First Trust Advisors LP increased its stake in Photronics Inc. (NASDAQ:PLAB) by 196.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 153,179 shares of the company’s stock after buying an additional 101,438 shares during the period. First Trust Advisors LP owned 0.22% of Photronics worth $1,365,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Acrospire Investment Management LLC bought a new stake in shares of Photronics during the first quarter valued at about $116,000. Magnetar Financial LLC increased its stake in shares of Photronics by 67.4% in the first quarter. Magnetar Financial LLC now owns 17,804 shares of the company’s stock valued at $185,000 after buying an additional 7,167 shares during the period. Mesirow Financial Investment Management US Value Equity bought a new stake in shares of Photronics during the first quarter valued at about $189,000. Hancock Holding Co. bought a new stake in shares of Photronics during the first quarter valued at about $707,000. Finally, Royal Bank of Canada increased its stake in shares of Photronics by 42.6% in the first quarter. Royal Bank of Canada now owns 75,603 shares of the company’s stock valued at $787,000 after buying an additional 22,592 shares during the period. Hedge funds and other institutional investors own 98.92% of the company’s stock.
Photronics Inc. (NASDAQ:PLAB) traded up 1.6805% during midday trading on Friday, hitting $10.2799. 170,314 shares of the stock were exchanged. The firm has a market capitalization of $700.95 million, a P/E ratio of 12.6134 and a beta of 1.08. Photronics Inc. has a 1-year low of $8.56 and a 1-year high of $13.05. The firm’s 50-day moving average price is $9.82 and its 200 day moving average price is $9.81.
Photronics (NASDAQ:PLAB) last posted its earnings results on Thursday, August 18th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.14 by $0.02. The business had revenue of $123.20 million for the quarter, compared to the consensus estimate of $123.54 million. Photronics had a return on equity of 6.07% and a net margin of 11.50%. The company’s revenue was down 6.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.17 earnings per share. Analysts expect that Photronics Inc. will post $0.55 earnings per share for the current fiscal year.
Several brokerages have issued reports on PLAB. Zacks Investment Research upgraded shares of Photronics from a “sell” rating to a “hold” rating in a research report on Friday, July 8th. DA Davidson restated a “buy” rating and set a $15.00 price objective on shares of Photronics in a research report on Monday, August 22nd. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $12.80.
In other Photronics news, Director Walter M. Fiederowicz sold 21,250 shares of the company’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $9.95, for a total value of $211,437.50. Following the completion of the sale, the director now directly owns 42,250 shares of the company’s stock, valued at approximately $420,387.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph A. Fiorita, Jr. sold 12,000 shares of the company’s stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $10.00, for a total transaction of $120,000.00. Following the completion of the sale, the director now directly owns 161,100 shares of the company’s stock, valued at $1,611,000. The disclosure for this sale can be found here. 4.12% of the stock is currently owned by company insiders.
Photronics Company Profile
Photronics, Inc is a manufacturer of photomasks, which are photographic quartz plates containing microscopic images of electronic circuits. The Company supports customers across the full spectrum of integrated circuit (IC) production and flat panel display (FPD) technologies by manufacturing photomasks using electron beam or optical (laser-based) systems.
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