Photronics (PLAB) Rating Lowered to Strong Sell at Zacks Investment Research

Photronics (NASDAQ:PLAB) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Saturday.

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 equities research analysts have also issued reports about the stock. BidaskClub lowered shares of Photronics from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. DA Davidson reaffirmed a “buy” rating and issued a $13.00 price target on shares of Photronics in a research note on Monday, November 27th.

Shares of Photronics (NASDAQ:PLAB) opened at $9.50 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 5.20 and a current ratio of 5.49. Photronics has a 12 month low of $7.55 and a 12 month high of $12.10. The stock has a market cap of $654.92, a PE ratio of 47.50, a PEG ratio of 2.38 and a beta of 0.53.

Photronics (NASDAQ:PLAB) last posted its earnings results on Wednesday, November 29th. The semiconductor company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.02. Photronics had a net margin of 2.91% and a return on equity of 1.55%. The business had revenue of $121.00 million for the quarter, compared to analyst estimates of $112.17 million. During the same period in the prior year, the company posted $0.05 EPS. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. research analysts predict that Photronics will post 0.4 earnings per share for the current year.

In related news, VP Richelle E. Burr sold 3,000 shares of the firm’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $9.00, for a total value of $27,000.00. Following the transaction, the vice president now directly owns 45,109 shares of the company’s stock, valued at approximately $405,981. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Christopher J. Progler sold 4,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $8.85, for a total transaction of $35,400.00. The disclosure for this sale can be found here. Insiders sold a total of 69,500 shares of company stock worth $642,213 over the last ninety days. 3.71% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Federated Investors Inc. PA lifted its stake in Photronics by 61.9% in the 2nd quarter. Federated Investors Inc. PA now owns 10,991 shares of the semiconductor company’s stock worth $103,000 after purchasing an additional 4,203 shares in the last quarter. Group One Trading L.P. lifted its stake in Photronics by 90.8% in the 3rd quarter. Group One Trading L.P. now owns 11,977 shares of the semiconductor company’s stock worth $106,000 after purchasing an additional 5,700 shares in the last quarter. Emerald Mutual Fund Advisers Trust purchased a new position in Photronics in the 3rd quarter worth approximately $114,000. Wolverine Trading LLC purchased a new position in Photronics in the 3rd quarter worth approximately $117,000. Finally, BNP Paribas Arbitrage SA lifted its stake in Photronics by 78.4% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 13,302 shares of the semiconductor company’s stock worth $125,000 after purchasing an additional 5,844 shares in the last quarter. 94.71% of the stock is currently owned by institutional investors and hedge funds.

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About Photronics

Photronics, Inc is a manufacturer of photomasks, which are photographic quartz plates containing microscopic images of electronic circuits. As of October 30, 2016, the Company operated principally from nine manufacturing facilities: two located in Europe, three in Taiwan, one in Korea and three in the United States.

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