Fabrinet (NYSE:FN) Stock Rating Lowered by B. Riley

Fabrinet (NYSE:FN) was downgraded by investment analysts at B. Riley from a “neutral” rating to a “sell” rating in a report released 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 indicates a potential downside of 28.46% from the stock’s previous close.

A number of other brokerages have also weighed in on FN. JPMorgan Chase & Co. increased their price target on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Needham & Company LLC started coverage on Fabrinet in a research report on Tuesday, November 5th. They set a “buy” rating and a $280.00 target price on the stock. Barclays began coverage on Fabrinet in a report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price target for the company. Finally, Rosenblatt Securities increased their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. One 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $252.14.

Fabrinet Stock Up 7.1 %

Shares of NYSE:FN opened at $248.82 on Wednesday. The company has a market capitalization of $9.02 billion, a P/E ratio of 29.45 and a beta of 0.95. Fabrinet has a 52-week low of $159.30 and a 52-week high of $278.38. The stock’s fifty day simple moving average is $243.63 and its 200-day simple moving average is $237.37.

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

Insider Transactions at Fabrinet

In related news, CEO Seamus Grady sold 26,650 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the sale, the chief executive officer now directly owns 37,643 shares in the company, valued at approximately $10,163,610. This trade represents a 41.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was 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 owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. This represents a 51.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,728 shares of company stock worth $11,645,062 in the last three months. 0.38% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Coldstream Capital Management Inc. lifted its holdings in Fabrinet by 10.2% in the 3rd quarter. Coldstream Capital Management Inc. now owns 1,037 shares of the technology company’s stock worth $246,000 after buying an additional 96 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Fabrinet by 7.6% during the third quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock worth $233,359,000 after acquiring an additional 69,554 shares during the last quarter. Barclays PLC lifted its stake in shares of Fabrinet by 304.6% in the third quarter. Barclays PLC now owns 69,128 shares of the technology company’s stock worth $16,345,000 after acquiring an additional 52,042 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Fabrinet in the third quarter valued at about $61,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Fabrinet during the 3rd quarter valued at approximately $780,000. 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.