Photronics (NASDAQ:PLAB) Updated on StockNews.com

Photronics (NASDAQ:PLAB – Get Rated) was upgraded by StockNews.com analysts from a “Buy” rating to a “Strong Buy” rating in a research report issued to clients and investors on Thursday.

Separately, DA Davidson lowered his price target on Photronics to $28.00 from $30.00 and set a “buy” rating on the shares in a research report on Wednesday, August 31.

Photronics Stock Returns

Photronics shares rose $0.11 on Thursday, reaching $18.99. The stock had a trading volume of 469,133 shares, compared to its average volume of 532,479. Photronics has a 52-week low of $13.16 and a 52-week high of $25.81. The company has a current ratio of 3.44, a quick ratio of 3.18, and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $1.17 billion, a price-earnings ratio of 11.11, and a beta of 1.13. The company’s 50-day moving average price is $16.29 and its 200-day moving average price is $18.62.

Photronics (NASDAQ:PLAB – Get Rating) last released its earnings results on Tuesday, August 30. The semiconductor company reported earnings per share of $0.51 for the quarter, beating the consensus estimate of $0.50 by $0.01. Photronics had a return on equity of 9.97% and a net margin of 13.07%. The business had revenue of $219.90 million during the quarter, compared to the consensus estimate of $210.00 million. During the same period of the previous year, the company earned $0.22 EPS. The company’s quarterly revenue increased 28.9% year-over-year. On average, research analysts anticipate Photronics to post 1.84 EPS for the current year.

Internal activity at Photronics

In related news, Director Mitchell G. Tyson sold 2,000 shares of the company’s capital stock in a transaction completed on Monday, October 3. The shares sold at an average price of $15.00, for a total value of $30,000.00. Following the transaction, the director now owns 62,379 shares in the company, valued at approximately $935,685. The sale was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed via this hyperlink. Currently, 3.70% of the shares are owned by insiders.

Hedge funds weigh in on Photronics

Several institutional investors and hedge funds have recently increased or reduced their holdings in the business. The Maryland State Retirement and Pension System increased its position in Photronics by 1.9% during the second quarter. The State of Maryland Retirement and Pension System now owns 25,209 shares of the semiconductor company worth $491,000 after purchasing an additional 474 shares during the period. Meeder Asset Management Inc. increased its position in Photronics by 6.8% during the second quarter. Meeder Asset Management Inc. now owns 7,988 shares of the semiconductor company worth $155,000 after purchasing an additional 508 shares during the period. Navellier & Associates Inc. increased its position in Photronics by 2.4% during the third quarter. Navellier & Associates Inc. now owns 26,373 shares of the semiconductor company worth $386,000 after purchasing an additional 606 shares during the period. Teacher Retirement System of Texas increased its position in Photronics by 6.6% during the first quarter. Teacher Retirement System of Texas now owns 12,568 shares of the semiconductor company worth $213,000 after purchasing an additional 773 shares during the period. Finally, Empirical Financial Services LLC dba Empirical Wealth Management increased its position in Photronics by 6.2% during the third quarter. Empirical Financial Services LLC dba Empirical Wealth Management now owns 13,205 shares of the semiconductor company worth $193,000 after purchasing an additional 775 shares during the period. Institutional investors and hedge funds own 89.81% of the company’s shares.

About phototronics

(Get rating)

Photronics, Inc, together with its subsidiaries, is engaged in the manufacture and sale of photomask products and services in the United States, Taiwan, Korea, Europe, China, and internationally. The company offers photomasks used in integrated circuit and flat panel display (FPD) manufacturing; and to transfer circuit patterns to semiconductor wafers, FDP substrates, and other types of electrical and optical components.

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