Fabrinet (NYSE:FN) Shares Down 4.7% – Here’s Why

Shares of Fabrinet (NYSE:FN) dropped 4.7% on Monday . The company traded as low as $234.71 and last traded at $236.30. Approximately 278,586 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 494,283 shares. The stock had previously closed at $247.86.

Wall Street Analyst Weigh In

FN has been the subject of a number of analyst reports. Needham & Company LLC assumed coverage on Fabrinet in a research note on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective for the company. JPMorgan Chase & Co. raised their price target on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Barclays started coverage on shares of Fabrinet in a research report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price objective on the stock. Finally, Rosenblatt Securities raised their price target on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $252.14.

Fabrinet Stock Down 0.1 %

The business’s 50 day simple moving average is $244.65 and its 200 day simple moving average is $238.03. The stock has a market cap of $8.40 billion, a price-to-earnings ratio of 27.41 and a beta of 0.92.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP boosted its holdings in Fabrinet by 1.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock valued at $276,437,000 after purchasing an additional 19,677 shares during the period. Geode Capital Management LLC boosted its stake in shares of Fabrinet by 7.6% in the third quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock valued at $233,359,000 after buying an additional 69,554 shares during the period. Whale Rock Capital Management LLC grew its position in Fabrinet by 25.8% during the third quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock worth $202,338,000 after buying an additional 175,684 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Fabrinet by 14.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock worth $113,621,000 after acquiring an additional 61,491 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Fabrinet by 4.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 314,665 shares of the technology company’s stock valued at $77,027,000 after acquiring an additional 12,409 shares during the period. Institutional investors and hedge funds 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.