Zacks Investment Research Lowers Photronics (NASDAQ:PLAB) to Hold

Zacks Investment Research cut shares of Photronics (NASDAQ:PLAB) from a buy rating to a hold rating in a research report report published on Thursday morning, 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. “

Other research analysts also recently issued reports about the stock. BidaskClub upgraded shares of Zai Lab from a buy rating to a strong-buy rating in a research note on Friday, June 28th. TheStreet downgraded shares of Zimmer Biomet from a b- rating to a c rating in a research note on Friday, June 7th. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Photronics currently has an average rating of Hold and an average target price of $10.63.

Shares of PLAB stock opened at $8.75 on Thursday. The stock has a market capitalization of $586.83 million, a P/E ratio of 15.09, a PEG ratio of 2.10 and a beta of 0.60. The company has a fifty day moving average price of $8.34. The company has a quick ratio of 2.42, a current ratio of 2.67 and a debt-to-equity ratio of 0.04. Photronics has a twelve month low of $7.95 and a twelve month high of $11.58.

Photronics (NASDAQ:PLAB) last announced its earnings results on Wednesday, May 22nd. The semiconductor company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.06. The business had revenue of $131.60 million during 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 quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.15 earnings per share. As a group, research analysts forecast that Photronics will post 0.42 EPS for the current fiscal year.

In other Photronics news, Director Walter M. Fiederowicz sold 5,000 shares of the 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 transaction, the director now directly owns 53,500 shares in the company, valued at approximately $453,145. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 12,700 shares of company stock worth $110,688 over the last quarter. 3.58% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Prudential Financial Inc. boosted its position in shares of Photronics by 38.3% during the fourth quarter. Prudential Financial Inc. now owns 155,942 shares of the semiconductor company’s stock valued at $1,510,000 after buying an additional 43,191 shares during the period. First Trust Advisors LP boosted its position in shares of Photronics by 18.7% during the fourth quarter. First Trust Advisors LP now owns 123,270 shares of the semiconductor company’s stock valued at $1,193,000 after buying an additional 19,398 shares during the period. New York State Common Retirement Fund boosted its position in shares of Photronics by 35.7% during the fourth quarter. New York State Common Retirement Fund now owns 171,653 shares of the semiconductor company’s stock valued at $1,662,000 after buying an additional 45,167 shares during the period. BlackRock Inc. boosted its position in shares of Photronics by 2.6% during the fourth quarter. BlackRock Inc. now owns 10,215,805 shares of the semiconductor company’s stock valued at $98,888,000 after buying an additional 260,282 shares during the period. Finally, Texas Permanent School Fund boosted its position in shares of Photronics by 4.0% during the fourth quarter. Texas Permanent School Fund now owns 44,752 shares of the semiconductor company’s stock valued at $433,000 after buying an additional 1,722 shares during the period. Hedge funds and other institutional investors own 97.27% of the company’s stock.

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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