Fabrinet (NYSE:FN) Receives Consensus Rating of “Hold” from Analysts

Shares of Fabrinet (NYSE:FN) have been given an average recommendation of “Hold” by the seven ratings firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $252.14.

Several brokerages have issued reports on FN. Barclays initiated coverage on Fabrinet in a report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 target price for the company. B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. Needham & Company LLC began coverage on shares of Fabrinet in a report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 target price on the stock. JPMorgan Chase & Co. increased their price target on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Finally, Rosenblatt Securities upped their price objective on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th.

Fabrinet Stock Up 2.3 %

Shares of NYSE FN opened at $245.82 on Friday. The firm has a 50-day simple moving average of $244.67 and a 200-day simple moving average of $238.14. The stock has a market capitalization of $8.92 billion, a price-to-earnings ratio of 29.09 and a beta of 0.92. Fabrinet has a 52 week low of $159.69 and a 52 week high of $278.38.

Fabrinet (NYSE:FN) last released its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. The business had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The business’s revenue was up 17.3% on a year-over-year basis. During the same period last year, the company posted $1.78 EPS. As a group, equities research analysts expect that Fabrinet will post 9.1 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Retirement Systems of Alabama acquired a new stake in shares of Fabrinet during the third quarter worth about $10,382,000. Franklin Resources Inc. increased its stake in Fabrinet by 41.3% during the 3rd quarter. Franklin Resources Inc. now owns 133,791 shares of the technology company’s stock worth $31,634,000 after buying an additional 39,076 shares during the period. Tidal Investments LLC increased its stake in Fabrinet by 46.3% during the 3rd quarter. Tidal Investments LLC now owns 3,089 shares of the technology company’s stock worth $730,000 after buying an additional 978 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Fabrinet during the 3rd quarter worth approximately $70,000. Finally, World Investment Advisors LLC purchased a new position in Fabrinet in the 3rd quarter valued at approximately $20,187,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

About Fabrinet

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 advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.