Short Interest in Photronics, Inc. (PLAB) Declines By 23.1%
Photronics, Inc. (NASDAQ:PLAB) saw a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 2,986,958 shares, a decrease of 23.1% from the August 15th total of 3,882,520 shares. Currently, 4.4% of the company’s stock are sold short. Based on an average daily trading volume, of 719,198 shares, the short-interest ratio is presently 4.2 days.
Several research analysts recently commented on the company. Zacks Investment Research raised Photronics from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. BidaskClub cut Photronics from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 12th. Finally, ValuEngine raised Photronics from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Photronics has an average rating of “Hold” and an average target price of $12.00.
In other news, VP Christopher J. Progler sold 4,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $10.05, for a total transaction of $40,200.00. Following the completion of the transaction, the vice president now directly owns 78,900 shares of the company’s stock, valued at $792,945. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.71% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. M Holdings Securities Inc. purchased a new position in shares of Photronics in the 2nd quarter worth approximately $254,000. Phocas Financial Corp. boosted its stake in shares of Photronics by 4.7% in the 2nd quarter. Phocas Financial Corp. now owns 449,030 shares of the semiconductor company’s stock worth $4,221,000 after buying an additional 20,035 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Photronics by 111.9% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 15,078 shares of the semiconductor company’s stock worth $142,000 after buying an additional 7,962 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Photronics by 3.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 52,194 shares of the semiconductor company’s stock worth $491,000 after buying an additional 1,579 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Photronics by 2.5% in the 2nd quarter. State Street Corp now owns 1,424,985 shares of the semiconductor company’s stock worth $13,395,000 after buying an additional 35,414 shares during the last quarter. Hedge funds and other institutional investors own 96.09% of the company’s stock.
Photronics (PLAB) opened at 8.00 on Friday. The firm has a market capitalization of $548.20 million, a PE ratio of 42.11 and a beta of 0.52. The company’s 50-day moving average price is $8.53 and its 200 day moving average price is $10.02. Photronics has a 12 month low of $7.55 and a 12 month high of $12.10.
Photronics (NASDAQ:PLAB) last released its quarterly earnings results on Monday, August 14th. The semiconductor company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). The company had revenue of $111.60 million for the quarter, compared to analyst estimates of $115.14 million. Photronics had a net margin of 2.97% and a return on equity of 1.33%. During the same quarter last year, the firm posted $0.12 EPS. On average, equities research analysts predict that Photronics will post $0.19 earnings per share for the current year.
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Photronics Company Profile
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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