Fabrinet (NYSE:FN) Stock Price Down 2.2% - Here's What Happened

Fabrinet (NYSE:FN - Get Free Report) was down 2.2% during mid-day trading on Friday . The company traded as low as $212.02 and last traded at $218.80. Approximately 246,324 shares traded hands during trading, a decline of 68% from the average daily volume of 759,171 shares. The stock had previously closed at $223.66.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on FN shares. JPMorgan Chase & Co. decreased their price target on Fabrinet from $275.00 to $265.00 and set a "neutral" rating for the company in a research note on Tuesday, February 4th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $285.00 target price on shares of Fabrinet in a research report on Friday. B. Riley cut Fabrinet from a "neutral" rating to a "sell" rating and decreased their target price for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. Needham & Company LLC reaffirmed a "buy" rating and issued a $280.00 target price on shares of Fabrinet in a research report on Monday. Finally, Barclays decreased their target price on Fabrinet from $292.00 to $245.00 and set an "equal weight" rating for the company in a research report on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $246.63.

Fabrinet Stock Up 0.6 %

The company has a market capitalization of $8.08 billion, a price-to-earnings ratio of 24.91 and a beta of 0.89. The company has a 50-day moving average price of $219.08 and a 200-day moving average price of $230.48.

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Fabrinet (NYSE:FN - Get Free Report) last released its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share for the quarter, missing analysts' consensus estimates of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. Equities analysts expect that Fabrinet will post 9.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Huntington National Bank raised its stake in shares of Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company's stock valued at $33,000 after acquiring an additional 57 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Fabrinet in the 3rd quarter worth approximately $52,000. Quarry LP raised its position in Fabrinet by 315.8% in the 4th quarter. Quarry LP now owns 237 shares of the technology company's stock worth $52,000 after purchasing an additional 180 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Fabrinet in the 3rd quarter worth approximately $61,000. Finally, Orion Capital Management LLC bought a new position in Fabrinet in the 4th quarter worth approximately $62,000. Institutional investors own 97.38% of the company's stock.

Fabrinet Company Profile

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.