Photronics (NASDAQ:PLAB) Lifted to Buy at StockNews.com

StockNews.com upgraded shares of Photronics (NASDAQ:PLAB) from a hold rating to a buy rating in a report issued on Thursday morning.

Photronics Stock Up 3.9 %

NASDAQ:PLAB opened at $23.65 on Thursday. Photronics has a twelve month low of $18.03 and a twelve month high of $34.16. The company has a fifty day moving average of $24.21 and a 200-day moving average of $26.27. The firm has a market capitalization of $1.50 billion, a P/E ratio of 10.95 and a beta of 1.40.

Photronics (NASDAQ:PLAB) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.05). The company had revenue of $211.00 million during the quarter, compared to the consensus estimate of $225.00 million. Photronics had a net margin of 16.22% and a return on equity of 9.46%. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same period last year, the firm posted $0.51 earnings per share. On average, analysts anticipate that Photronics will post 2.08 EPS for the current fiscal year.

Institutional Investors Weigh In On Photronics

Hedge funds and other institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new stake in Photronics in the 2nd quarter valued at $1,603,000. Delphi Management Inc. MA grew its holdings in shares of Photronics by 3.7% during the second quarter. Delphi Management Inc. MA now owns 55,175 shares of the semiconductor company’s stock valued at $1,361,000 after buying an additional 1,949 shares during the last quarter. Quarry LP grew its holdings in shares of Photronics by 223.4% during the second quarter. Quarry LP now owns 2,629 shares of the semiconductor company’s stock valued at $65,000 after buying an additional 1,816 shares during the last quarter. Algert Global LLC increased its position in shares of Photronics by 17.6% during the second quarter. Algert Global LLC now owns 42,562 shares of the semiconductor company’s stock worth $1,050,000 after acquiring an additional 6,382 shares in the last quarter. Finally, Meros Investment Management LP raised its holdings in shares of Photronics by 1.6% in the 2nd quarter. Meros Investment Management LP now owns 450,924 shares of the semiconductor company’s stock worth $11,124,000 after acquiring an additional 7,250 shares during the last quarter. Institutional investors own 88.38% of the company’s stock.

About Photronics

Photronics, Inc, together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, China, Korea, Europe, and internationally. It offers photomasks that are used in the manufacture of integrated circuits and flat panel displays (FPDs); and to transfer circuit patterns onto semiconductor wafers, and FDP substrates.