Fabrinet (NYSE:FN) Lowered to “Sell” Rating by B. Riley

Fabrinet (NYSE:FN) was downgraded by analysts at B. Riley from a “neutral” rating to a “sell” rating in a research report issued on Wednesday,Briefing.com Automated Import reports. They currently have a $178.00 price objective on the technology company’s stock, down from their prior price objective of $194.00. B. Riley’s price target points to a potential downside of 28.46% from the company’s current price.

Other research analysts also recently issued reports about the company. Barclays started coverage on Fabrinet in a research note on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price target for the company. Needham & Company LLC assumed coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Finally, Rosenblatt Securities upped their price objective on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $252.14.

Fabrinet Stock Up 7.1 %

Shares of FN opened at $248.82 on Wednesday. The company has a 50 day moving average of $243.63 and a 200-day moving average of $237.37. The stock has a market capitalization of $9.02 billion, a P/E ratio of 29.45 and a beta of 0.95. Fabrinet has a twelve month low of $159.30 and a twelve month high of $278.38.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The firm had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. During the same period in the previous year, the business earned $1.78 EPS. The company’s revenue was up 17.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the transaction, the chief executive officer now owns 37,643 shares in the company, valued at $10,163,610. This represents a 41.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Csaba Sverha sold 9,288 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the transaction, the chief financial officer now directly owns 19,768 shares in the company, valued at $5,338,941.44. This represents a 31.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,728 shares of company stock valued at $11,645,062 in the last ninety days. 0.38% of the stock is currently owned by corporate insiders.

Institutional Trading of Fabrinet

Several large investors have recently modified their holdings of the stock. nVerses Capital LLC bought a new stake in Fabrinet during the third quarter worth about $567,000. Pitcairn Co. acquired a new position in Fabrinet during the first quarter valued at approximately $544,000. DekaBank Deutsche Girozentrale lifted its stake in Fabrinet by 27.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company’s stock worth $15,036,000 after purchasing an additional 17,000 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Fabrinet by 279.5% in the 1st quarter. Russell Investments Group Ltd. now owns 22,294 shares of the technology company’s stock valued at $4,214,000 after purchasing an additional 16,420 shares in the last quarter. Finally, Park Avenue Securities LLC increased its stake in shares of Fabrinet by 68.6% in the 2nd quarter. Park Avenue Securities LLC now owns 6,533 shares of the technology company’s stock valued at $1,599,000 after purchasing an additional 2,658 shares during the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

About Fabrinet

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.