Icon Advisers Inc. Co. Has $1.78 Million Position in Photronics, Inc. (PLAB)
Icon Advisers Inc. Co. boosted its stake in Photronics, Inc. (NASDAQ:PLAB) by 24.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 189,200 shares of the semiconductor company’s stock after purchasing an additional 37,600 shares during the quarter. Icon Advisers Inc. Co. owned about 0.27% of Photronics worth $1,778,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of PLAB. Donald Smith & CO. Inc. raised its stake in Photronics by 8.7% during the first quarter. Donald Smith & CO. Inc. now owns 4,432,620 shares of the semiconductor company’s stock worth $47,429,000 after acquiring an additional 354,031 shares in the last quarter. Vanguard Group Inc. raised its stake in Photronics by 5.3% during the first quarter. Vanguard Group Inc. now owns 2,860,720 shares of the semiconductor company’s stock worth $30,609,000 after acquiring an additional 144,092 shares in the last quarter. Alliancebernstein L.P. raised its stake in Photronics by 24.1% during the second quarter. Alliancebernstein L.P. now owns 2,135,442 shares of the semiconductor company’s stock worth $20,073,000 after acquiring an additional 414,930 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Photronics by 10.2% during the second quarter. Bank of New York Mellon Corp now owns 1,987,162 shares of the semiconductor company’s stock worth $18,679,000 after acquiring an additional 183,533 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Photronics by 1,665.8% during the second quarter. Victory Capital Management Inc. now owns 1,766,054 shares of the semiconductor company’s stock worth $16,601,000 after acquiring an additional 1,666,037 shares in the last quarter. 96.09% of the stock is owned by institutional investors and hedge funds.
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In related news, VP Christopher J. Progler sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $10.05, for a total transaction of $40,200.00. Following the transaction, the vice president now directly owns 78,900 shares of the company’s stock, valued at approximately $792,945. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.71% of the company’s stock.
Several research analysts have commented on PLAB shares. Zacks Investment Research raised Photronics from a “sell” rating to a “hold” rating in a research note on Thursday, August 17th. ValuEngine raised Photronics from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, BidaskClub raised Photronics from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $12.00.
Photronics, Inc. (NASDAQ PLAB) opened at 8.00 on Friday. The stock has a 50 day moving average price of $8.53 and a 200 day moving average price of $10.02. Photronics, Inc. has a 1-year low of $7.55 and a 1-year high of $12.10. The firm has a market cap of $548.20 million, a P/E ratio of 42.11 and a beta of 0.52.
Photronics (NASDAQ:PLAB) last issued its quarterly earnings results on Monday, August 14th. The semiconductor company reported $0.06 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.03). The business had revenue of $111.60 million for the quarter, compared to the consensus estimate of $115.14 million. Photronics had a net margin of 2.97% and a return on equity of 1.33%. During the same quarter last year, the business posted $0.12 EPS. On average, analysts anticipate that Photronics, Inc. will post $0.19 EPS for the current year.
Photronics Company Profile
Photronics, Inc is a manufacturer of photomasks, which are photographic quartz plates containing microscopic images of electronic circuits. As of October 30, 2016, the Company operated principally from nine manufacturing facilities: two located in Europe, three in Taiwan, one in Korea and three in the United States.
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