Fabrinet (NYSE:FN) Updates 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.

Fabrinet stock traded down $0.08 during midday trading on Wednesday, hitting $106.13. The stock had a trading volume of 113,685 shares, compared to its average volume of 153,584. Fabrinet has a 52-week low of $59.45 and a 52-week high of $107.69. The company has a current ratio of 3.04, a quick ratio of 2.09 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $3.91 billion, a PE ratio of 26.87 and a beta of 1.02. The firm’s fifty day moving average is $96.57 and its two-hundred day moving average is $92.08.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, August 16th. The technology company reported $1.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.09. Fabrinet had a return on equity of 14.33% and a net margin of 7.89%. The company had revenue of $509.60 million for the quarter, compared to analyst estimates of $487.55 million. During the same quarter in the prior year, the firm posted $0.96 EPS. Fabrinet’s quarterly revenue was up 25.8% compared to the same quarter last year. As a group, equities research analysts predict that Fabrinet will post 4.78 earnings per share for the current fiscal year.

Several equities analysts have recently commented on the company. Royal Bank of Canada cut their price target on Fabrinet from $52.00 to $50.00 and set a sector perform rating on the stock in a research note on Thursday, July 29th. MKM Partners raised their price target on Fabrinet from $100.00 to $106.00 and gave the company a neutral rating in a research note on Tuesday, August 17th. B. Riley raised their price objective on Fabrinet from $79.00 to $85.00 and gave the company a neutral rating in a research report on Tuesday, August 17th. They noted that the move was a valuation call. Needham & Company LLC raised their price objective on 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 research report on Wednesday, August 18th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Fabrinet currently has a consensus rating of Buy and a consensus target price of $87.38.

In other news, EVP Edward T. Archer sold 11,450 shares of Fabrinet stock in a transaction that occurred on Thursday, August 19th. The stock was sold at an average price of $99.85, for a total value of $1,143,282.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Seamus Grady sold 29,955 shares of the business’s stock in a transaction on Monday, August 23rd. The stock was sold at an average price of $100.60, for a total value of $3,013,473.00. Following the transaction, the chief executive officer now directly owns 139,530 shares in the company, valued at approximately $14,036,718. 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. Company insiders own 0.67% of the company’s stock.

An institutional investor recently raised its position in Fabrinet stock. Morgan Stanley grew its holdings in Fabrinet (NYSE:FN) by 63.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 159,568 shares of the technology company’s stock after purchasing an additional 62,074 shares during the period. Morgan Stanley owned approximately 0.43% of Fabrinet worth $15,298,000 as of its most recent filing with the Securities & Exchange Commission. 97.22% of the stock is owned by institutional investors and hedge funds.

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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