Photronics (NASDAQ:PLAB) was downgraded by equities research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, March 7th.
Other analysts have also issued research reports about the stock. DA Davidson reaffirmed a “buy” rating and set a $13.00 target price on shares of Photronics in a report on Monday, November 27th. Zacks Investment Research raised shares of Photronics from a “sell” rating to a “hold” rating in a report on Friday, February 16th. Finally, BidaskClub lowered shares of Photronics from a “sell” rating to a “strong sell” rating in a report on Tuesday, January 30th.
Photronics (PLAB) opened at $9.20 on Wednesday. The company has a quick ratio of 5.28, a current ratio of 5.59 and a debt-to-equity ratio of 0.06. Photronics has a one year low of $7.20 and a one year high of $11.75. The stock has a market cap of $632.40, a P/E ratio of 34.81, a PEG ratio of 2.38 and a beta of 0.58.
In other Photronics news, Director Constantine S. Macricostas sold 400,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $7.73, for a total transaction of $3,092,000.00. Following the sale, the director now directly owns 692,575 shares of the company’s stock, valued at approximately $5,353,604.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Constantine S. Macricostas sold 200,000 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $7.75, for a total transaction of $1,550,000.00. Following the sale, the director now directly owns 692,575 shares in the company, valued at $5,367,456.25. The disclosure for this sale can be found here. Insiders sold a total of 604,580 shares of company stock valued at $4,681,180 in the last three months. 3.73% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of PLAB. BlackRock Inc. raised its holdings in shares of Photronics by 99.7% in the 4th quarter. BlackRock Inc. now owns 8,932,962 shares of the semiconductor company’s stock valued at $76,153,000 after purchasing an additional 4,458,990 shares during the period. Cortina Asset Management LLC bought a new stake in shares of Photronics in the 4th quarter valued at about $3,964,000. Robeco Institutional Asset Management B.V. raised its holdings in shares of Photronics by 106.5% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 842,037 shares of the semiconductor company’s stock valued at $7,178,000 after purchasing an additional 434,174 shares during the period. Citadel Advisors LLC raised its holdings in shares of Photronics by 284.7% in the 3rd quarter. Citadel Advisors LLC now owns 500,173 shares of the semiconductor company’s stock valued at $4,427,000 after purchasing an additional 370,149 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Photronics by 14.2% in the 4th quarter. Bank of New York Mellon Corp now owns 2,502,387 shares of the semiconductor company’s stock valued at $21,333,000 after purchasing an additional 311,985 shares during the period. 98.64% of the stock is currently owned by institutional investors.
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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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