Fabrinet (FN) Lifted to “Buy” at ValuEngine
ValuEngine upgraded shares of Fabrinet (NYSE:FN) from a hold rating to a buy rating in a research report released on Thursday.
A number of other equities research analysts have also recently commented on the stock. Needham & Company LLC restated a buy rating on shares of Fabrinet in a report on Thursday, October 12th. Piper Jaffray Companies restated a buy rating on shares of Fabrinet in a report on Friday, November 10th. Zacks Investment Research cut shares of Fabrinet from a hold rating to a sell rating in a report on Friday, November 10th. JPMorgan Chase & Co. cut shares of Fabrinet from an overweight rating to a neutral rating and set a $42.00 price target for the company. in a report on Tuesday, November 7th. Finally, B. Riley reduced their price target on shares of Fabrinet from $46.50 to $42.50 and set a buy rating for the company in a report on Friday, November 3rd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and an average target price of $41.25.
Shares of Fabrinet (NYSE:FN) opened at $29.53 on Thursday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.85 and a current ratio of 2.84. The firm has a market cap of $1,100.91, a price-to-earnings ratio of 12.57, a PEG ratio of 1.16 and a beta of 0.75. Fabrinet has a 12-month low of $24.02 and a 12-month high of $49.63.
Fabrinet declared that its Board of Directors has initiated a share repurchase plan on Monday, February 5th that allows the company to buyback $30.00 million in shares. This buyback authorization allows the technology company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider David T. Mitchell sold 8,600 shares of Fabrinet stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $30.02, for a total transaction of $258,172.00. Following the completion of the transaction, the insider now directly owns 111,057 shares in the company, valued at $3,333,931.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David T. Mitchell sold 69,801 shares of Fabrinet stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $30.02, for a total transaction of $2,095,426.02. Following the transaction, the insider now owns 111,057 shares of the company’s stock, valued at $3,333,931.14. The disclosure for this sale can be found here. Insiders have sold 128,401 shares of company stock valued at $3,900,098 over the last quarter. Corporate insiders own 3.30% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in shares of Fabrinet by 53.7% during the third quarter. JPMorgan Chase & Co. now owns 124,233 shares of the technology company’s stock valued at $4,597,000 after buying an additional 43,405 shares during the last quarter. Nationwide Fund Advisors grew its holdings in shares of Fabrinet by 58.9% during the third quarter. Nationwide Fund Advisors now owns 62,476 shares of the technology company’s stock valued at $2,315,000 after buying an additional 23,161 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Fabrinet by 5.0% during the second quarter. Northern Trust Corp now owns 630,019 shares of the technology company’s stock valued at $26,876,000 after buying an additional 30,080 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Fabrinet by 0.7% during the third quarter. Dimensional Fund Advisors LP now owns 2,042,651 shares of the technology company’s stock valued at $75,701,000 after purchasing an additional 14,887 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Fabrinet by 4.8% during the second quarter. Vanguard Group Inc. now owns 1,984,041 shares of the technology company’s stock valued at $84,640,000 after purchasing an additional 90,477 shares in the last quarter. Hedge funds and other institutional investors own 96.45% of the company’s stock.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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