Photronics (NASDAQ:PLAB) Upgraded at TheStreet

TheStreet upgraded shares of Photronics (NASDAQ:PLAB) from a c rating to a b- rating in a research report released on Wednesday, TheStreetRatingsTable reports.

A number of other equities analysts have also commented on the stock. DA Davidson reissued a buy rating and issued a $18.00 price target on shares of Photronics in a report on Thursday. Zacks Investment Research lowered shares of Photronics from a buy rating to a hold rating in a report on Wednesday, October 23rd. Northland Securities set a $15.00 price target on shares of Photronics and gave the stock a buy rating in a report on Monday, October 21st. Finally, BidaskClub lowered shares of Photronics from a buy rating to a hold rating in a report on Wednesday, December 4th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $14.67.

Shares of PLAB stock opened at $15.94 on Wednesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.39 and a current ratio of 2.89. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 36.23 and a beta of 0.46. Photronics has a 52-week low of $7.95 and a 52-week high of $16.75. The company has a 50-day simple moving average of $12.22 and a two-hundred day simple moving average of $10.21.

Photronics (NASDAQ:PLAB) last released its earnings results on Wednesday, December 11th. The semiconductor company reported $0.15 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.15. The firm had revenue of $156.30 million for the quarter, compared to analysts’ expectations of $147.37 million. Photronics had a net margin of 5.41% and a return on equity of 3.29%. The company’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.18 earnings per share. On average, sell-side analysts forecast that Photronics will post 0.74 EPS for the current fiscal year.

In other news, VP Christopher J. Progler sold 5,870 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.79, for a total value of $69,207.30. Following the transaction, the vice president now owns 109,795 shares of the company’s stock, valued at approximately $1,294,483.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John P. Jordan sold 2,550 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $10.99, for a total transaction of $28,024.50. Following the completion of the transaction, the chief financial officer now directly owns 76,618 shares in the company, valued at approximately $842,031.82. The disclosure for this sale can be found here. Insiders sold a total of 71,330 shares of company stock worth $833,429 in the last three months. Insiders own 3.58% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings in shares of Photronics by 1.1% during the 2nd quarter. BlackRock Inc. now owns 10,142,696 shares of the semiconductor company’s stock valued at $83,170,000 after purchasing an additional 107,904 shares during the last quarter. Vanguard Group Inc. boosted its position in Photronics by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 4,476,778 shares of the semiconductor company’s stock valued at $36,710,000 after buying an additional 20,529 shares during the period. Renaissance Technologies LLC boosted its position in Photronics by 2.9% during the 2nd quarter. Renaissance Technologies LLC now owns 2,686,995 shares of the semiconductor company’s stock valued at $22,033,000 after buying an additional 75,400 shares during the period. State Street Corp boosted its position in Photronics by 2.6% during the 3rd quarter. State Street Corp now owns 2,253,100 shares of the semiconductor company’s stock valued at $24,514,000 after buying an additional 57,785 shares during the period. Finally, Donald Smith & CO. Inc. boosted its position in Photronics by 3.3% during the 3rd quarter. Donald Smith & CO. Inc. now owns 2,183,284 shares of the semiconductor company’s stock valued at $23,754,000 after buying an additional 70,187 shares during the period. 94.96% of the stock is currently owned by institutional investors.

About Photronics

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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