SunTrust Banks Inc. Analysts Give Photronics Inc. (PLAB) a $12.00 Price Target
Photronics Inc. (NASDAQ:PLAB) has been given a $12.00 price target by equities research analysts at SunTrust Banks Inc. in a research note issued on Tuesday. The firm presently has a a “buy” rating on the stock. SunTrust Banks Inc.’s price objective suggests a potential upside of 14.94% from the company’s previous close.
PLAB has been the subject of several other reports. Zacks Investment Research upgraded Photronics from a “sell” rating to a “hold” rating in a research report on Friday, June 24th. DA Davidson reiterated a “buy” rating and set a $15.00 price target on shares of Photronics in a research report on Monday, August 22nd.
Photronics (NASDAQ:PLAB) traded up 1.44% during mid-day trading on Tuesday, hitting $10.59. The stock had a trading volume of 109,020 shares. The firm’s 50-day moving average price is $9.85 and its 200 day moving average price is $9.81. Photronics has a one year low of $8.56 and a one year high of $13.05. The company has a market cap of $722.09 million, a PE ratio of 12.99 and a beta of 0.85.
Photronics (NASDAQ:PLAB) last announced its earnings results on Thursday, August 18th. The company reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by $0.02. The business had revenue of $123.20 million for the quarter, compared to analyst estimates of $123.54 million. Photronics had a return on equity of 6.07% and a net margin of 11.50%. The company’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.17 earnings per share. On average, equities research analysts anticipate that Photronics will post $0.55 EPS for the current year.
In other Photronics news, Director Joseph A. Fiorita, Jr. sold 12,000 shares of the company’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $10.00, for a total value of $120,000.00. Following the completion of the sale, the director now directly owns 161,100 shares in the company, valued at approximately $1,611,000. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Walter M. Fiederowicz sold 21,250 shares of the company’s stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $9.95, for a total value of $211,437.50. Following the completion of the transaction, the director now directly owns 42,250 shares in the company, valued at approximately $420,387.50. The disclosure for this sale can be found here. 4.12% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. National Asset Management Inc. raised its position in shares of Photronics by 11.5% in the second quarter. National Asset Management Inc. now owns 12,044 shares of the company’s stock valued at $109,000 after buying an additional 1,247 shares during the period. Frontier Wealth Management LLC acquired a new position in shares of Photronics during the second quarter valued at approximately $110,000. Acrospire Investment Management LLC acquired a new position in shares of Photronics during the first quarter valued at approximately $116,000. Icon Advisers Inc. Co. acquired a new position in shares of Photronics during the second quarter valued at approximately $150,000. Finally, BlackRock Inc. raised its position in shares of Photronics by 340.5% in the second quarter. BlackRock Inc. now owns 17,225 shares of the company’s stock valued at $154,000 after buying an additional 13,315 shares during the period. 98.92% of the stock is currently owned by institutional investors and hedge funds.
Photronics Company Profile
Photronics, Inc is a manufacturer of photomasks, which are photographic quartz plates containing microscopic images of electronic circuits. The Company supports customers across the full spectrum of integrated circuit (IC) production and flat panel display (FPD) technologies by manufacturing photomasks using electron beam or optical (laser-based) systems.
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