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

Zacks Investment Research downgraded shares of Photronics (NASDAQ:PLAB) from a buy rating to a hold rating in a research report sent to investors on Thursday, 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 a number of other reports. BidaskClub upgraded shares of Zai Lab from a buy rating to a strong-buy rating in a research report on Friday, June 28th. TheStreet cut shares of Zimmer Biomet from a b- rating to a c rating in a research report on Friday, June 7th. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has an average rating of Hold and a consensus price target of $10.63.

NASDAQ:PLAB traded down $0.03 during trading hours on Thursday, hitting $8.75. 13,052 shares of the company were exchanged, compared to its average volume of 323,706. The stock has a market cap of $567.38 million, a PE ratio of 15.24, a price-to-earnings-growth ratio of 2.04 and a beta of 0.60. Photronics has a 52-week low of $7.95 and a 52-week high of $11.58. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.67 and a quick ratio of 2.42. The company’s 50 day moving average is $8.33.

Photronics (NASDAQ:PLAB) last released its quarterly earnings data on Wednesday, May 22nd. The semiconductor company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.07 by $0.06. The business had revenue of $131.60 million for the quarter, compared to the consensus estimate of $130.05 million. Photronics had a net margin of 7.30% and a return on equity of 4.10%. The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.15 EPS. As a group, equities research analysts predict that Photronics will post 0.42 EPS for the current year.

In other news, Director Walter M. Fiederowicz sold 5,000 shares of the company’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $8.47, for a total transaction of $42,350.00. Following the completion of the sale, the director now owns 53,500 shares of the company’s stock, valued at $453,145. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 12,700 shares of company stock valued at $110,688 in the last ninety days. Insiders own 3.58% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in shares of Photronics by 2.6% in the fourth quarter. BlackRock Inc. now owns 10,215,805 shares of the semiconductor company’s stock valued at $98,888,000 after purchasing an additional 260,282 shares during the period. Brandywine Global Investment Management LLC grew its holdings in shares of Photronics by 6.3% in the fourth quarter. Brandywine Global Investment Management LLC now owns 36,670 shares of the semiconductor company’s stock valued at $355,000 after purchasing an additional 2,170 shares during the period. KAMES CAPITAL plc purchased a new position in Photronics during the first quarter worth about $11,013,000. Investors Research Corp purchased a new position in Photronics during the first quarter worth about $68,000. Finally, D. E. Shaw & Co. Inc. boosted its stake in Photronics by 5.4% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,251,283 shares of the semiconductor company’s stock worth $12,113,000 after buying an additional 64,362 shares during the period. 97.30% of the stock is owned by hedge funds and other institutional investors.

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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