BidaskClub Downgrades Fabrinet (FN) to Sell

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.

About Fabrinet

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.

Analyst Recommendations for Fabrinet (NYSE:FN)

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