Photronics (PLAB) Downgraded to “Hold” at ValuEngine

ValuEngine lowered shares of Photronics (NASDAQ:PLAB) from a buy rating to a hold rating in a report released on Tuesday.

Other equities analysts also recently issued reports about the stock. TheStreet upgraded shares of Photronics from a c+ rating to a b- rating in a report on Tuesday, September 11th. BidaskClub upgraded shares of Photronics from a hold rating to a buy rating in a report on Tuesday, August 7th. Finally, Zacks Investment Research upgraded shares of Photronics from a hold rating to a buy rating and set a $12.00 target price for the company in a report on Saturday, August 25th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $11.67.

NASDAQ:PLAB opened at $9.66 on Tuesday. Photronics has a 1-year low of $7.20 and a 1-year high of $11.00. The stock has a market capitalization of $697.94 million, a P/E ratio of 50.84, a price-to-earnings-growth ratio of 2.06 and a beta of 0.68.

Photronics (NASDAQ:PLAB) last released its quarterly earnings data 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 company had revenue of $136.39 million during the quarter, compared to analyst estimates of $132.67 million. During the same period in the prior year, the firm earned $0.06 earnings per share. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. As a group, analysts anticipate that Photronics will post 0.58 EPS for the current year.

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

In other news, VP Christopher J. Progler sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $10.60, for a total transaction of $31,800.00. Following the transaction, the vice president now owns 92,900 shares in the company, valued at $984,740. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Christopher J. Progler sold 5,300 shares of the company’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $9.84, for a total transaction of $52,152.00. Following the transaction, the vice president now owns 92,400 shares in the company, valued at approximately $909,216. The disclosure for this sale can be found here. Insiders sold 15,670 shares of company stock valued at $156,748 over the last quarter. 3.73% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of PLAB. Wells Fargo & Company MN increased its holdings in shares of Photronics by 13.3% during the first quarter. Wells Fargo & Company MN now owns 113,201 shares of the semiconductor company’s stock valued at $933,000 after acquiring an additional 13,285 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Photronics by 12.6% during the first quarter. Russell Investments Group Ltd. now owns 100,203 shares of the semiconductor company’s stock valued at $826,000 after acquiring an additional 11,252 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Photronics by 3.1% during the first quarter. Principal Financial Group Inc. now owns 531,703 shares of the semiconductor company’s stock valued at $4,387,000 after acquiring an additional 15,831 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in shares of Photronics during the second quarter valued at about $101,000. Finally, Fox Run Management L.L.C. acquired a new position in shares of Photronics during the second quarter valued at about $197,000. Hedge funds and other institutional investors own 92.79% 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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