Photronics (NASDAQ:PLAB) Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Photronics (NASDAQ:PLAB) from a buy rating to a hold rating in a report issued on Tuesday, Zacks.com reports.

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. “

PLAB has been the subject of several other reports. Northland Securities set a $15.00 price objective on Photronics and gave the stock a buy rating in a research note on Monday, October 21st. BidaskClub lowered Photronics from a buy rating to a hold rating in a research note on Saturday, February 1st. DA Davidson reissued a buy rating and set a $18.00 price objective on shares of Photronics in a research note on Thursday, December 12th. TheStreet raised Photronics from a c rating to a b- rating in a research note on Wednesday, December 11th. Finally, Stifel Nicolaus raised Photronics from a hold rating to a buy rating and raised their price objective for the stock from $11.00 to $16.00 in a research note on Sunday, February 9th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $16.75.

Shares of NASDAQ PLAB opened at $14.82 on Tuesday. The stock has a fifty day moving average price of $14.66 and a two-hundred day moving average price of $12.24. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.50 and a current ratio of 2.81. The firm has a market cap of $969.47 million, a P/E ratio of 32.22 and a beta of 0.58. Photronics has a 1 year low of $7.95 and a 1 year high of $16.75.

Photronics (NASDAQ:PLAB) last released its quarterly earnings data on Wednesday, December 11th. The semiconductor company reported $0.15 earnings per share for the quarter, hitting the consensus estimate of $0.15. The business had revenue of $156.30 million during the quarter, compared to analyst estimates of $147.37 million. Photronics had a return on equity of 3.29% and a net margin of 5.41%. The company’s revenue was up 8.0% compared to the same quarter last year. During the same period last year, the company posted $0.18 EPS. On average, research analysts predict that Photronics will post 0.87 earnings per share for the current fiscal year.

In other news, Director Joseph A. Fiorita, Jr. sold 2,500 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $12.31, for a total value of $30,775.00. Following the completion of the sale, the director now owns 197,600 shares of the company’s stock, valued at $2,432,456. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kang Jyh Lee sold 30,000 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $16.03, for a total value of $480,900.00. Following the completion of the sale, the insider now directly owns 145,175 shares of the company’s stock, valued at approximately $2,327,155.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 133,563 shares of company stock valued at $1,969,811. Corporate insiders own 3.58% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Amalgamated Bank boosted its position in shares of Photronics by 8.6% in the fourth quarter. Amalgamated Bank now owns 11,102 shares of the semiconductor company’s stock worth $175,000 after buying an additional 879 shares during the period. Royal Bank of Canada boosted its position in shares of Photronics by 4.6% in the second quarter. Royal Bank of Canada now owns 33,503 shares of the semiconductor company’s stock worth $275,000 after buying an additional 1,463 shares during the period. Metropolitan Life Insurance Co NY boosted its position in shares of Photronics by 8.2% in the third quarter. Metropolitan Life Insurance Co NY now owns 20,056 shares of the semiconductor company’s stock worth $218,000 after buying an additional 1,518 shares during the period. Bank of America Corp DE boosted its position in shares of Photronics by 4.1% in the fourth quarter. Bank of America Corp DE now owns 53,255 shares of the semiconductor company’s stock worth $839,000 after buying an additional 2,107 shares during the period. Finally, Captrust Financial Advisors boosted its position in shares of Photronics by 17.5% in the fourth quarter. Captrust Financial Advisors now owns 15,440 shares of the semiconductor company’s stock worth $241,000 after buying an additional 2,300 shares during the period. 96.46% of the stock is owned by institutional investors and hedge funds.

Photronics Company Profile

Photronics, Inc, together with its subsidiaries, manufactures and sells photomasks in Taiwan, Korea, the United States, Europe, and internationally. The company offers photomasks, which are high precision photographic quartz or glass plates containing microscopic images of electronic circuits for use in the manufacture of semiconductors and flat panel displays (FPDs), as well as that are used as masters to transfer circuit patterns onto semiconductor wafers and flat panel display substrates during the fabrication of integrated circuits, FPDs, and other types of electrical and optical components.

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