Photronics (PLAB) Upgraded to “Hold” at Zacks Investment Research

Photronics (NASDAQ:PLAB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Friday, February 16th.

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. “

Other equities research analysts have also issued reports about the company. DA Davidson reiterated a “buy” rating and set a $13.00 price objective on shares of Photronics in a research note on Monday, November 27th. BidaskClub lowered Photronics from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Finally, ValuEngine lowered Photronics from a “hold” rating to a “sell” rating in a research report on Friday, February 2nd.

Photronics (NASDAQ:PLAB) remained flat at $$9.20 during trading hours on Friday. The company had a trading volume of 1,251,846 shares, compared to its average volume of 573,205. Photronics has a 52-week low of $7.20 and a 52-week high of $11.75. The company has a debt-to-equity ratio of 0.06, a quick ratio of 5.28 and a current ratio of 5.59. The company has a market capitalization of $632.40, a PE ratio of 35.27, a price-to-earnings-growth ratio of 2.38 and a beta of 0.58.

Photronics (NASDAQ:PLAB) last posted its quarterly earnings data on Wednesday, February 14th. The semiconductor company reported $0.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.03. Photronics had a return on equity of 1.96% and a net margin of 3.68%. The company had revenue of $123.40 million during the quarter, compared to analyst estimates of $114.13 million. During the same period in the previous year, the business earned $0.03 EPS. Photronics’s quarterly revenue was up 12.4% on a year-over-year basis. equities research analysts anticipate that Photronics will post 0.38 EPS for the current year.

In other news, Director Constantine S. Macricostas sold 400,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $7.73, for a total value of $3,092,000.00. Following the completion of the sale, the director now directly owns 692,575 shares in the company, valued at $5,353,604.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Constantine S. Macricostas sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $7.75, for a total value of $1,550,000.00. Following the completion of the sale, the director now owns 692,575 shares of the company’s stock, valued at $5,367,456.25. The disclosure for this sale can be found here. Insiders sold 604,580 shares of company stock valued at $4,681,180 over the last 90 days. Company insiders own 3.73% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Penbrook Management LLC purchased a new position in Photronics in the fourth quarter worth approximately $688,000. MetLife Investment Advisors LLC purchased a new position in Photronics in the fourth quarter worth approximately $259,000. Municipal Employees Retirement System of Michigan grew its position in Photronics by 70.7% in the fourth quarter. Municipal Employees Retirement System of Michigan now owns 107,420 shares of the semiconductor company’s stock worth $915,000 after acquiring an additional 44,480 shares during the period. Macquarie Group Ltd. grew its position in Photronics by 328.1% in the fourth quarter. Macquarie Group Ltd. now owns 43,798 shares of the semiconductor company’s stock worth $373,000 after acquiring an additional 33,567 shares during the period. Finally, Millennium Management LLC grew its position in Photronics by 29.0% in the fourth quarter. Millennium Management LLC now owns 1,030,270 shares of the semiconductor company’s stock worth $8,783,000 after acquiring an additional 231,914 shares during the period. Institutional investors own 98.64% of the company’s stock.

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Photronics Company Profile

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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