Price Action To Observe: Fabrinet Hit Record High

Price Action To Observe: Fabrinet Hit Record High

The stock of Fabrinet (NYSE:FN) reached all time high today, Oct, 5 and still has $63.01 target or 36.00% above today’s $46.33 share price. This indicates more upside for the $1.69 billion company. This technical setup was reported by Barchart.com. If the $63.01 PT is reached, the company will be worth $608.40 million more.
Trading stocks at an all time highs is usually a winning strategy. An all time high points to a stock which has the most positive fundamentals ever. Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events. About 197,165 shares traded hands. Fabrinet (NYSE:FN) has risen 56.81% since March 2, 2016 and is uptrending. It has outperformed by 48.56% the S&P500.

Analysts await Fabrinet (NYSE:FN) to report earnings on November, 7. They expect $0.72 EPS, up 89.47% or $0.34 from last year’s $0.38 per share. FN’s profit will be $26.26 million for 16.09 P/E if the $0.72 EPS becomes a reality. After $0.55 actual EPS reported by Fabrinet for the previous quarter, Wall Street now forecasts 30.91% EPS growth.

Fabrinet (NYSE:FN) Ratings Coverage

Out of 6 analysts covering Fabrinet (NYSE:FN), 6 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Fabrinet has been the topic of 17 analyst reports since August 14, 2015 according to StockzIntelligence Inc. As per Tuesday, June 14, the company rating was maintained by Needham. On Thursday, August 20 the stock rating was downgraded by Zacks to “Hold”. The firm earned “Outperform” rating on Tuesday, November 3 by Northland Capital. Stifel Nicolaus maintained it with “Buy” rating and $26 target price in Tuesday, November 3 report. As per Tuesday, May 3, the company rating was maintained by Stifel Nicolaus. The company was maintained on Tuesday, February 2 by Stifel Nicolaus. As per Tuesday, November 3, the company rating was maintained by B. Riley & Co. The firm has “Overweight” rating given on Monday, January 4 by Piper Jaffray. The firm has “Outperform” rating by Northland Capital given on Monday, August 31. The rating was maintained by JP Morgan with “Overweight” on Friday, May 27.

According to Zacks Investment Research, “Fabrinet provides precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, industrial lasers and sensors. The Company offers a broad range of advanced optical capabilities across the entire manufacturing process, including process engineering, design for manufacturability, supply chain management, manufacturing, final assembly and test. Fabrinet manufactures, assembles, and tests products for customers at its main manufacturing facilities in Bangkok, Thailand. The Company designs and manufactures its own bulk optical materials and components at its facilities in Fuzhou, the People’s Republic of China, and New Jersey, USA.”

Insitutional Activity: The institutional sentiment increased to 1.3 in Q2 2016. Its up 0.15, from 1.15 in 2016Q1. The ratio is positive, as 16 funds sold all Fabrinet shares owned while 63 reduced positions. 36 funds bought stakes while 67 increased positions. They now own 31.89 million shares or 0.16% more from 31.84 million shares in 2016Q1.
Manufacturers Life Ins Company The holds 22,103 shares or 0% of its portfolio. Moreover, Hillsdale Investment Management has 0.18% invested in Fabrinet (NYSE:FN) for 17,010 shares. Franklin Resources Inc has invested 0.01% of its portfolio in Fabrinet (NYSE:FN). Northern Trust last reported 0.01% of its portfolio in the stock. The Germany-based Deutsche Commercial Bank Ag has invested 0% in Fabrinet (NYSE:FN). Marvin & Palmer Assoc holds 10.14% of its portfolio in Fabrinet (NYSE:FN) for 201,500 shares. Thrivent Financial For Lutherans, a Minnesota-based fund reported 195,607 shares. Tfs Capital Limited has 15,898 shares for 0.11% of their US portfolio. Tci Wealth Advsrs reported 587 shares or 0.01% of all its holdings. The Missouri-based Stifel Financial has invested 0% in Fabrinet (NYSE:FN). 1832 Asset Mngmt L P holds 0% of its portfolio in Fabrinet (NYSE:FN) for 25,800 shares. Waddell And Reed Fincl holds 0.05% or 635,400 shares in its portfolio. Teachers Retirement Systems Of The State Of Kentucky accumulated 0.01% or 14,900 shares. Schwab Charles Invest Inc accumulated 165,180 shares or 0.01% of the stock. New York State Common Retirement Fund reported 74,753 shares or 0% of all its holdings.

Insider Transactions: Since May 16, 2016, the stock had 0 insider buys, and 8 insider sales for $15.71 million net activity. Olson Rollance E. had sold 5,000 shares worth $200,305 on Monday, August 22. Another trade for 75,000 shares valued at $3.00M was sold by Mitchell David T.. Gill Harpal also sold $2.90M worth of Fabrinet (NYSE:FN) on Tuesday, May 31. LEVINSON FRANK H had sold 19,942 shares worth $667,997 on Tuesday, May 24. Bahrami Homa also sold $176,720 worth of Fabrinet (NYSE:FN) on Thursday, May 26.

More notable recent Fabrinet (NYSE:FN) news were published by: Businesswire.com which released: “Fabrinet Announces Acquisition of Exception Global CEM Solutions Ltd.” on September 15, 2016, also Seekingalpha.com with their article: “Fabrinet: Under The Radar And Undervalued” published on May 06, 2016, Finance.Yahoo.com published: “Fabrinet meets 4Q profit forecasts” on August 15, 2016. More interesting news about Fabrinet (NYSE:FN) were released by: Seekingalpha.com and their article: “Fabrinet Is A Buy Going Into Earnings” published on July 26, 2016 as well as Seekingalpha.com‘s news article titled: “Fabrinet: Making The Case For Further Stock Gains” with publication date: August 22, 2016.

FN Company Profile

Fabrinet, incorporated on August 12, 1999, 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 Firm 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. The Company’s customer base includes companies in industries that require precision manufacturing capabilities, such as optical communications, industrial lasers, automotive, medical and sensors. The Company’s clients in these industries support end-markets, including automotive, biotechnology, communications, materials processing, medical devices, metrology and semiconductor processing.

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