Photronics (PLAB) Downgraded by Zacks Investment Research

Photronics (NASDAQ:PLAB) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Saturday.

According to Zacks, “Photronics is a leading worldwide manufacturer of photomasks. Photomasks are high precision quartz plates that contain microscopic images of electronic circuits. A key element in the manufacture of semiconductors and flat panel displays, photomasks are used to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication of integrated circuits, a variety of flat panel displays and, to a lesser extent, other types of electrical and optical components. They are produced in accordance with product designs provided by customers at strategically located manufacturing facilities in Asia, Europe, and North America. “

A number of other equities analysts have also recently weighed in on PLAB. BidaskClub cut shares of Photronics from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 12th. DA Davidson reissued a “buy” rating and issued a $13.00 price target on shares of Photronics in a research report on Monday, November 27th.

Photronics (PLAB) opened at $9.50 on Friday. The company has a current ratio of 5.49, a quick ratio of 5.59 and a debt-to-equity ratio of 0.07. The firm has a market cap of $665.26, a P/E ratio of 48.25, a P/E/G ratio of 2.41 and a beta of 0.54. Photronics has a 1 year low of $7.55 and a 1 year high of $12.10.

Photronics (NASDAQ:PLAB) last posted its quarterly earnings data on Wednesday, November 29th. The semiconductor company reported $0.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.02. The firm had revenue of $121.00 million during the quarter, compared to analysts’ expectations of $112.17 million. Photronics had a net margin of 2.91% and a return on equity of 1.55%. The firm’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter last year, the company posted $0.05 EPS. analysts expect that Photronics will post 0.4 earnings per share for the current fiscal year.

In other Photronics news, VP Richelle E. Burr sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $9.00, for a total value of $27,000.00. Following the completion of the transaction, the vice president now owns 45,109 shares of the company’s stock, valued at approximately $405,981. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Christopher J. Progler sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $8.85, for a total transaction of $35,400.00. The disclosure for this sale can be found here. Insiders sold a total of 69,500 shares of company stock valued at $642,213 in the last three months. 3.71% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of PLAB. GSA Capital Partners LLP raised its holdings in shares of Photronics by 146.7% in the 3rd quarter. GSA Capital Partners LLP now owns 70,606 shares of the semiconductor company’s stock valued at $625,000 after purchasing an additional 41,986 shares in the last quarter. Wolverine Trading LLC acquired a new stake in shares of Photronics in the 3rd quarter valued at $117,000. California Public Employees Retirement System raised its holdings in shares of Photronics by 3.3% in the 3rd quarter. California Public Employees Retirement System now owns 744,108 shares of the semiconductor company’s stock valued at $6,585,000 after purchasing an additional 23,908 shares in the last quarter. Group One Trading L.P. raised its holdings in shares of Photronics by 90.8% in the 3rd quarter. Group One Trading L.P. now owns 11,977 shares of the semiconductor company’s stock valued at $106,000 after purchasing an additional 5,700 shares in the last quarter. Finally, Highbridge Capital Management LLC acquired a new stake in shares of Photronics in the 3rd quarter valued at $154,000. 94.64% of the stock is owned by institutional investors.

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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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