Fabrinet (NYSE:FN) Receives Average Recommendation of “Moderate Buy” from Brokerages

Fabrinet (NYSE:FN) has received an average rating of “Moderate Buy” from the ten analysts that are covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $649.50.

FN has been the subject of a number of recent research reports. Wall Street Zen lowered shares of Fabrinet from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Zacks Research downgraded Fabrinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Fox Advisors raised Fabrinet from an “equal weight” rating to an “overweight” rating in a report on Wednesday, August 19th. Weiss Ratings cut Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 9th. Finally, Barclays lifted their price target on Fabrinet from $702.00 to $739.00 and gave the company an “overweight” rating in a research report on Tuesday, August 18th.

Insider Buying and Selling

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of Fabrinet stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the completion of the transaction, the executive vice president owned 7,007 shares of the company’s stock, valued at $2,704,071.37. The trade was a 26.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.24% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fabrinet

A number of institutional investors and hedge funds have recently modified their holdings of FN. Paradigm Capital Management Inc. NY bought a new position in shares of Fabrinet in the second quarter worth approximately $298,183,000. Norges Bank purchased a new stake in Fabrinet in the fourth quarter valued at approximately $193,766,000. JPMorgan Chase & Co. lifted its position in Fabrinet by 64.8% during the fourth quarter. JPMorgan Chase & Co. now owns 1,065,414 shares of the technology company’s stock valued at $485,063,000 after purchasing an additional 419,081 shares during the last quarter. Polar Capital Holdings Plc lifted its position in Fabrinet by 58.9% during the fourth quarter. Polar Capital Holdings Plc now owns 551,916 shares of the technology company’s stock valued at $251,276,000 after purchasing an additional 204,612 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in Fabrinet by 42.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 473,902 shares of the technology company’s stock valued at $215,758,000 after purchasing an additional 140,347 shares during the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Stock Up 6.5%

Shares of NYSE:FN opened at $451.73 on Friday. The firm has a market capitalization of $16.19 billion, a PE ratio of 34.61 and a beta of 1.23. Fabrinet has a twelve month low of $358.28 and a twelve month high of $748.89. The company has a 50-day moving average price of $447.11 and a two-hundred day moving average price of $546.11.

Fabrinet (NYSE:FN) last posted its earnings results on Tuesday, August 18th. The technology company reported $4.10 earnings per share for the quarter, topping the consensus estimate of $3.81 by $0.29. Fabrinet had a net margin of 10.19% and a return on equity of 21.23%. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the company earned $2.65 earnings per share. The company’s revenue was up 44.6% on a year-over-year basis. Analysts anticipate that Fabrinet will post 17.5 earnings per share for the current fiscal year.

About Fabrinet

Fabrinet (NYSE: FN) provides advanced manufacturing services for companies that develop optical, electro-optical, and precision-engineered products. The company supports customers from product design and engineering through manufacturing, assembly, testing, and supply-chain management.

Its products and manufacturing capabilities include optical communications components, modules, and assemblies; precision optical and optoelectronic systems; industrial lasers; and other complex products used in communications, industrial, automotive, medical, and other technology markets.