Fox Advisors Begins Coverage on Fabrinet (NYSE:FN)

Fox Advisors started coverage on shares of Fabrinet (NYSE:FN) in a report issued on Tuesday morning, MarketBeat.com reports. The firm issued an overweight rating and a $270.00 target price on the technology company’s stock.

Several other brokerages also recently issued reports on FN. Barclays cut their price target on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. Needham & Company LLC restated a “buy” rating and set a $280.00 price objective on shares of Fabrinet in a research report on Tuesday, February 4th. JPMorgan Chase & Co. cut their price objective on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research report on Tuesday, February 4th. Rosenblatt Securities lifted their price target on Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a report on Tuesday, February 4th. Finally, B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Fabrinet presently has a consensus rating of “Hold” and an average price target of $246.63.

Fabrinet Stock Performance

Shares of NYSE:FN opened at $230.46 on Tuesday. Fabrinet has a 52-week low of $159.69 and a 52-week high of $281.79. The company has a market capitalization of $8.36 billion, a P/E ratio of 25.78 and a beta of 0.92. The company has a 50-day simple moving average of $227.03 and a 200 day simple moving average of $233.93.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. As a group, equities analysts forecast that Fabrinet will post 9.4 earnings per share for the current year.

Hedge Funds Weigh In On Fabrinet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FN. CWM LLC raised its holdings in Fabrinet by 59.1% in the 3rd quarter. CWM LLC now owns 845 shares of the technology company’s stock valued at $200,000 after acquiring an additional 314 shares in the last quarter. Creative Planning raised its stake in Fabrinet by 22.0% in the third quarter. Creative Planning now owns 13,455 shares of the technology company’s stock valued at $3,181,000 after purchasing an additional 2,422 shares in the last quarter. Blue Trust Inc. raised its stake in Fabrinet by 249.2% in the third quarter. Blue Trust Inc. now owns 426 shares of the technology company’s stock valued at $104,000 after purchasing an additional 304 shares in the last quarter. Raymond James & Associates raised its position in shares of Fabrinet by 8.5% in the 3rd quarter. Raymond James & Associates now owns 21,746 shares of the technology company’s stock valued at $5,142,000 after buying an additional 1,708 shares in the last quarter. Finally, Eastern Bank acquired a new position in shares of Fabrinet in the 3rd quarter valued at approximately $59,000. 97.38% of the stock is owned by institutional investors and hedge funds.

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.