Photronics (PLAB) Upgraded at ValuEngine

ValuEngine upgraded shares of Photronics (NASDAQ:PLAB) from a hold rating to a buy rating in a research report released on Wednesday morning.

PLAB has been the subject of several other research reports. BidaskClub cut shares of Photronics from a buy rating to a hold rating in a research report on Wednesday, August 15th. Zacks Investment Research cut shares of Photronics from a hold rating to a sell rating in a research report on Wednesday, July 25th. Finally, TheStreet upgraded shares of Photronics from a c+ rating to a b- rating in a research report on Tuesday, September 11th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $11.67.

Shares of PLAB traded down $0.02 on Wednesday, hitting $9.69. The company’s stock had a trading volume of 6,296 shares, compared to its average volume of 484,516. The company has a market capitalization of $688.85 million, a P/E ratio of 50.47, a PEG ratio of 1.68 and a beta of 0.77. Photronics has a fifty-two week low of $7.20 and a fifty-two week high of $11.00.

Photronics (NASDAQ:PLAB) last announced its earnings results on Wednesday, August 22nd. The semiconductor company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. Photronics had a return on equity of 3.65% and a net margin of 6.83%. The business had revenue of $136.39 million for the quarter, compared to the consensus estimate of $132.67 million. During the same period in the previous year, the business earned $0.06 EPS. Photronics’s revenue was up 22.2% compared to the same quarter last year. Sell-side analysts anticipate that Photronics will post 0.58 EPS for the current fiscal year.

Photronics declared that its board has authorized a stock repurchase program on Friday, July 6th that authorizes the company to repurchase $20.00 million in shares. This repurchase authorization authorizes the semiconductor company to buy up to 3.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

In related news, VP Christopher J. Progler sold 5,300 shares of the business’s stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $9.84, for a total value of $52,152.00. Following the completion of the transaction, the vice president now owns 92,400 shares in the company, valued at approximately $909,216. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Christopher J. Progler sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $10.60, for a total transaction of $31,800.00. Following the completion of the transaction, the vice president now owns 92,900 shares of the company’s stock, valued at approximately $984,740. The disclosure for this sale can be found here. Insiders sold a total of 20,010 shares of company stock valued at $192,944 in the last 90 days. 3.73% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of PLAB. Campbell & CO Investment Adviser LLC bought a new stake in shares of Photronics during the 2nd quarter valued at $101,000. Paloma Partners Management Co bought a new stake in shares of Photronics during the 2nd quarter valued at $102,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Photronics during the 2nd quarter valued at $118,000. SG Americas Securities LLC raised its position in shares of Photronics by 46.2% during the 2nd quarter. SG Americas Securities LLC now owns 24,430 shares of the semiconductor company’s stock valued at $195,000 after acquiring an additional 7,720 shares during the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in shares of Photronics during the 2nd quarter valued at $197,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.

About Photronics

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 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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