Piper Jaffray Companies Upgrades Fabrinet (FN) to Overweight
Piper Jaffray Companies upgraded shares of Fabrinet (NYSE:FN) to an overweight rating in a research note published on Tuesday, The Fly reports. They currently have $56.00 price objective on the technology company’s stock.
Several other brokerages also recently commented on FN. Stifel Nicolaus started coverage on shares of Fabrinet in a report on Monday, October 22nd. They issued a buy rating and a $53.00 price target for the company. Needham & Company LLC raised their price target on shares of Fabrinet from $55.00 to $58.00 and gave the company a buy rating in a report on Wednesday, September 5th. Zacks Investment Research downgraded shares of Fabrinet from a hold rating to a sell rating in a report on Tuesday, July 10th. ValuEngine raised shares of Fabrinet from a hold rating to a buy rating in a report on Thursday, August 23rd. Finally, B. Riley downgraded shares of Fabrinet from a buy rating to a neutral rating and set a $52.00 price target for the company. in a report on Tuesday, September 4th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Fabrinet presently has an average rating of Buy and a consensus price target of $50.17.
Fabrinet stock traded down $0.85 during mid-day trading on Tuesday, reaching $51.16. The company’s stock had a trading volume of 390,859 shares, compared to its average volume of 440,079. Fabrinet has a 12-month low of $24.02 and a 12-month high of $54.70. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of 17.17, a P/E/G ratio of 1.45 and a beta of 0.68. The company has a current ratio of 3.00, a quick ratio of 2.21 and a debt-to-equity ratio of 0.08.
In other news, Director Rollance E. Olson sold 5,000 shares of Fabrinet stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $48.03, for a total transaction of $240,150.00. Following the completion of the sale, the director now directly owns 48,303 shares of the company’s stock, valued at approximately $2,319,993.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Toh-Seng Ng sold 40,000 shares of Fabrinet stock in a transaction on Friday, August 31st. The stock was sold at an average price of $47.78, for a total transaction of $1,911,200.00. Following the sale, the chief financial officer now directly owns 157,340 shares of the company’s stock, valued at $7,517,705.20. The disclosure for this sale can be found here. Insiders have sold a total of 165,000 shares of company stock valued at $7,727,350 over the last ninety days. 1.90% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of FN. Russell Investments Group Ltd. raised its position in Fabrinet by 342.5% in the 1st quarter. Russell Investments Group Ltd. now owns 21,333 shares of the technology company’s stock worth $669,000 after purchasing an additional 16,512 shares during the period. Millennium Management LLC raised its position in Fabrinet by 20.1% in the 1st quarter. Millennium Management LLC now owns 9,353 shares of the technology company’s stock worth $293,000 after purchasing an additional 1,565 shares during the period. Xact Kapitalforvaltning AB purchased a new position in Fabrinet in the 2nd quarter worth $226,000. James Investment Research Inc. purchased a new position in Fabrinet in the 2nd quarter worth $2,189,000. Finally, Northpointe Capital LLC purchased a new position in Fabrinet in the 2nd quarter worth $2,548,000. Institutional investors own 99.66% of the company’s stock.
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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