$321.67 Million in Sales Expected for Fabrinet (FN) This Quarter

Brokerages expect Fabrinet (NYSE:FN) to announce $321.67 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Fabrinet’s earnings, with the highest sales estimate coming in at $325.00 million and the lowest estimate coming in at $320.00 million. Fabrinet posted sales of $366.84 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 12.3%. The firm is expected to announce its next earnings report on Monday, May 14th.

According to Zacks, analysts expect that Fabrinet will report full year sales of $321.67 million for the current financial year, with estimates ranging from $1.35 billion to $1.36 billion. For the next year, analysts expect that the company will post sales of $1.44 billion per share, with estimates ranging from $1.44 billion to $1.45 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Fabrinet.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, February 5th. The technology company reported $0.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.02. The company had revenue of $337.10 million during the quarter, compared to the consensus estimate of $329.41 million. Fabrinet had a net margin of 6.24% and a return on equity of 12.96%. The firm’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.91 earnings per share.

A number of analysts recently issued reports on FN shares. Zacks Investment Research upgraded shares of Fabrinet from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 24th. Stifel Nicolaus decreased their price objective on shares of Fabrinet from $40.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday, January 24th. ValuEngine downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Needham & Company LLC restated a “strong-buy” rating and set a $40.00 price objective (down previously from $45.00) on shares of Fabrinet in a report on Tuesday, February 6th. Finally, B. Riley decreased their price objective on shares of Fabrinet from $46.50 to $42.50 and set a “buy” rating for the company in a report on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $41.25.

In other news, insider David T. Mitchell sold 32,021 shares of Fabrinet stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $29.30, for a total value of $938,215.30. Following the completion of the transaction, the insider now owns 111,057 shares in the company, valued at $3,253,970.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David T. Mitchell sold 69,801 shares of Fabrinet stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $30.02, for a total transaction of $2,095,426.02. Following the completion of the transaction, the insider now owns 111,057 shares of the company’s stock, valued at approximately $3,333,931.14. The disclosure for this sale can be found here. Insiders have sold 160,422 shares of company stock valued at $4,838,313 in the last 90 days. 3.30% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of FN. Flinton Capital Management LLC increased its stake in shares of Fabrinet by 62.7% in the second quarter. Flinton Capital Management LLC now owns 3,706 shares of the technology company’s stock worth $158,000 after purchasing an additional 1,428 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Fabrinet in the third quarter worth about $161,000. Russell Investments Group Ltd. increased its stake in shares of Fabrinet by 139.7% in the third quarter. Russell Investments Group Ltd. now owns 4,821 shares of the technology company’s stock worth $179,000 after purchasing an additional 2,810 shares in the last quarter. Invictus RG purchased a new position in shares of Fabrinet in the fourth quarter worth about $194,000. Finally, Amalgamated Bank purchased a new position in shares of Fabrinet in the second quarter worth about $215,000. Hedge funds and other institutional investors own 94.25% of the company’s stock.

Shares of Fabrinet (NYSE:FN) traded down $0.37 during mid-day trading on Tuesday, hitting $29.14. 625,164 shares of the stock traded hands, compared to its average volume of 861,160. The stock has a market capitalization of $1,100.00, a P/E ratio of 12.40, a P/E/G ratio of 1.15 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.99 and a current ratio of 2.84. Fabrinet has a 52 week low of $24.02 and a 52 week high of $49.63.

Fabrinet announced that its board has initiated a share repurchase program on Monday, February 5th that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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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.

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