Photronics, Inc. (PLAB) Receives Average Rating of “Hold” from Analysts

Photronics, Inc. (NASDAQ:PLAB) has been given a consensus rating of “Hold” by the six ratings firms that are currently covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $11.50.

A number of equities research analysts have recently weighed in on the company. BidaskClub upgraded Photronics from a “sell” rating to a “hold” rating in a report on Tuesday, October 16th. ValuEngine downgraded Photronics from a “hold” rating to a “sell” rating in a research note on Wednesday, August 8th. Zacks Investment Research downgraded Photronics from a “hold” rating to a “sell” rating in a research note on Wednesday, July 25th. Finally, TheStreet upgraded Photronics from a “c+” rating to a “b-” rating in a research note on Tuesday, September 11th.

In other Photronics news, VP Christopher J. Progler sold 5,300 shares of the business’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $9.84, for a total transaction of $52,152.00. Following the completion of the transaction, the vice president now owns 92,400 shares in the company, valued at approximately $909,216. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Christopher J. Progler sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $10.60, for a total value of $31,800.00. Following the transaction, the vice president now owns 92,900 shares of the company’s stock, valued at approximately $984,740. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,670 shares of company stock valued at $156,748. 3.73% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its position in Photronics by 7.2% during the 2nd quarter. BlackRock Inc. now owns 9,656,455 shares of the semiconductor company’s stock worth $77,011,000 after acquiring an additional 652,680 shares during the period. Northern Trust Corp boosted its position in Photronics by 1.8% during the 2nd quarter. Northern Trust Corp now owns 1,907,850 shares of the semiconductor company’s stock worth $15,215,000 after acquiring an additional 34,048 shares during the period. Millennium Management LLC boosted its position in Photronics by 28.2% during the 2nd quarter. Millennium Management LLC now owns 1,324,211 shares of the semiconductor company’s stock worth $10,561,000 after acquiring an additional 291,629 shares during the period. Royce & Associates LP boosted its position in Photronics by 8.0% during the 2nd quarter. Royce & Associates LP now owns 1,219,593 shares of the semiconductor company’s stock worth $9,726,000 after acquiring an additional 90,600 shares during the period. Finally, DDD Partners LLC boosted its position in Photronics by 1.1% during the 2nd quarter. DDD Partners LLC now owns 1,101,515 shares of the semiconductor company’s stock worth $8,785,000 after acquiring an additional 12,065 shares during the period. Institutional investors own 92.79% of the company’s stock.

PLAB stock traded down $0.03 during midday trading on Friday, hitting $9.97. 8,145 shares of the company’s stock were exchanged, compared to its average volume of 449,880. Photronics has a 12-month low of $7.20 and a 12-month high of $11.00. The company has a market capitalization of $711.93 million, a PE ratio of 52.42, a P/E/G ratio of 2.10 and a beta of 0.68.

Photronics (NASDAQ:PLAB) last issued its quarterly earnings results on Wednesday, August 22nd. The semiconductor company reported $0.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.02. Photronics had a return on equity of 3.65% and a net margin of 6.83%. The business had revenue of $136.39 million during the quarter, compared to the consensus estimate of $132.67 million. During the same period in the previous year, the business earned $0.06 EPS. The business’s quarterly revenue was up 22.2% on a year-over-year basis. Equities research analysts anticipate that Photronics will post 0.58 EPS for the current fiscal year.

Photronics declared that its Board of Directors has approved a share buyback program on Friday, October 12th that authorizes the company to buyback $25.00 million in shares. This buyback authorization authorizes the semiconductor company to repurchase up to 3.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

About Photronics

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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