Photronics (NASDAQ:PLAB) Posts Earnings Results, Misses Expectations By $0.11 EPS

Photronics (NASDAQ:PLAB) announced its quarterly earnings data on Thursday. The semiconductor company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.11), FiscalAI reports. Photronics had a return on equity of 7.88% and a net margin of 15.83%.The company had revenue of $209.94 million for the quarter, compared to analyst estimates of $216.47 million.

Photronics Stock Performance

NASDAQ PLAB opened at $53.51 on Thursday. The business has a 50 day simple moving average of $46.28 and a 200 day simple moving average of $37.11. Photronics has a 52-week low of $16.59 and a 52-week high of $56.00. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of 22.77 and a beta of 1.51.

Analyst Ratings Changes

A number of analysts have recently commented on PLAB shares. Zacks Research cut Photronics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. Craig Hallum reaffirmed a “buy” rating and issued a $48.00 price target on shares of Photronics in a research note on Tuesday, March 3rd. Weiss Ratings upgraded shares of Photronics from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, April 29th. Wall Street Zen upgraded shares of Photronics from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 14th. Finally, Lake Street Capital reiterated a “buy” rating and issued a $55.00 target price on shares of Photronics in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Photronics has an average rating of “Moderate Buy” and a consensus target price of $49.33.

Insider Buying and Selling at Photronics

In related news, CFO Eric Rivera sold 1,000 shares of the stock in a transaction that occurred on Monday, April 13th. The stock was sold at an average price of $44.77, for a total transaction of $44,770.00. Following the completion of the sale, the chief financial officer directly owned 136,173 shares of the company’s stock, valued at approximately $6,096,465.21. This represents a 0.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Constantine S. Macricostas sold 50,000 shares of the stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $45.35, for a total value of $2,267,500.00. The SEC filing for this sale provides additional information. Insiders sold 346,144 shares of company stock worth $15,061,759 in the last quarter. Company insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On Photronics

A number of large investors have recently added to or reduced their stakes in PLAB. Royal Bank of Canada increased its holdings in Photronics by 30.1% during the 1st quarter. Royal Bank of Canada now owns 219,290 shares of the semiconductor company’s stock worth $4,553,000 after purchasing an additional 50,707 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Photronics by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,647 shares of the semiconductor company’s stock worth $761,000 after purchasing an additional 1,600 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Photronics by 14.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 96,752 shares of the semiconductor company’s stock worth $2,009,000 after purchasing an additional 12,159 shares in the last quarter. Intech Investment Management LLC grew its stake in shares of Photronics by 6.0% during the 1st quarter. Intech Investment Management LLC now owns 62,441 shares of the semiconductor company’s stock worth $1,296,000 after acquiring an additional 3,526 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Photronics by 21.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 273,646 shares of the semiconductor company’s stock worth $5,153,000 after acquiring an additional 48,342 shares in the last quarter. Institutional investors own 88.38% of the company’s stock.

About Photronics

Photronics, Inc is a leading global supplier of photomask products used in the manufacture of integrated circuits, flat panel displays, microelectromechanical systems (MEMS), and advanced packaging applications. Photomasks, also known as reticles, are critical templates that carry the precise circuit patterns required for semiconductor lithography processes. The company offers a comprehensive range of mask solutions, including binary masks, attenuated phase-shift masks, reticles for micro-optics, and specialized products for high?resolution applications.

Founded in 1969 and headquartered in Brookfield, Connecticut, Photronics has grown through organic expansion and strategic investments in high?end lithography technology.