Fabrinet (NYSE:FN) Hits New 12-Month Low – What’s Next?

Fabrinet (NYSE:FN)’s stock price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $148.55 and last traded at $156.98, with a volume of 517938 shares changing hands. The stock had previously closed at $172.56.

Analyst Ratings Changes

FN has been the topic of several recent analyst reports. Fox Advisors assumed coverage on Fabrinet in a research report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and set a $280.00 price objective on shares of Fabrinet in a report on Monday, March 17th. JPMorgan Chase & Co. lowered their price objective on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 4th. B. Riley raised shares of Fabrinet from a “sell” rating to a “neutral” rating and cut their target price for the stock from $178.00 to $176.00 in a research report on Friday. Finally, Barclays lowered their price target on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Fabrinet presently has a consensus rating of “Hold” and a consensus target price of $250.14.

Fabrinet Price Performance

The company has a 50-day moving average of $211.47 and a two-hundred day moving average of $229.32. The company has a market capitalization of $6.00 billion, a PE ratio of 18.47 and a beta of 0.89.

Fabrinet (NYSE:FN) last issued its quarterly earnings results 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 return on equity of 18.48% and a net margin of 10.44%. As a group, research analysts anticipate that Fabrinet will post 9.4 EPS for the current year.

Institutional Trading of Fabrinet

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Fabrinet by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 4,137,579 shares of the technology company’s stock worth $909,771,000 after acquiring an additional 113,186 shares in the last quarter. FMR LLC raised its stake in shares of Fabrinet by 13.1% in the fourth quarter. FMR LLC now owns 2,213,887 shares of the technology company’s stock valued at $486,789,000 after acquiring an additional 257,164 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Fabrinet by 1.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock worth $276,437,000 after acquiring an additional 19,677 shares during the last quarter. Wasatch Advisors LP boosted its stake in shares of Fabrinet by 47.0% during the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company’s stock worth $249,044,000 after purchasing an additional 362,064 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Fabrinet by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 1,006,858 shares of the technology company’s stock valued at $221,430,000 after purchasing an additional 20,045 shares during the last quarter. 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.