Fabrinet (NYSE:FN) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Monday, July 31st.
FN has been the topic of several other research reports. Zacks Investment Research downgraded shares of Fabrinet from a “hold” rating to a “sell” rating in a report on Tuesday, May 2nd. Needham & Company LLC reaffirmed a “strong-buy” rating and set a $56.00 price objective on shares of Fabrinet in a research note on Tuesday, May 9th. Stifel Nicolaus restated a “buy” rating and issued a $48.00 price objective on shares of Fabrinet in a report on Friday, July 14th. Piper Jaffray Companies reiterated an “overweight” rating on shares of Fabrinet in a report on Wednesday, May 10th. Finally, ValuEngine downgraded Fabrinet from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Fabrinet currently has an average rating of “Buy” and a consensus target price of $52.46.
Shares of Fabrinet (NYSE FN) traded down 1.13% on Monday, reaching $40.08. 504,880 shares of the company were exchanged. The firm has a 50 day moving average price of $43.63 and a 200-day moving average price of $40.81. Fabrinet has a 12-month low of $31.97 and a 12-month high of $49.63. The stock has a market capitalization of $1.50 billion, a PE ratio of 16.85 and a beta of 1.08.
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In other Fabrinet news, CEO David T. Mitchell sold 52,500 shares of the company’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $41.22, for a total transaction of $2,164,050.00. Following the completion of the sale, the chief executive officer now directly owns 42,631 shares in the company, valued at $1,757,249.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.30% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC increased its stake in shares of Fabrinet by 1.9% in the first quarter. Tower Research Capital LLC TRC now owns 2,608 shares of the technology company’s stock valued at $110,000 after buying an additional 48 shares during the last quarter. Quantbot Technologies LP boosted its position in shares of Fabrinet by 55.0% in the first quarter. Quantbot Technologies LP now owns 2,755 shares of the technology company’s stock valued at $115,000 after buying an additional 978 shares during the period. YorkBridge Wealth Partners LLC boosted its position in shares of Fabrinet by 14.1% in the second quarter. YorkBridge Wealth Partners LLC now owns 2,727 shares of the technology company’s stock valued at $117,000 after buying an additional 338 shares during the period. Riverhead Capital Management LLC boosted its position in shares of Fabrinet by 68.5% in the second quarter. Riverhead Capital Management LLC now owns 2,864 shares of the technology company’s stock worth $122,000 after buying an additional 1,164 shares during the last quarter. Finally, Ameritas Investment Partners Inc. bought a new position in shares of Fabrinet during the first quarter worth about $127,000. 95.10% of the stock is currently owned by hedge funds and other institutional investors.
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.
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