Stifel Nicolaus Trims Fabrinet (NYSE:FN) Target Price to $60.00

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.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, August 19th. The technology company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.09. Fabrinet had a return on equity of 15.40% and a net margin of 7.63%. The business had revenue of $405.10 million for the quarter, compared to analyst estimates of $399.22 million. During the same quarter in the previous year, the company posted $0.81 EPS. Fabrinet’s quarterly revenue was up 17.3% compared to the same quarter last year. As a group, equities research analysts expect that Fabrinet will post 3.61 EPS for the current fiscal year.

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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Analyst Recommendations for Fabrinet (NYSE:FN)

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