Fabrinet (FN) Earns Buy Rating from Northland Securities

Fabrinet (NYSE:FN)‘s stock had its “buy” rating reissued by equities research analysts at Northland Securities in a report released on Tuesday. They currently have a $35.00 price objective on the technology company’s stock. Northland Securities’ price target would suggest a potential upside of 11.75% from the stock’s previous close.

Several other equities research analysts also recently weighed in on FN. ValuEngine downgraded Fabrinet from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Needham & Company LLC restated a “strong-buy” rating and set a $40.00 price target (down previously from $45.00) on shares of Fabrinet in a report on Tuesday, February 6th. Finally, Stifel Nicolaus cut their price target on Fabrinet from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, January 24th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $40.92.

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FN traded up $1.15 during mid-day trading on Tuesday, hitting $31.32. 545,755 shares of the stock were exchanged, compared to its average volume of 667,062. The company has a current ratio of 2.84, a quick ratio of 1.99 and a debt-to-equity ratio of 0.02. Fabrinet has a 1-year low of $24.02 and a 1-year high of $47.02. The firm has a market cap of $1,247.06, a price-to-earnings ratio of 12.22 and a beta of 0.54.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, February 5th. The technology company reported $0.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.02. Fabrinet had a return on equity of 12.96% and a net margin of 6.24%. The company had revenue of $337.10 million for the quarter, compared to the consensus estimate of $329.41 million. During the same quarter in the prior year, the business earned $0.91 EPS. Fabrinet’s revenue was down 4.0% on a year-over-year basis.

Fabrinet declared that its board has approved a share repurchase plan on Monday, February 5th that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the technology company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

In other news, insider David T. Mitchell sold 32,021 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $29.30, for a total value of $938,215.30. Following the transaction, the insider now owns 111,057 shares in the company, valued at approximately $3,253,970.10. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider David T. Mitchell sold 40,000 shares of the stock in a transaction dated Monday, April 2nd. The shares were sold at an average price of $30.77, for a total value of $1,230,800.00. Following the completion of the transaction, the insider now owns 111,057 shares in the company, valued at approximately $3,417,223.89. The disclosure for this sale can be found here. In the last quarter, insiders sold 271,842 shares of company stock worth $8,102,727. Company insiders own 3.30% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Fabrinet by 3.1% in the 4th quarter. BlackRock Inc. now owns 4,623,972 shares of the technology company’s stock valued at $132,709,000 after acquiring an additional 140,250 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Fabrinet by 53.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 124,233 shares of the technology company’s stock worth $4,597,000 after buying an additional 43,405 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in Fabrinet by 540.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,062,930 shares of the technology company’s stock worth $30,506,000 after buying an additional 896,930 shares during the last quarter. Nationwide Fund Advisors grew its stake in Fabrinet by 58.9% during the 3rd quarter. Nationwide Fund Advisors now owns 62,476 shares of the technology company’s stock worth $2,315,000 after buying an additional 23,161 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Fabrinet by 0.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,042,651 shares of the technology company’s stock worth $75,701,000 after buying an additional 14,887 shares during the last quarter. Institutional investors and hedge funds own 99.12% 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.

Analyst Recommendations for Fabrinet (NYSE:FN)

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