JPMorgan Chase & Co. started coverage on shares of Fabrinet (NYSE:FN) in a research report released on Monday, BenzingaRatingsTable reports. The firm issued a neutral rating and a $57.00 price target on the technology company’s stock.
Several other research firms have also weighed in on FN. Northland Securities reiterated a hold rating and issued a $47.50 price objective on shares of Fabrinet in a research note on Monday, July 1st. Needham & Company LLC lowered their price objective on shares of Fabrinet from $70.00 to $62.00 and set a buy rating for the company in a research note on Tuesday, May 28th. Zacks Investment Research lowered shares of Fabrinet from a buy rating to a hold rating in a research note on Tuesday, May 28th. Finally, ValuEngine lowered shares of Fabrinet from a buy rating to a hold rating in a research note on Saturday, May 18th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $57.79.
Shares of NYSE:FN traded down $1.86 during mid-day trading on Monday, hitting $50.88. The company had a trading volume of 2,752 shares, compared to its average volume of 196,522. The company has a fifty day moving average of $51.25. The firm has a market capitalization of $1.89 billion, a P/E ratio of 17.17, a PEG ratio of 1.16 and a beta of 1.02. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.23 and a quick ratio of 2.30. Fabrinet has a one year low of $39.00 and a one year high of $62.31.
In related news, Director David T. Mitchell sold 30,000 shares of Fabrinet stock in a transaction on Monday, July 1st. The shares were sold at an average price of $52.14, for a total value of $1,564,200.00. Following the completion of the sale, the director now owns 73,748 shares of the company’s stock, valued at approximately $3,845,220.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 90,000 shares of company stock valued at $4,466,100. 1.90% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. United Services Automobile Association increased its stake in shares of Fabrinet by 32.6% in the fourth quarter. United Services Automobile Association now owns 9,509 shares of the technology company’s stock valued at $488,000 after purchasing an additional 2,340 shares during the period. Geode Capital Management LLC increased its stake in shares of Fabrinet by 19.4% in the fourth quarter. Geode Capital Management LLC now owns 425,370 shares of the technology company’s stock valued at $21,825,000 after purchasing an additional 68,991 shares during the period. Principal Financial Group Inc. increased its stake in shares of Fabrinet by 12.0% in the fourth quarter. Principal Financial Group Inc. now owns 335,695 shares of the technology company’s stock valued at $17,224,000 after purchasing an additional 35,984 shares during the period. Two Sigma Advisers LP increased its stake in shares of Fabrinet by 63.1% in the fourth quarter. Two Sigma Advisers LP now owns 63,440 shares of the technology company’s stock valued at $3,255,000 after purchasing an additional 24,547 shares during the period. Finally, Municipal Employees Retirement System of Michigan acquired a new stake in shares of Fabrinet in the fourth quarter valued at approximately $541,000. 94.09% of the stock is owned by institutional investors and hedge funds.
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 optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.
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