Photronics (NASDAQ:PLAB) Upgraded at StockNews.com

Photronics (NASDAQ:PLABGet Rating) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday.

Separately, DA Davidson dropped their price target on Photronics from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, August 31st.

Photronics Stock Performance

Shares of Photronics stock traded up $0.11 on Thursday, hitting $18.99. The stock had a trading volume of 469,133 shares, compared to its average volume of 532,479. Photronics has a 52-week low of $13.16 and a 52-week high of $25.81. The company has a current ratio of 3.44, a quick ratio of 3.18 and a debt-to-equity ratio of 0.04. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 11.11 and a beta of 1.13. The company’s 50 day moving average price is $16.29 and its 200 day moving average price is $18.62.

Photronics (NASDAQ:PLABGet Rating) last posted its earnings results on Tuesday, August 30th. The semiconductor company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.01. Photronics had a return on equity of 9.97% and a net margin of 13.07%. The business had revenue of $219.90 million during the quarter, compared to the consensus estimate of $210.00 million. During the same period in the previous year, the business earned $0.22 EPS. The business’s quarterly revenue was up 28.9% on a year-over-year basis. On average, research analysts anticipate that Photronics will post 1.84 EPS for the current year.

Insider Activity at Photronics

In related news, Director Mitchell G. Tyson sold 2,000 shares of the business’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $15.00, for a total value of $30,000.00. Following the transaction, the director now owns 62,379 shares in the company, valued at approximately $935,685. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Photronics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Maryland State Retirement & Pension System increased its position in Photronics by 1.9% during the 2nd quarter. Maryland State Retirement & Pension System now owns 25,209 shares of the semiconductor company’s stock worth $491,000 after purchasing an additional 474 shares during the period. Meeder Asset Management Inc. increased its position in Photronics by 6.8% during the 2nd quarter. Meeder Asset Management Inc. now owns 7,988 shares of the semiconductor company’s stock worth $155,000 after purchasing an additional 508 shares during the period. Navellier & Associates Inc. increased its position in Photronics by 2.4% during the 3rd quarter. Navellier & Associates Inc. now owns 26,373 shares of the semiconductor company’s stock worth $386,000 after purchasing an additional 606 shares during the period. Teacher Retirement System of Texas increased its position in Photronics by 6.6% during the 1st quarter. Teacher Retirement System of Texas now owns 12,568 shares of the semiconductor company’s stock worth $213,000 after purchasing an additional 773 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in Photronics by 6.2% during the 3rd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 13,205 shares of the semiconductor company’s stock worth $193,000 after purchasing an additional 775 shares during the period. Institutional investors and hedge funds own 89.81% of the company’s stock.

About Photronics

(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.

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