Fabrinet (NYSE:FN) Rating Lowered to “Sell” at B. Riley

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

Other analysts have also recently issued research reports about the company. Barclays started coverage on Fabrinet in a report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price target on the stock. Rosenblatt Securities increased their price target on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. JPMorgan Chase & Co. lifted their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Finally, Needham & Company LLC initiated coverage on Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 target price on the stock. 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. According to MarketBeat, Fabrinet has a consensus rating of “Hold” and an average target price of $252.14.

Fabrinet Trading Down 9.0 %

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 has a 50 day moving average of $243.63 and a 200 day moving average of $237.37. The company has a market cap of $8.21 billion, a PE ratio of 26.77 and a beta of 0.95.

Fabrinet (NYSE:FN) last issued 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 company had revenue of $804.20 million during the quarter, compared to analysts’ expectations of $771.24 million. During the same quarter in the previous year, the company earned $1.78 earnings per share. Fabrinet’s revenue for the quarter was up 17.3% on a year-over-year basis. Research analysts forecast that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Insider Activity

In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 37,643 shares of the company’s stock, valued at $10,163,610. This represents a 41.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Edward T. Archer sold 8,690 shares of the 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 sale, the executive vice president now owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. This trade represents a 51.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,728 shares of company stock valued at $11,645,062. Insiders own 0.38% of the company’s stock.

Institutional Trading of Fabrinet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Epoch Investment Partners Inc. grew its holdings in shares of Fabrinet by 291.0% during the 1st quarter. Epoch Investment Partners Inc. now owns 275,531 shares of the technology company’s stock worth $52,081,000 after acquiring an additional 205,057 shares during the period. Driehaus Capital Management LLC grew its stake in Fabrinet by 183.5% in the second quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock worth $68,046,000 after purchasing an additional 179,943 shares during the period. Whale Rock Capital Management LLC raised its holdings in Fabrinet by 25.8% in the third quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock worth $202,338,000 after purchasing an additional 175,684 shares in the last quarter. Clearbridge Investments LLC purchased a new position in Fabrinet during the second quarter valued at $27,911,000. Finally, World Investment Advisors LLC bought a new stake in shares of Fabrinet during the 3rd quarter valued at $20,187,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

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.