Fabrinet (NYSE:FN) Given Consensus Recommendation of “Hold” by Brokerages

Fabrinet (NYSE:FN) has earned an average recommendation of “Hold” from the seven analysts that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $252.14.

A number of equities analysts recently commented on FN shares. Rosenblatt Securities boosted their target price on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. increased their price objective on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Needham & Company LLC started coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target on the stock. Finally, Barclays assumed coverage on shares of Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price objective for the company.

Fabrinet Price Performance

FN stock opened at $231.67 on Friday. The business’s 50-day moving average is $244.65 and its two-hundred day moving average is $238.03. The firm has a market capitalization of $8.40 billion, a P/E ratio of 27.42 and a beta of 0.92. Fabrinet has a 1 year low of $159.69 and a 1 year high of $278.38.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share 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 analysts’ expectations of $771.24 million. During the same quarter last year, the company earned $1.78 earnings per share. The firm’s revenue was up 17.3% compared to the same quarter last year. On average, analysts expect that Fabrinet will post 9.1 EPS for the current year.

Hedge Funds Weigh In On Fabrinet

A number of hedge funds have recently modified their holdings of the business. Huntington National Bank increased its position in Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after acquiring an additional 57 shares during the period. Banque Cantonale Vaudoise acquired a new position in shares of Fabrinet in the second quarter valued at approximately $35,000. Kimelman & Baird LLC purchased a new stake in shares of Fabrinet during the second quarter worth approximately $49,000. NBC Securities Inc. lifted its holdings in shares of Fabrinet by 732.0% during the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after purchasing an additional 183 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Fabrinet in the 3rd quarter valued at $52,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

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.