B. Riley Downgrades Fabrinet (NYSE:FN) to Sell

Fabrinet (NYSE:FN) was downgraded by research 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 previous price objective of $194.00. B. Riley’s price target would suggest a potential downside of 28.46% from the stock’s previous close.

FN has been the subject of a number of other research reports. Rosenblatt Securities raised their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. JPMorgan Chase & Co. lifted their price target on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Barclays began coverage on Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 target price for the company. Finally, Needham & Company LLC initiated coverage on Fabrinet in a research report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target on the stock. One 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. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $252.14.

Fabrinet Price Performance

Shares of Fabrinet stock opened at $248.82 on Wednesday. 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 capitalization of $9.02 billion, a P/E ratio of 29.45 and a beta of 0.95. Fabrinet has a fifty-two week low of $159.30 and a fifty-two week high of $278.38.

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

Insider Activity

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

Hedge Funds Weigh In On Fabrinet

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