Photronics Inc. (PLAB) Lowered to “Sell” at Zacks Investment Research
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. “
Other equities research analysts have also issued research reports about the stock. Needham & Company LLC lowered shares of Photronics from a buy rating to a hold rating in a research note on Friday, November 11th. Stifel Nicolaus lowered shares of Photronics from a buy rating to a hold rating in a research note on Friday, November 11th. DA Davidson reaffirmed a buy rating and issued a $15.00 price objective on shares of Photronics in a research note on Monday, August 22nd. Finally, SunTrust Banks Inc. set a $12.00 price objective on shares of Photronics and gave the company a buy rating in a research note on Tuesday, October 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. Photronics has an average rating of Hold and a consensus price target of $13.00.
Shares of Photronics (NASDAQ:PLAB) traded down 1.50% during mid-day trading on Tuesday, hitting $9.85. The stock had a trading volume of 330,886 shares. The stock has a 50-day moving average price of $10.16 and a 200 day moving average price of $9.73. The stock has a market cap of $671.63 million, a P/E ratio of 12.09 and a beta of 0.58. Photronics has a 52 week low of $8.20 and a 52 week high of $13.05.
Photronics (NASDAQ:PLAB) last issued its earnings results on Thursday, August 18th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by $0.02. The company had revenue of $123.20 million for the quarter, compared to analyst estimates of $123.54 million. Photronics had a net margin of 11.50% and a return on equity of 6.07%. The company’s quarterly revenue was down 6.5% on a year-over-year basis. During the same period last year, the business earned $0.17 EPS. On average, equities analysts forecast that Photronics will post $0.55 EPS for the current fiscal year.
In related news, Director Walter M. Fiederowicz sold 21,250 shares of the company’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $9.95, for a total value of $211,437.50. Following the sale, the director now owns 42,250 shares of the company’s stock, valued at $420,387.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph A. Fiorita, Jr. sold 12,000 shares of the company’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $10.00, for a total transaction 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 disclosure for this sale can be found here. 4.12% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Strs Ohio boosted its stake in Photronics by 22.4% in the second quarter. Strs Ohio now owns 80,900 shares of the company’s stock worth $720,000 after buying an additional 14,800 shares during the last quarter. Prudential Financial Inc. boosted its stake in Photronics by 1,676.1% in the first quarter. Prudential Financial Inc. now owns 211,548 shares of the company’s stock worth $2,202,000 after buying an additional 199,637 shares during the last quarter. Magnetar Financial LLC boosted its stake in Photronics by 67.4% in the first quarter. Magnetar Financial LLC now owns 17,804 shares of the company’s stock worth $185,000 after buying an additional 7,167 shares during the last quarter. UBS Group AG boosted its stake in Photronics by 32.8% in the first quarter. UBS Group AG now owns 136,857 shares of the company’s stock worth $1,425,000 after buying an additional 33,796 shares during the last quarter. Finally, AXA acquired a new stake in Photronics during the first quarter worth $1,702,000. 98.56% of the stock is currently owned by institutional investors and hedge funds.
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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