Zacks Investment Research upgraded shares of Photronics (NASDAQ:PLAB) from a hold rating to a buy rating in a report issued on Friday morning, Zacks.com reports. The brokerage currently has $11.00 target price on the semiconductor company’s stock.
According to Zacks, “Photronics is a leading worldwide manufacturer of photomasks. Photomasks are high precision quartz plates that contain microscopic images of electronic circuits. A key element in the manufacture of semiconductors and flat panel displays, photomasks are used to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication of integrated circuits, a variety of flat panel displays and, to a lesser extent, other types of electrical and optical components. They are produced in accordance with product designs provided by customers at strategically located manufacturing facilities in Asia, Europe, and North America. “
A number of other research firms also recently weighed in on PLAB. TheStreet downgraded Photronics from a b- rating to a c rating in a report on Friday, June 7th. Northland Securities set a $12.00 price objective on Photronics and gave the stock a buy rating in a research note on Wednesday, August 21st. Finally, BidaskClub raised Photronics from a hold rating to a buy rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $11.50.
PLAB stock opened at $9.42 on Friday. Photronics has a fifty-two week low of $7.95 and a fifty-two week high of $11.58. The business’s 50-day moving average is $8.98 and its two-hundred day moving average is $9.22. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.42 and a current ratio of 2.64. The company has a market cap of $655.23 million, a price-to-earnings ratio of 16.24, a P/E/G ratio of 2.17 and a beta of 0.59.
Photronics (NASDAQ:PLAB) last posted its earnings results on Tuesday, August 20th. The semiconductor company reported $0.10 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.10. Photronics had a return on equity of 3.60% and a net margin of 6.04%. The company had revenue of $138.11 million for the quarter, compared to the consensus estimate of $137.13 million. During the same quarter in the prior year, the company earned $0.18 earnings per share. Photronics’s revenue was up 1.3% on a year-over-year basis. Equities analysts predict that Photronics will post 0.45 earnings per share for the current year.
In other Photronics news, Director Walter M. Fiederowicz sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $9.71, for a total transaction of $48,550.00. Following the completion of the transaction, the director now owns 46,000 shares in the company, valued at approximately $446,660. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 20,200 shares of company stock valued at $184,162 in the last 90 days. 3.58% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale bought a new stake in Photronics during the 2nd quarter valued at $66,000. Investors Research Corp purchased a new position in Photronics during the 1st quarter worth $68,000. Econ Financial Services Corp purchased a new position in Photronics during the 1st quarter worth $102,000. Voit & Company LLC purchased a new position in Photronics during the 1st quarter worth $107,000. Finally, Ellington Management Group LLC purchased a new position in Photronics during the 2nd quarter worth $123,000. Institutional investors and hedge funds own 93.20% 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 or glass 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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