Photronics, Inc. (NASDAQ:PLAB) was the target of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 3,293,394 shares, an increase of 38.6% from the August 15th total of 2,376,415 shares. Approximately 4.8% of the shares of the company are short sold. Based on an average trading volume of 790,565 shares, the short-interest ratio is currently 4.2 days.
A number of research firms have weighed in on PLAB. TheStreet upgraded shares of Photronics from a “c+” rating to a “b-” rating in a research note on Tuesday, September 11th. ValuEngine downgraded shares of Photronics from a “buy” rating to a “hold” rating in a research note on Tuesday, September 11th. Zacks Investment Research upgraded shares of Photronics from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Saturday, August 25th. Finally, BidaskClub downgraded shares of Photronics from a “buy” rating to a “hold” rating in a research note on Wednesday, August 15th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $11.67.
PLAB opened at $9.60 on Tuesday. Photronics has a fifty-two week low of $7.20 and a fifty-two week high of $11.00. The firm has a market cap of $685.35 million, a price-to-earnings ratio of 51.05, a price-to-earnings-growth ratio of 1.68 and a beta of 0.78.
Photronics (NASDAQ:PLAB) last posted its quarterly earnings results on Wednesday, August 22nd. The semiconductor company reported $0.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.02. Photronics had a net margin of 6.83% and a return on equity of 3.65%. The firm had revenue of $136.39 million for the quarter, compared to the consensus estimate of $132.67 million. During the same quarter in the previous year, the company earned $0.06 earnings per share. The business’s revenue was up 22.2% compared to the same quarter last year. equities analysts forecast that Photronics will post 0.58 EPS for the current fiscal year.
Photronics announced that its board has authorized a share buyback program on Friday, July 6th that allows the company to buyback $20.00 million in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 3.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, VP Christopher J. Progler sold 3,000 shares of the firm’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $10.60, for a total value of $31,800.00. Following the sale, the vice president now owns 92,900 shares in the company, valued at $984,740. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Christopher J. Progler sold 5,300 shares of the firm’s stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $8.95, for a total transaction of $47,435.00. Following the completion of the sale, the vice president now owns 92,400 shares in the company, valued at approximately $826,980. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,210 shares of company stock worth $187,408. 3.73% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. OppenheimerFunds Inc. boosted its stake in shares of Photronics by 19.0% in the 2nd quarter. OppenheimerFunds Inc. now owns 36,100 shares of the semiconductor company’s stock valued at $288,000 after purchasing an additional 5,776 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in shares of Photronics by 38.1% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 26,501 shares of the semiconductor company’s stock valued at $211,000 after purchasing an additional 7,307 shares in the last quarter. Swiss National Bank boosted its stake in shares of Photronics by 6.8% in the 1st quarter. Swiss National Bank now owns 120,000 shares of the semiconductor company’s stock valued at $990,000 after purchasing an additional 7,600 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Photronics by 46.2% in the 2nd quarter. SG Americas Securities LLC now owns 24,430 shares of the semiconductor company’s stock valued at $195,000 after purchasing an additional 7,720 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Photronics by 7.1% in the 2nd quarter. Legal & General Group Plc now owns 138,111 shares of the semiconductor company’s stock valued at $1,091,000 after purchasing an additional 9,149 shares in the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.
Photronics Company Profile
Photronics, Inc, together with its subsidiaries, manufactures and sells photomasks in Taiwan, Korea, the United States, Europe, and internationally. The company offers photomasks, which are high precision photographic quartz plates containing microscopic images of electronic circuits for use in the manufacture of semiconductors and flat panel displays (FPDs), as well as that are used as masters to transfer circuit patterns onto semiconductor wafers and flat panel display substrates during the fabrication of integrated circuits, FPDs, and other types of electrical and optical components.
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