Zacks Investment Research Lowers Photronics (PLAB) to Strong Sell

Zacks Investment Research downgraded shares of Photronics (NASDAQ:PLAB) from a hold rating to a strong sell rating in a report issued on Saturday.

According to Zacks, “Photronics is a leading worldwide manufacturer of photomasks. Photomasks are high precision quartz plates that contain microscopic images of electronic circuits. A key element in the manufacture of semiconductors and flat panel displays, photomasks are used to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication of integrated circuits, a variety of flat panel displays and, to a lesser extent, other types of electrical and optical components. They are produced in accordance with product designs provided by customers at strategically located manufacturing facilities in Asia, Europe, and North America. “

Several other equities analysts also recently commented on the stock. DA Davidson reiterated a buy rating and set a $13.00 price target on shares of Photronics in a report on Monday, November 27th. BidaskClub downgraded shares of Photronics from a sell rating to a strong sell rating in a report on Saturday, August 12th.

Shares of Photronics (PLAB) traded down $0.30 during trading hours on Friday, reaching $9.20. 518,200 shares of the company traded hands, compared to its average volume of 574,115. The company has a market cap of $654.92, a P/E ratio of 47.50, a price-to-earnings-growth ratio of 2.38 and a beta of 0.53. Photronics has a one year low of $7.55 and a one year high of $12.10. The company has a debt-to-equity ratio of 0.07, a current ratio of 5.49 and a quick ratio of 5.20.

Photronics (NASDAQ:PLAB) last issued its quarterly earnings results on Wednesday, November 29th. The semiconductor company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.06 by $0.02. The company had revenue of $121.00 million for the quarter, compared to the consensus estimate of $112.17 million. Photronics had a net margin of 2.91% and a return on equity of 1.55%. The firm’s revenue was up 12.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.05 EPS. analysts predict that Photronics will post 0.4 earnings per share for the current fiscal year.

In other Photronics news, VP Christopher J. Progler sold 4,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $8.85, for a total value of $35,400.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Richelle E. Burr sold 3,000 shares of the company’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $9.00, for a total transaction of $27,000.00. Following the completion of the transaction, the vice president now owns 45,109 shares in the company, valued at $405,981. The disclosure for this sale can be found here. Insiders have sold a total of 69,500 shares of company stock worth $642,213 over the last quarter. 3.71% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the business. Federated Investors Inc. PA grew its stake in Photronics by 61.9% in the 2nd quarter. Federated Investors Inc. PA now owns 10,991 shares of the semiconductor company’s stock worth $103,000 after acquiring an additional 4,203 shares in the last quarter. Group One Trading L.P. lifted its position in shares of Photronics by 90.8% in the 3rd quarter. Group One Trading L.P. now owns 11,977 shares of the semiconductor company’s stock worth $106,000 after purchasing an additional 5,700 shares during the period. Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Photronics in the 3rd quarter worth approximately $114,000. Wolverine Trading LLC purchased a new stake in shares of Photronics in the 3rd quarter worth approximately $117,000. Finally, BNP Paribas Arbitrage SA lifted its position in shares of Photronics by 78.4% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 13,302 shares of the semiconductor company’s stock worth $125,000 after purchasing an additional 5,844 shares during the period. Institutional investors and hedge funds own 94.71% of the company’s stock.

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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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