Photronics, Inc. (NASDAQ:PLAB) Upgraded by BidaskClub to “Sell”

Photronics, Inc. (NASDAQ:PLAB) was upgraded by equities research analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a note issued to investors on Wednesday, July 12th.

PLAB has been the subject of a number of other reports. Zacks Investment Research upgraded Photronics from a “sell” rating to a “hold” rating in a research note on Saturday, March 18th. ValuEngine upgraded Photronics from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. Photronics currently has an average rating of “Hold” and an average target price of $12.83.

Photronics (NASDAQ:PLAB) traded down 0.52% during midday trading on Wednesday, hitting $9.50. The stock had a trading volume of 307,714 shares. The company has a 50-day moving average price of $9.84 and a 200-day moving average price of $10.61. The company has a market cap of $654.28 million, a price-to-earnings ratio of 38.31 and a beta of 0.48. Photronics has a 12-month low of $8.20 and a 12-month high of $12.10.

Photronics (NASDAQ:PLAB) last issued its quarterly earnings results on Wednesday, May 17th. The semiconductor company reported $0.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.05 by $0.02. Photronics had a net margin of 3.81% and a return on equity of 1.84%. The firm had revenue of $108.30 million during the quarter, compared to the consensus estimate of $111.16 million. During the same quarter last year, the firm posted $0.13 earnings per share. Photronics’s revenue was down 11.9% compared to the same quarter last year. Equities analysts anticipate that Photronics will post $0.28 EPS for the current year.

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In other Photronics news, VP Christopher J. Progler sold 4,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $10.05, for a total transaction of $40,200.00. Following the completion of the transaction, the vice president now owns 78,900 shares in the company, valued at approximately $792,945. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.71% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd acquired a new position in shares of Photronics during the first quarter worth about $478,000. Teachers Advisors LLC raised its stake in shares of Photronics by 2.5% in the fourth quarter. Teachers Advisors LLC now owns 106,153 shares of the semiconductor company’s stock valued at $1,200,000 after buying an additional 2,560 shares during the period. Swiss National Bank raised its stake in shares of Photronics by 3.4% in the first quarter. Swiss National Bank now owns 112,400 shares of the semiconductor company’s stock valued at $1,203,000 after buying an additional 3,700 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Photronics by 2.6% in the first quarter. Bank of New York Mellon Corp now owns 1,803,629 shares of the semiconductor company’s stock valued at $19,300,000 after buying an additional 45,821 shares during the period. Finally, Highbridge Capital Management LLC raised its stake in shares of Photronics by 66.8% in the fourth quarter. Highbridge Capital Management LLC now owns 25,739 shares of the semiconductor company’s stock valued at $291,000 after buying an additional 10,311 shares during the period. Institutional investors own 97.86% of the company’s stock.

About Photronics

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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