Photronics (NASDAQ:PLAB) Posts Earnings Results, Beats Estimates By $0.14 EPS

Photronics (NASDAQ:PLABGet Rating) posted its earnings results on Wednesday. The semiconductor company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.14, MarketWatch Earnings reports. The firm had revenue of $204.50 million during the quarter, compared to analysts’ expectations of $192.37 million. Photronics had a net margin of 10.05% and a return on equity of 6.66%. The business’s revenue for the quarter was up 28.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.17 earnings per share. Photronics updated its Q3 2022 guidance to $0.45-$0.55 EPS and its Q3 guidance to $0.45-0.55 EPS.

Shares of Photronics stock traded up $2.82 during trading on Wednesday, reaching $17.86. 2,928,993 shares of the company traded hands, compared to its average volume of 598,801. The firm has a market capitalization of $1.10 billion, a PE ratio of 15.40 and a beta of 0.98. Photronics has a 1-year low of $11.65 and a 1-year high of $20.30. The company has a 50 day moving average price of $15.97 and a 200-day moving average price of $16.70. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.13 and a quick ratio of 2.80.

A number of research analysts have recently commented on the stock. Stifel Nicolaus increased their target price on shares of Photronics from $21.00 to $23.00 in a report on Wednesday. Zacks Investment Research cut shares of Photronics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 27th. Finally, StockNews.com assumed coverage on shares of Photronics in a research report on Thursday, March 31st. They set a “strong-buy” rating for the company.

In related news, EVP Christopher J. Progler sold 10,000 shares of the company’s stock in a transaction dated Tuesday, March 1st. The shares were sold at an average price of $17.96, for a total value of $179,600.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Mitchell G. Tyson sold 2,000 shares of the company’s stock in a transaction dated Tuesday, March 1st. The stock was sold at an average price of $18.39, for a total transaction of $36,780.00. The disclosure for this sale can be found here. Insiders sold 27,481 shares of company stock valued at $470,276 over the last 90 days. Corporate insiders own 3.70% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Covestor Ltd raised its holdings in shares of Photronics by 587.5% in the 1st quarter. Covestor Ltd now owns 2,427 shares of the semiconductor company’s stock worth $41,000 after acquiring an additional 2,074 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Photronics by 77.5% during the 1st quarter. Federated Hermes Inc. now owns 2,798 shares of the semiconductor company’s stock valued at $47,000 after acquiring an additional 1,222 shares during the period. Lazard Asset Management LLC bought a new position in shares of Photronics during the 1st quarter valued at approximately $59,000. Point72 Hong Kong Ltd grew its position in shares of Photronics by 3,942.6% during the 1st quarter. Point72 Hong Kong Ltd now owns 7,398 shares of the semiconductor company’s stock valued at $126,000 after acquiring an additional 7,215 shares during the period. Finally, Captrust Financial Advisors grew its position in shares of Photronics by 16.0% during the 1st quarter. Captrust Financial Advisors now owns 9,765 shares of the semiconductor company’s stock valued at $166,000 after acquiring an additional 1,348 shares during the period. Institutional investors own 88.49% of the company’s stock.

Photronics Company Profile (Get Rating)

Photronics, Inc, together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, Korea, Europe, China, and internationally. The company offers photomasks that are used in the manufacture of integrated circuits and flat panel displays (FPDs); and to transfer circuit patterns onto semiconductor wafers, FDP substrates, and other types of electrical and optical components.

Further Reading

Earnings History for Photronics (NASDAQ:PLAB)

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