Fabrinet (FN) Releases Quarterly Earnings Results

Fabrinet (NYSE:FN) released its quarterly earnings results on Monday. The technology company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.24, MarketWatch Earnings reports. The firm had revenue of $377.00 million for the quarter, compared to analysts’ expectations of $352.28 million. Fabrinet had a return on equity of 12.68% and a net margin of 6.14%. The company’s revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.75 EPS. Fabrinet updated its Q2 2019 guidance to $0.91-0.94 EPS and its Q2 guidance to $0.91-0.94 EPS.

Shares of NYSE FN traded up $2.76 during trading hours on Wednesday, reaching $52.76. 552,900 shares of the stock traded hands, compared to its average volume of 494,556. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of 17.70, a P/E/G ratio of 1.28 and a beta of 0.68. The company has a current ratio of 3.16, a quick ratio of 2.21 and a debt-to-equity ratio of 0.08. Fabrinet has a 52-week low of $24.02 and a 52-week high of $54.70.

In related news, CFO Toh-Seng Ng sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $47.77, for a total transaction of $955,400.00. Following the transaction, the chief financial officer now directly owns 177,340 shares in the company, valued at approximately $8,471,531.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director David T. Mitchell sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $46.14, for a total value of $1,845,600.00. Following the transaction, the director now owns 69,641 shares in the company, valued at $3,213,235.74. The disclosure for this sale can be found here. Over the last three months, insiders have sold 165,000 shares of company stock worth $7,727,350. 1.90% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Boenning & Scattergood Inc. bought a new position in Fabrinet during the 3rd quarter worth approximately $222,000. Fox Run Management L.L.C. bought a new position in Fabrinet during the 3rd quarter worth approximately $247,000. Meeder Asset Management Inc. bought a new position in Fabrinet during the 3rd quarter worth approximately $259,000. Xact Kapitalforvaltning AB bought a new position in Fabrinet during the 2nd quarter worth approximately $226,000. Finally, United Services Automobile Association bought a new position in Fabrinet during the 2nd quarter worth approximately $234,000. Institutional investors and hedge funds own 99.66% of the company’s stock.

A number of brokerages recently weighed in on FN. Piper Jaffray Companies raised Fabrinet to an “overweight” rating and set a $56.00 price objective on the stock in a report on Tuesday. Stifel Nicolaus began coverage on Fabrinet in a report on Monday, October 22nd. They set a “buy” rating and a $53.00 price objective on the stock. Needham & Company LLC raised their price objective on Fabrinet from $55.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, September 5th. B. Riley cut Fabrinet from a “buy” rating to a “neutral” rating and set a $52.00 price objective on the stock. in a report on Tuesday, September 4th. Finally, Zacks Investment Research cut Fabrinet from a “buy” rating to a “hold” rating in a report on Friday, August 24th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $49.00.

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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 optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.

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Earnings History for Fabrinet (NYSE:FN)

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