Fabrinet (NYSE:FN) Downgraded to Sell Rating by B. Riley

B. Riley lowered shares of Fabrinet (NYSE:FN) from a neutral rating to a sell rating in a report issued on Wednesday, MarketBeat Ratings reports. B. Riley currently has $178.00 price objective on the technology company’s stock, down from their prior price objective of $194.00.

FN has been the topic of a number of other reports. Needham & Company LLC began coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective on the stock. Barclays assumed coverage on shares of Fabrinet in a research note on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price objective on the stock. JPMorgan Chase & Co. upped their target price on 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 lifted their price target on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Fabrinet currently has a consensus rating of “Hold” and a consensus price target of $252.14.

Fabrinet Stock Down 9.0 %

Shares of NYSE:FN opened at $226.24 on Wednesday. Fabrinet has a 12-month low of $159.30 and a 12-month high of $278.38. The company’s 50 day moving average price is $243.63 and its two-hundred day moving average price is $237.37. The firm has a market cap of $8.21 billion, a PE ratio of 26.77 and a beta of 0.95.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. The firm had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the company earned $1.78 EPS. On average, research analysts expect that Fabrinet will post 9.1 EPS for the current year.

Insiders Place Their Bets

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the transaction, the executive vice president now directly owns 8,333 shares in the company, valued at approximately $1,835,426.58. This represents a 51.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Csaba Sverha sold 100 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $270.00, for a total value of $27,000.00. Following the completion of the sale, the chief financial officer now owns 19,347 shares of the company’s stock, valued at $5,223,690. The trade was a 0.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 44,728 shares of company stock valued at $11,645,062 in the last 90 days. Corporate insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On Fabrinet

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Opal Wealth Advisors LLC bought a new stake in shares of Fabrinet during the 2nd quarter valued at about $28,000. Huntington National Bank raised its position in shares of Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after purchasing an additional 57 shares during the period. Banque Cantonale Vaudoise purchased a new stake in shares of Fabrinet in the second quarter worth approximately $35,000. Kimelman & Baird LLC bought a new position in shares of Fabrinet during the 2nd quarter worth approximately $49,000. Finally, NBC Securities Inc. raised its position in Fabrinet by 732.0% in the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after acquiring an additional 183 shares during the period. 97.38% of the stock is owned by institutional investors and hedge funds.

Fabrinet Company Profile

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.