Photronics (NASDAQ:PLAB) announced its quarterly earnings results on Wednesday. The semiconductor company reported $0.18 EPS for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.01, Bloomberg Earnings reports. Photronics had a return on equity of 4.38% and a net margin of 7.86%. The firm had revenue of $144.70 million for the quarter, compared to analyst estimates of $137.20 million. During the same period last year, the firm posted $0.08 earnings per share. The business’s revenue for the quarter was up 19.6% on a year-over-year basis. Photronics updated its Q1 2019 guidance to $0.01-0.07 EPS and its Q1 guidance to $0.01-0.07 EPS.
Shares of PLAB opened at $10.02 on Friday. Photronics has a 1 year low of $7.20 and a 1 year high of $11.00. The stock has a market cap of $662.98 million, a PE ratio of 17.28, a P/E/G ratio of 1.95 and a beta of 0.67.
Photronics declared that its Board of Directors has initiated a share buyback program on Friday, October 12th that authorizes the company to buyback $25.00 million in shares. This buyback authorization authorizes the semiconductor company to purchase up to 3.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, VP Christopher J. Progler sold 5,300 shares of the firm’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $9.84, for a total transaction of $52,152.00. Following the completion of the transaction, the vice president now directly owns 92,400 shares in the company, valued at $909,216. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 12,830 shares of company stock valued at $124,518 over the last 90 days. 3.73% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. Paloma Partners Management Co bought a new stake in shares of Photronics during the second quarter valued at approximately $102,000. Verition Fund Management LLC bought a new stake in shares of Photronics during the third quarter valued at approximately $113,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Photronics during the second quarter valued at approximately $118,000. SG Americas Securities LLC increased its holdings in shares of Photronics by 46.2% during the second quarter. SG Americas Securities LLC now owns 24,430 shares of the semiconductor company’s stock valued at $195,000 after acquiring an additional 7,720 shares in the last quarter. Finally, Captrust Financial Advisors bought a new stake in shares of Photronics during the third quarter valued at approximately $203,000. Institutional investors and hedge funds own 93.62% of the company’s stock.
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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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