Fabrinet (FN) Downgraded by ValuEngine to “Strong Sell”

ValuEngine downgraded shares of Fabrinet (NYSE:FN) from a sell rating to a strong sell rating in a report issued on Tuesday morning.

Several other research firms also recently issued reports on FN. Northland Securities downgraded Fabrinet from an outperform rating to a market perform rating and set a $33.00 price target for the company. in a research note on Wednesday, May 30th. Needham & Company LLC lifted their price target on Fabrinet from $40.00 to $45.00 and gave the stock a strong-buy rating in a research note on Thursday, June 14th. Finally, B. Riley lifted their price target on Fabrinet to $38.00 and gave the stock a buy rating in a research note on Tuesday, May 8th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of Hold and an average price target of $40.67.

Fabrinet opened at $36.03 on Tuesday, MarketBeat reports. The firm has a market cap of $1.35 billion, a PE ratio of 14.02, a PEG ratio of 1.20 and a beta of 0.63. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.84 and a quick ratio of 2.01. Fabrinet has a 52-week low of $24.02 and a 52-week high of $47.02.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, May 7th. The technology company reported $0.71 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.71. The business had revenue of $332.20 million during the quarter, compared to the consensus estimate of $319.17 million. Fabrinet had a return on equity of 12.48% and a net margin of 6.36%. The business’s revenue was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.80 EPS. analysts expect that Fabrinet will post 2.54 EPS for the current fiscal year.

In other news, insider David T. Mitchell sold 40,000 shares of the company’s stock in a transaction dated Wednesday, May 2nd. The shares were sold at an average price of $30.05, for a total transaction of $1,202,000.00. Following the completion of the transaction, the insider now owns 111,057 shares of the company’s stock, valued at approximately $3,337,262.85. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Toh-Seng Ng sold 27,188 shares of the company’s stock in a transaction dated Friday, May 25th. The shares were sold at an average price of $36.91, for a total transaction of $1,003,509.08. Following the transaction, the chief financial officer now directly owns 200,887 shares of the company’s stock, valued at approximately $7,414,739.17. The disclosure for this sale can be found here. Insiders sold a total of 224,730 shares of company stock valued at $7,713,854 in the last three months. 3.30% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Millennium Management LLC increased its stake in shares of Fabrinet by 20.1% during the 1st quarter. Millennium Management LLC now owns 9,353 shares of the technology company’s stock valued at $293,000 after acquiring an additional 1,565 shares during the last quarter. California Public Employees Retirement System increased its stake in shares of Fabrinet by 1.2% during the 4th quarter. California Public Employees Retirement System now owns 138,678 shares of the technology company’s stock valued at $3,980,000 after acquiring an additional 1,700 shares during the last quarter. Jefferies Group LLC increased its stake in shares of Fabrinet by 34.3% during the 4th quarter. Jefferies Group LLC now owns 7,661 shares of the technology company’s stock valued at $220,000 after acquiring an additional 1,958 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Fabrinet by 3.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 120,816 shares of the technology company’s stock valued at $3,467,000 after acquiring an additional 3,574 shares during the last quarter. Finally, Optimum Investment Advisors acquired a new position in shares of Fabrinet during the 1st quarter valued at about $115,000. 97.70% of the stock is owned by institutional investors.

About Fabrinet

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of optical communication components, modules and sub-systems, industrial lasers, medical devices, and sensors. It offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, 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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