Photronics, Inc. (NASDAQ:PLAB) Expected to Post Quarterly Sales of $137.13 Million

Equities research analysts expect that Photronics, Inc. (NASDAQ:PLAB) will post sales of $137.13 million for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Photronics’ earnings. The highest sales estimate is $138.00 million and the lowest is $136.00 million. Photronics reported sales of $136.39 million in the same quarter last year, which indicates a positive year-over-year growth rate of 0.5%. The company is scheduled to issue its next quarterly earnings results before the market opens on Tuesday, August 20th.

According to Zacks, analysts expect that Photronics will report full-year sales of $540.53 million for the current year, with estimates ranging from $539.30 million to $542.30 million. For the next year, analysts forecast that the business will report sales of $625.67 million, with estimates ranging from $611.00 million to $640.00 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Photronics.

Photronics (NASDAQ:PLAB) last issued its earnings results on Wednesday, May 22nd. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.06. The company had revenue of $131.60 million for the quarter, compared to analysts’ expectations of $130.05 million. Photronics had a net margin of 7.30% and a return on equity of 4.10%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the company posted $0.15 earnings per share.

Several brokerages have recently weighed in on PLAB. BidaskClub upgraded shares of Photronics from a “hold” rating to a “buy” rating in a research note on Friday, July 26th. TheStreet cut shares of Photronics from a “b-” rating to a “c” rating in a research note on Friday, June 7th. Zacks Investment Research cut shares of Photronics from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Finally, Northland Securities began coverage on shares of Photronics in a research note on Thursday, July 18th. They set an “outperform” rating and a $12.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Photronics currently has a consensus rating of “Buy” and a consensus price target of $11.00.

In other news, Director Walter M. Fiederowicz sold 5,000 shares of the firm’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 sale, the director now directly owns 53,500 shares in the company, valued at approximately $453,145. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 20,200 shares of company stock worth $184,162 in the last quarter. Corporate insiders own 3.58% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC raised its holdings 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 valued at $22,033,000 after purchasing an additional 75,400 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Photronics by 6.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 137,188 shares of the semiconductor company’s stock valued at $1,125,000 after purchasing an additional 8,831 shares in the last quarter. Prudential Financial Inc. raised its holdings in shares of Photronics by 5.6% in the 2nd quarter. Prudential Financial Inc. now owns 273,402 shares of the semiconductor company’s stock valued at $2,242,000 after purchasing an additional 14,450 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in shares of Photronics by 81.3% in the 2nd quarter. Allianz Asset Management GmbH now owns 535,904 shares of the semiconductor company’s stock valued at $4,395,000 after purchasing an additional 240,274 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Photronics by 154.9% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 36,125 shares of the semiconductor company’s stock valued at $296,000 after purchasing an additional 21,950 shares in the last quarter. Hedge funds and other institutional investors own 94.62% of the company’s stock.

Shares of Photronics stock traded down $0.16 on Wednesday, hitting $8.77. 385,100 shares of the company’s stock were exchanged, compared to its average volume of 537,653. The firm has a 50-day moving average of $8.79. The company has a market capitalization of $598.94 million, a PE ratio of 15.12, a PEG ratio of 2.19 and a beta of 0.59. Photronics has a 1 year low of $7.95 and a 1 year 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.

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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