Worth Watching: Time to Reconsider Fabrinet After Touching 52-Week High?

Worth Watching: Time to Reconsider Fabrinet After Touching 52 Week High?

The stock of Fabrinet (NYSE:FN) hit a new 52-week high and has $65.18 target or 41.00% above today’s $46.23 share price. The 5 months bullish chart indicates low risk for the $1.68B company. The 1-year high was reported on Oct, 5 by Barchart.com. If the $65.18 price target is reached, the company will be worth $688.80M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 122,587 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 $26.16 million for 16.05 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. On Tuesday, November 3 the stock rating was maintained by Northland Capital with “Outperform”. The rating was maintained by Piper Jaffray with “Overweight” on Monday, January 4. Stifel Nicolaus maintained Fabrinet (NYSE:FN) rating on Tuesday, November 3. Stifel Nicolaus has “Buy” rating and $26 price target. JP Morgan maintained it with “Overweight” rating and $33 target price in Thursday, March 31 report. The rating was maintained by B. Riley & Co on Tuesday, November 3 with “Buy”. The firm has “Overweight” rating by JP Morgan given on Friday, May 27. The stock of Fabrinet (NYSE:FN) earned “Buy” rating by Needham on Wednesday, December 16. On Tuesday, August 16 the stock rating was maintained by JP Morgan with “Overweight”. Northland Capital initiated Fabrinet (NYSE:FN) rating on Monday, August 31. Northland Capital has “Outperform” rating and $25 price target. Stifel Nicolaus maintained Fabrinet (NYSE:FN) rating on Tuesday, May 3. Stifel Nicolaus has “Buy” rating and $40 price target.

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 increased, 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.
Envestnet Asset Management accumulated 0% or 13,531 shares. Blackrock accumulated 0% or 5,507 shares. Gsa Capital Prtnrs Limited Liability Partnership accumulated 26,034 shares or 0.05% of the stock. Princeton Alpha Mngmt Limited Partnership has 0.05% invested in the company for 7,794 shares. Federated Investors Pa accumulated 13,104 shares or 0% of the stock. Invest Counselors Of Maryland Ltd Liability Com has 0.8% invested in the company for 393,122 shares. Quentec Asset Ltd Llc last reported 2.66% of its portfolio in the stock. Swiss Natl Bank has 50,240 shares for 0% of their US portfolio. Kbc Nv accumulated 0.01% or 12,373 shares. Pub Sector Pension Investment Board accumulated 21,725 shares or 0.01% of the stock. The New York-based Renaissance Technologies Limited Co has invested 0.01% in Fabrinet (NYSE:FN). Fmr Limited Liability Company has 0.01% invested in the company for 1.47M shares. The Massachusetts-based Putnam Invs Ltd Company has invested 0% in Fabrinet (NYSE:FN). Sheets Smith Wealth Mgmt holds 14,315 shares or 0.15% of its portfolio. Eqis Inc owns 43,462 shares or 0.11% of their US portfolio.

Insider Transactions: Since May 16, 2016, the stock had 0 insider purchases, and 8 sales for $15.71 million net activity. On Thursday, May 26 the insider Bahrami Homa sold $176,720. Mitchell David T. also sold $3.30 million worth of Fabrinet (NYSE:FN) shares. LEVINSON FRANK H also sold $667,997 worth of Fabrinet (NYSE:FN) shares. Shares for $200,305 were sold by Olson Rollance E. on Monday, August 22. $2.90M worth of shares were sold by Gill Harpal on Tuesday, May 31.

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