Photronics (NASDAQ:PLAB) Announces Earnings Results, Beats Estimates By $0.10 EPS

Photronics (NASDAQ:PLAB – Get Rating) announced its quarterly earnings data on Wednesday. The semiconductor company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.10, Briefing.com reports. The firm had revenue of $229.30 million for the quarter, compared to analyst estimates of $211.00 million. Photronics had a return on equity of 11.09% and a net margin of 14.04%. Photronics’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.49 earnings per share. Photronics updated its Q3 guidance to $0.48-54 EPS.

Photronics Stock Performance

Photronics stock opened at $20.37 on Friday. The stock’s 50 day moving average price is $15.81 and its 200 day moving average price is $17.16. The firm has a market capitalization of $1.27 billion, a PE ratio of 10.18 and a beta of 1.18. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 3.89. Photronics has a one year low of $13.86 and a one year high of $25.81.

Analyst Ratings Changes

PLAB has been the topic of a number of analyst reports. Northland Securities increased their price objective on Photronics from $18.00 to $21.00 in a research note on Thursday. StockNews.com began coverage on Photronics in a report on Thursday, May 18th. They issued a “buy” rating on the stock. Finally, DA Davidson restated a “buy” rating on shares of Photronics in a report on Tuesday, April 11th.

Institutional Investors Weigh In On Photronics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. increased its holdings in Photronics by 2.1% during the 3rd quarter. BlackRock Inc. now owns 10,238,591 shares of the semiconductor company’s stock worth $149,689,000 after purchasing an additional 208,239 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Photronics by 4.1% in the 3rd quarter. Vanguard Group Inc. now owns 4,730,787 shares of the semiconductor company’s stock valued at $69,165,000 after acquiring an additional 187,394 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Photronics by 1.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,485,908 shares of the semiconductor company’s stock valued at $74,376,000 after acquiring an additional 59,693 shares during the last quarter. State Street Corp increased its holdings in shares of Photronics by 1.3% in the 2nd quarter. State Street Corp now owns 2,172,450 shares of the semiconductor company’s stock valued at $42,319,000 after acquiring an additional 27,683 shares during the last quarter. Finally, Morgan Stanley increased its holdings in shares of Photronics by 1.5% in the 4th quarter. Morgan Stanley now owns 1,381,681 shares of the semiconductor company’s stock valued at $23,254,000 after acquiring an additional 20,938 shares during the last quarter. 90.41% of the stock is currently owned by hedge funds and other institutional investors.

Photronics Company Profile

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Photronics, Inc engages in the provision of photomasks. It manufactures semiconductors and flat-panel displays and is used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication of integrated circuits, a variety of FPDs and other types of electrical and optical components.