Fabrinet (NYSE:FN) Issues Q1 2022 Earnings Guidance

Fabrinet (NYSE:FN) issued an update on its first quarter 2022 earnings guidance on Monday morning. The company provided EPS guidance of $1.290-$1.360 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.210. The company issued revenue guidance of $510 million-$530 million, compared to the consensus revenue estimate of $491.53 million.

NYSE:FN traded down $0.08 during trading hours on Wednesday, reaching $106.13. The company’s stock had a trading volume of 113,685 shares, compared to its average volume of 153,584. The company has a market cap of $3.91 billion, a price-to-earnings ratio of 26.87 and a beta of 1.02. Fabrinet has a one year low of $59.45 and a one year high of $107.69. The business’s 50-day moving average is $96.57 and its 200-day moving average is $92.08. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.04 and a quick ratio of 2.09.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, August 16th. The technology company reported $1.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.09. The company had revenue of $509.60 million during the quarter, compared to analysts’ expectations of $487.55 million. Fabrinet had a net margin of 7.89% and a return on equity of 14.33%. The business’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.96 earnings per share. On average, sell-side analysts predict that Fabrinet will post 4.78 EPS for the current fiscal year.

FN has been the topic of several research analyst reports. Royal Bank of Canada decreased their price target on shares of Fabrinet from $52.00 to $50.00 and set a sector perform rating on the stock in a research note on Thursday, July 29th. Zacks Investment Research raised shares of Fabrinet from a hold rating to a buy rating and set a $111.00 price target on the stock in a research report on Thursday, August 19th. MKM Partners raised their price objective on shares of Fabrinet from $100.00 to $106.00 and gave the stock a neutral rating in a report on Tuesday, August 17th. Needham & Company LLC lifted their price objective on shares of Fabrinet from $115.00 to $125.00 and gave the company a buy rating in a research report on Tuesday, August 17th. Finally, Benchmark reaffirmed a buy rating on shares of Fabrinet in a report on Wednesday, August 18th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus target price of $87.38.

In related news, CEO Seamus Grady sold 18,863 shares of Fabrinet stock in a transaction on Tuesday, August 31st. The shares were sold at an average price of $102.66, for a total value of $1,936,475.58. Following the transaction, the chief executive officer now directly owns 89,783 shares of the company’s stock, valued at $9,217,122.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Edward T. Archer sold 11,450 shares of Fabrinet stock in a transaction on Thursday, August 19th. The stock was sold at an average price of $99.85, for a total transaction of $1,143,282.50. The disclosure for this sale can be found here. Insiders sold 60,268 shares of company stock valued at $6,093,231 over the last 90 days. 0.67% of the stock is owned by company insiders.

An institutional investor recently raised its position in Fabrinet stock. Morgan Stanley boosted its holdings in Fabrinet (NYSE:FN) by 63.7% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 159,568 shares of the technology company’s stock after buying an additional 62,074 shares during the quarter. Morgan Stanley owned 0.43% of Fabrinet worth $15,298,000 at the end of the most recent quarter. Institutional investors own 97.22% of the company’s stock.

Fabrinet Company Profile

Fabrinet engages in the provision of optical packaging and electronic manufacturing services to original equipment manufacturers. The firm’s engineering services include process design, failure analysis, reliability testing, tooling design, and real-time traceability system. Its manufacturing operations offer sensors, subsystems, customized optics, and optical modules and components.

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Earnings History and Estimates for Fabrinet (NYSE:FN)

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