Fabrinet (NYSE:FN) Trading Down 3.2% – What’s Next?

Fabrinet (NYSE:FN)’s share price was down 3.2% on Wednesday . The stock traded as low as $227.55 and last traded at $227.90. Approximately 98,766 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 496,997 shares. The stock had previously closed at $235.50.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. B. Riley downgraded Fabrinet from a “neutral” rating to a “sell” rating and reduced their target price for the company from $194.00 to $178.00 in a research report on Wednesday, November 20th. JPMorgan Chase & Co. raised their price objective on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Barclays initiated coverage on shares of Fabrinet in a research report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 target price on the stock. Rosenblatt Securities lifted their price target on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Finally, Needham & Company LLC assumed 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $252.14.

Fabrinet Trading Down 4.1 %

The company has a market capitalization of $8.19 billion, a PE ratio of 26.73 and a beta of 0.95. The business has a fifty day moving average of $243.94 and a 200 day moving average of $237.91.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 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 business had revenue of $804.20 million during the quarter, compared to analyst estimates of $771.24 million. During the same quarter last year, the firm posted $1.78 earnings per share. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. Equities analysts forecast that Fabrinet will post 9.1 EPS for the current fiscal year.

Insider Transactions at Fabrinet

In related news, EVP Edward T. Archer sold 8,690 shares of the firm’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 sale, the executive vice president now owns 8,333 shares of the company’s stock, valued at $1,835,426.58. This trade represents a 51.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On Fabrinet

Large investors have recently modified their holdings of the company. Opal Wealth Advisors LLC purchased a new stake in shares of Fabrinet during the 2nd quarter worth $28,000. Huntington National Bank raised its stake in Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after buying an additional 57 shares in the last quarter. Banque Cantonale Vaudoise purchased a new stake in Fabrinet during the 2nd quarter worth about $35,000. Kimelman & Baird LLC acquired a new position in shares of Fabrinet during the 2nd quarter worth about $49,000. Finally, NBC Securities Inc. increased its holdings in shares of Fabrinet by 732.0% in the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock valued at $49,000 after acquiring an additional 183 shares during the last quarter. 97.38% of the stock is 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.