Fabrinet (NYSE:FN) Reaches New 1-Year High – Here’s What Happened

Fabrinet (NYSE:FN) shares hit a new 52-week high on Wednesday . The stock traded as high as $278.97 and last traded at $269.08, with a volume of 93640 shares traded. The stock had previously closed at $252.10.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FN. Needham & Company LLC initiated 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. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and reduced their price target for the company from $194.00 to $178.00 in a research report on Wednesday, November 20th. Finally, Barclays began coverage on Fabrinet in a research report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $252.14.

Fabrinet Stock Down 0.3 %

The business has a 50-day simple moving average of $232.73 and a 200-day simple moving average of $235.78. The company has a market cap of $9.66 billion, a PE ratio of 31.53 and a beta of 0.93.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 was up 17.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.78 EPS. On average, research analysts forecast that Fabrinet will post 9.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FN. Renaissance Technologies LLC acquired a new stake in Fabrinet during the 2nd quarter worth $6,560,000. Mercer Global Advisors Inc. ADV grew its stake in shares of Fabrinet by 6.0% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 2,819 shares of the technology company’s stock valued at $690,000 after buying an additional 159 shares during the period. Canada Pension Plan Investment Board increased its holdings in shares of Fabrinet by 265.9% during the 2nd quarter. Canada Pension Plan Investment Board now owns 15,000 shares of the technology company’s stock worth $3,672,000 after buying an additional 10,900 shares during the last quarter. Xponance Inc. raised its position in shares of Fabrinet by 3.5% during the 2nd quarter. Xponance Inc. now owns 2,308 shares of the technology company’s stock valued at $565,000 after buying an additional 78 shares during the period. Finally, Fred Alger Management LLC lifted its holdings in Fabrinet by 19.4% in the second quarter. Fred Alger Management LLC now owns 84,225 shares of the technology company’s stock valued at $20,617,000 after acquiring an additional 13,714 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

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 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.