Fabrinet (NYSE:FN) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Fabrinet (NYSE:FNGet Rating) from a hold rating to a buy rating in a report released on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $108.00 price objective on the technology company’s stock.

According to Zacks, “Fabrinet provides precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, industrial lasers and sensors. The Company offers a broad range of advanced optical capabilities across the entire manufacturing process, including process engineering, design for manufacturability, supply chain management, manufacturing, final assembly and test. Fabrinet manufactures, assembles, and tests products for customers at its main manufacturing facilities in Bangkok, Thailand. The Company designs and manufactures its own bulk optical materials and components at its facilities in Fuzhou, the People’s Republic of China, and New Jersey, USA. “

FN has been the topic of a number of other research reports. StockNews.com began coverage on Fabrinet in a research note on Thursday, March 31st. They set a hold rating on the stock. B. Riley raised their price target on Fabrinet from $96.00 to $100.00 and gave the stock a neutral rating in a research note on Tuesday, February 1st. Finally, JPMorgan Chase & Co. raised their price target on Fabrinet from $115.00 to $125.00 and gave the stock a neutral rating in a research note on Thursday, January 20th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $107.00.

FN opened at $99.73 on Tuesday. The company has a quick ratio of 1.91, a current ratio of 2.88 and a debt-to-equity ratio of 0.02. The firm has a market cap of $3.69 billion, a P/E ratio of 21.54 and a beta of 0.93. Fabrinet has a 52 week low of $77.30 and a 52 week high of $126.28. The business’s fifty day simple moving average is $100.83 and its 200 day simple moving average is $107.68.

Fabrinet (NYSE:FNGet Rating) last posted its quarterly earnings data on Monday, January 31st. The technology company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.02. The business had revenue of $566.63 million for the quarter, compared to analyst estimates of $555.77 million. Fabrinet had a return on equity of 15.49% and a net margin of 8.26%. During the same quarter last year, the company earned $0.95 earnings per share. As a group, equities analysts expect that Fabrinet will post 5.21 EPS for the current fiscal year.

In other news, EVP Edward T. Archer sold 2,146 shares of the firm’s stock in a transaction dated Tuesday, March 1st. The stock was sold at an average price of $98.73, for a total value of $211,874.58. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.42% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in FN. McIlrath & Eck LLC raised its holdings in shares of Fabrinet by 33.1% in the 3rd quarter. McIlrath & Eck LLC now owns 482 shares of the technology company’s stock worth $49,000 after purchasing an additional 120 shares during the period. Covestor Ltd purchased a new stake in shares of Fabrinet during the 4th quarter valued at about $49,000. Industrial Alliance Investment Management Inc. purchased a new stake in shares of Fabrinet during the 4th quarter valued at about $53,000. USA Financial Portformulas Corp purchased a new stake in shares of Fabrinet during the 3rd quarter valued at about $60,000. Finally, Penserra Capital Management LLC purchased a new stake in shares of Fabrinet during the 4th quarter valued at about $67,000. Institutional investors own 96.16% of the company’s stock.

Fabrinet Company Profile (Get Rating)

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 advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.

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