Photronics (NASDAQ:PLAB) Upgraded to “Strong-Buy” at BidaskClub

BidaskClub upgraded shares of Photronics (NASDAQ:PLAB) from a buy rating to a strong-buy rating in a research report report published on Saturday, BidAskClub reports.

Several other research analysts have also weighed in on the company. Northland Securities set a $12.00 target price on Photronics and gave the stock a buy rating in a research report on Wednesday, August 21st. Zacks Investment Research upgraded Photronics from a hold rating to a buy rating and set a $11.00 price target for the company in a research note on Friday, August 23rd. One investment analyst has rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Photronics presently has a consensus rating of Buy and an average price target of $11.50.

Shares of NASDAQ PLAB traded down $0.05 during mid-day trading on Friday, hitting $11.32. 253,362 shares of the company traded hands, compared to its average volume of 474,951. Photronics has a 1 year low of $7.95 and a 1 year high of $11.58. The stock has a market capitalization of $764.03 million, a price-to-earnings ratio of 19.52 and a beta of 0.48. The company has a quick ratio of 2.39, a current ratio of 2.64 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average of $10.90 and a two-hundred day moving average of $9.41.

Photronics (NASDAQ:PLAB) last announced its earnings results on Tuesday, August 20th. The semiconductor company reported $0.10 EPS for the quarter, meeting the consensus estimate of $0.10. The business had revenue of $138.11 million during the quarter, compared to the consensus estimate of $137.13 million. Photronics had a return on equity of 3.60% and a net margin of 6.04%. Photronics’s revenue was up 1.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.18 earnings per share. As a group, research analysts anticipate that Photronics will post 0.45 EPS for the current year.

In related news, Director Walter M. Fiederowicz sold 5,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $9.71, for a total transaction of $48,550.00. Following the completion of the sale, the director now owns 46,000 shares in the company, valued at approximately $446,660. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Christopher J. Progler sold 12,093 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $10.79, for a total value of $130,483.47. Following the sale, the vice president now owns 119,018 shares of the company’s stock, valued at approximately $1,284,204.22. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,343 shares of company stock valued at $721,956. 3.58% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in PLAB. BlackRock Inc. lifted its position in shares of Photronics by 1.1% in the 2nd quarter. BlackRock Inc. now owns 10,142,696 shares of the semiconductor company’s stock worth $83,170,000 after acquiring an additional 107,904 shares during the period. Vanguard Group Inc. lifted its position in shares of Photronics by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 4,476,778 shares of the semiconductor company’s stock worth $36,710,000 after acquiring an additional 20,529 shares during the period. Renaissance Technologies LLC lifted its position in shares of Photronics by 2.9% in the 2nd quarter. Renaissance Technologies LLC now owns 2,686,995 shares of the semiconductor company’s stock worth $22,033,000 after acquiring an additional 75,400 shares during the period. Northern Trust Corp lifted its position in shares of Photronics by 1.1% in the 2nd quarter. Northern Trust Corp now owns 1,843,932 shares of the semiconductor company’s stock worth $15,120,000 after acquiring an additional 19,238 shares during the period. Finally, Divisar Capital Management LLC lifted its position in shares of Photronics by 21.2% in the 2nd quarter. Divisar Capital Management LLC now owns 1,373,647 shares of the semiconductor company’s stock worth $11,264,000 after acquiring an additional 239,878 shares during the period. Hedge funds and other institutional investors own 95.01% 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 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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