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

Photronics (NASDAQ:PLAB) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Photronics Stock Down 0.2 %

Shares of NASDAQ PLAB opened at $24.80 on Friday. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 11.48 and a beta of 1.40. Photronics has a 52 week low of $18.03 and a 52 week high of $34.16. The firm has a 50-day moving average price of $23.73 and a 200 day moving average price of $25.96.

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

Hedge Funds Weigh In On Photronics

Hedge funds have recently added to or reduced their stakes in the business. ICA Group Wealth Management LLC acquired a new stake in shares of Photronics in the fourth quarter valued at approximately $25,000. Quarry LP lifted its stake in Photronics by 223.4% in the 2nd 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 in the last quarter. Innealta Capital LLC purchased a new stake in Photronics in the 2nd quarter valued at approximately $75,000. Palouse Capital Management Inc. acquired a new stake in Photronics during the 2nd quarter valued at $75,000. Finally, CWM LLC increased its position in Photronics by 155.2% during the second quarter. CWM LLC now owns 3,294 shares of the semiconductor company’s stock worth $81,000 after buying an additional 2,003 shares in the last quarter. 88.38% of the stock is currently owned by hedge funds and other institutional investors.

Photronics Company Profile

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.