target on shares of Fabrinet from $60.00 to $45.00 and set a “strong-buy” rating for the company in a research report on Tuesday, November 7th. Piper Jaffray Companies reissued a “buy” rating on shares of Fabrinet in a research report on Friday, November 10th. Finally, B. Riley decreased their price target on shares of Fabrinet from $46.50 to $42.50 and set a “buy” rating for the company in a research report on Friday, November 3rd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $41.25.

Fabrinet (NYSE FN) traded down $0.70 during trading hours on Thursday, reaching $29.04. 912,513 shares of the company were exchanged, compared to its average volume of 850,164. Fabrinet has a 52 week low of $24.02 and a 52 week high of $49.63. The stock has a market capitalization of $1,090.00, a price-to-earnings ratio of 12.36, a PEG ratio of 1.25 and a beta of 0.75. The company has a current ratio of 2.84, a quick ratio of 1.85 and a debt-to-equity ratio of 0.02.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, November 6th. The technology company reported $0.55 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.07). The business had revenue of $357.31 million during the quarter, compared to analysts’ expectations of $358.91 million. Fabrinet had a return on equity of 12.96% and a net margin of 6.24%. sell-side analysts predict that Fabrinet will post 2 EPS for the current fiscal year.

Fabrinet declared that its Board of Directors has approved a stock buyback plan on Monday, February 5th that authorizes the company to repurchase $30.00 million in shares. This repurchase authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

In related news, insider David T. Mitchell sold 50,000 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $30.93, for a total value of $1,546,500.00. Following the completion of the transaction, the insider now directly owns 111,057 shares of the company’s stock, valued at approximately $3,434,993.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David T. Mitchell sold 8,600 shares of the stock in a transaction that occurred on Monday, January 8th. The shares were sold at an average price of $30.02, for a total transaction of $258,172.00. Following the completion of the transaction, the insider now directly owns 111,057 shares of the company’s stock, valued at $3,333,931.14. The disclosure for this sale can be found here. Insiders sold a total of 128,401 shares of company stock valued at $3,900,098 over the last ninety days. 3.30% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of the stock. First Trust Advisors LP increased its holdings in Fabrinet by 16.9% in the 4th quarter. First Trust Advisors LP now owns 56,852 shares of the technology company’s stock worth $1,632,000 after buying an additional 8,229 shares during the period. Swiss National Bank increased its holdings in Fabrinet by 6.3% in the 4th quarter. Swiss National Bank now owns 65,440 shares of the technology company’s stock worth $1,878,000 after buying an additional 3,900 shares during the period. California Public Employees Retirement System increased its holdings in Fabrinet by 1.2% in the 4th quarter. California Public Employees Retirement System now owns 138,678 shares of the technology company’s stock worth $3,980,000 after buying an additional 1,700 shares during the period. Teacher Retirement System of Texas acquired a new position in Fabrinet in the 4th quarter worth approximately $364,000. Finally, Heartland Advisors Inc. increased its holdings in Fabrinet by 61.4% in the 4th quarter. Heartland Advisors Inc. now owns 526,000 shares of the technology company’s stock worth $15,096,000 after buying an additional 200,200 shares during the period. Institutional investors own 96.45% 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Fabrinet (NYSE:FN)

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