Fabrinet (NYSE:FN) had its price objective cut by Stifel Nicolaus from $65.00 to $60.00 in a report released on Tuesday, BenzingaRatingsTable reports. They currently have a buy rating on the technology company’s stock.
A number of other equities research analysts have also commented on the company. JPMorgan Chase & Co. assumed coverage on Fabrinet in a research report on Monday, July 29th. They issued a neutral rating and a $57.00 price target on the stock. ValuEngine lowered Fabrinet from a buy rating to a hold rating in a research report on Saturday, May 18th. Needham & Company LLC upped their price target on Fabrinet from $62.00 to $70.00 and gave the company a buy rating in a research report on Friday, August 9th. Northland Securities reiterated a hold rating and issued a $47.50 price target on shares of Fabrinet in a research report on Monday, July 1st. Finally, Zacks Investment Research lowered Fabrinet from a buy rating to a hold rating in a research report on Tuesday, May 28th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Fabrinet currently has a consensus rating of Hold and an average target price of $59.50.
Shares of FN stock opened at $48.39 on Tuesday. The firm has a market capitalization of $1.71 billion, a P/E ratio of 14.44, a P/E/G ratio of 0.99 and a beta of 1.00. Fabrinet has a twelve month low of $40.94 and a twelve month high of $62.31. The company has a quick ratio of 2.30, a current ratio of 3.27 and a debt-to-equity ratio of 0.07. The stock’s fifty day simple moving average is $52.53 and its 200 day simple moving average is $53.17.
In other Fabrinet news, Director David T. Mitchell sold 30,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $52.14, for a total value of $1,564,200.00. Following the sale, the director now owns 73,748 shares in the company, valued at approximately $3,845,220.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 90,000 shares of company stock worth $4,466,100 in the last quarter. Corporate insiders own 1.90% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in Fabrinet during the fourth quarter worth approximately $17,661,000. Geode Capital Management LLC boosted its position in Fabrinet by 19.4% during the fourth quarter. Geode Capital Management LLC now owns 425,370 shares of the technology company’s stock worth $21,825,000 after purchasing an additional 68,991 shares during the period. Meeder Asset Management Inc. boosted its position in Fabrinet by 3.0% during the first quarter. Meeder Asset Management Inc. now owns 7,665 shares of the technology company’s stock worth $401,000 after purchasing an additional 221 shares during the period. Virginia Retirement Systems ET AL boosted its position in Fabrinet by 122.4% during the first quarter. Virginia Retirement Systems ET AL now owns 40,700 shares of the technology company’s stock worth $2,131,000 after purchasing an additional 22,400 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its position in Fabrinet by 201.4% during the first quarter. BNP Paribas Arbitrage SA now owns 9,990 shares of the technology company’s stock worth $523,000 after purchasing an additional 6,675 shares during the period. Institutional investors own 91.41% of the company’s stock.
Fabrinet Company Profile
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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