Fabrinet (NYSE:FN) Receives Average Recommendation of “Buy” from Brokerages

Fabrinet (NYSE:FN – Get Rating) has earned an average rating of “Buy” from the ten analysts that are currently covering the stock, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $109.25.

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on Fabrinet from $115.00 to $125.00 and gave the stock a “neutral” rating in a report on Thursday, January 20th. Zacks Investment Research raised Fabrinet from a “hold” rating to a “buy” rating and set a $108.00 price objective for the company in a research note on Tuesday, April 19th. Loop Capital started coverage on Fabrinet in a research note on Monday, April 25th. They issued a “buy” rating and a $129.00 price objective for the company. StockNews.com cut Fabrinet from a “buy” rating to a “hold” rating in a research note on Monday, May 9th. Finally, B. Riley reduced their price objective on Fabrinet from $100.00 to $96.00 in a research note on Tuesday, May 3rd.

Shares of FN stock opened at $90.74 on Friday. The company has a market cap of $3.34 billion, a P/E ratio of 18.22 and a beta of 0.93. The stock has a 50 day simple moving average of $98.78 and a two-hundred day simple moving average of $106.97. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.92. Fabrinet has a fifty-two week low of $79.00 and a fifty-two week high of $126.28.

Fabrinet (NYSE:FN – Get Rating) last issued its earnings results on Monday, May 2nd. The technology company reported $1.50 earnings per share for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.02). Fabrinet had a return on equity of 16.00% and a net margin of 8.54%. During the same period in the prior year, the company earned $1.03 earnings per share. On average, research analysts predict that Fabrinet will post 5.29 earnings per share for the current year.

In related news, EVP Edward T. Archer sold 2,146 shares of Fabrinet stock in a transaction that occurred on Tuesday, March 1st. The stock was sold at an average price of $98.73, for a total transaction of $211,874.58. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.42% of the stock is owned by insiders.

Large investors have recently modified their holdings of the stock. Morgan Stanley boosted its holdings in shares of Fabrinet by 63.7% in the 2nd quarter. Morgan Stanley now owns 159,568 shares of the technology company’s stock worth $15,298,000 after buying an additional 62,074 shares during the last quarter. Advisor Group Holdings Inc. boosted its holdings in shares of Fabrinet by 27.5% in the 3rd quarter. Advisor Group Holdings Inc. now owns 7,605 shares of the technology company’s stock worth $779,000 after buying an additional 1,640 shares during the last quarter. Truist Financial Corp purchased a new position in shares of Fabrinet in the 3rd quarter worth about $1,010,000. Russell Investments Group Ltd. boosted its holdings in shares of Fabrinet by 18.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 57,675 shares of the technology company’s stock worth $5,910,000 after buying an additional 9,021 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in shares of Fabrinet by 0.4% in the 3rd quarter. Swiss National Bank now owns 81,540 shares of the technology company’s stock worth $8,359,000 after buying an additional 300 shares during the last quarter. 95.89% of the stock is currently owned by institutional investors.

About Fabrinet (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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