Sterling Capital Management LLC Raises Position in Photronics, Inc. (PLAB)

Sterling Capital Management LLC increased its stake in shares of Photronics, Inc. (NASDAQ:PLAB) by 190.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 101,785 shares of the semiconductor company’s stock after acquiring an additional 66,769 shares during the quarter. Sterling Capital Management LLC owned about 0.15% of Photronics worth $1,003,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. State Board of Administration of Florida Retirement System boosted its position in shares of Photronics by 7.9% during the third quarter. State Board of Administration of Florida Retirement System now owns 72,017 shares of the semiconductor company’s stock worth $709,000 after acquiring an additional 5,276 shares during the last quarter. OppenheimerFunds Inc. boosted its position in shares of Photronics by 19.0% during the second quarter. OppenheimerFunds Inc. now owns 36,100 shares of the semiconductor company’s stock worth $288,000 after acquiring an additional 5,776 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its position in shares of Photronics by 38.1% during the second quarter. Metropolitan Life Insurance Co. NY now owns 26,501 shares of the semiconductor company’s stock worth $211,000 after acquiring an additional 7,307 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Photronics by 46.2% during the second quarter. SG Americas Securities LLC now owns 24,430 shares of the semiconductor company’s stock worth $195,000 after acquiring an additional 7,720 shares during the last quarter. Finally, United Services Automobile Association boosted its position in shares of Photronics by 1.9% during the second quarter. United Services Automobile Association now owns 452,870 shares of the semiconductor company’s stock worth $3,612,000 after acquiring an additional 8,263 shares during the last quarter. Hedge funds and other institutional investors own 92.79% of the company’s stock.

In other Photronics news, VP Christopher J. Progler sold 3,000 shares of the stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $10.60, for a total transaction of $31,800.00. Following the completion of the transaction, the vice president now owns 92,900 shares in the company, valued at $984,740. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Christopher J. Progler sold 5,300 shares of the stock in a transaction on Monday, October 1st. The shares were sold at an average price of $9.84, for a total transaction of $52,152.00. Following the transaction, the vice president now owns 92,400 shares of the company’s stock, valued at approximately $909,216. The disclosure for this sale can be found here. Insiders have sold 15,670 shares of company stock valued at $156,748 in the last quarter. 3.73% of the stock is owned by company insiders.

PLAB stock opened at $9.66 on Friday. Photronics, Inc. has a 52 week low of $7.20 and a 52 week high of $11.00. The firm has a market cap of $697.94 million, a price-to-earnings ratio of 50.84, a price-to-earnings-growth ratio of 2.06 and a beta of 0.68.

Photronics (NASDAQ:PLAB) last released its quarterly earnings data on Wednesday, August 22nd. The semiconductor company reported $0.17 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.02. Photronics had a net margin of 6.83% and a return on equity of 3.65%. The business had revenue of $136.39 million during the quarter, compared to analyst estimates of $132.67 million. During the same quarter last year, the business earned $0.06 earnings per share. Photronics’s quarterly revenue was up 22.2% compared to the same quarter last year. On average, equities research analysts forecast that Photronics, Inc. will post 0.58 EPS for the current fiscal year.

Photronics declared that its board has approved a stock buyback plan on Friday, October 12th that allows the company to buyback $25.00 million in shares. This buyback authorization allows the semiconductor company to reacquire up to 3.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

A number of equities analysts recently weighed in on the stock. BidaskClub lowered shares of Photronics from a “buy” rating to a “hold” rating in a research report on Wednesday, August 15th. ValuEngine upgraded shares of Photronics from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st. Zacks Investment Research lowered shares of Photronics from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 24th. Finally, TheStreet upgraded shares of Photronics from a “c+” rating to a “b-” rating in a research report on Tuesday, September 11th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Photronics presently has a consensus rating of “Hold” and a consensus target price of $11.67.

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Photronics Profile

Photronics, Inc, together with its subsidiaries, manufactures and sells photomasks in Taiwan, Korea, the United States, Europe, and internationally. The company offers photomasks, which are high precision photographic quartz plates containing microscopic images of electronic circuits for use in the manufacture of semiconductors and flat panel displays (FPDs), as well as that are used as masters to transfer circuit patterns onto semiconductor wafers and flat panel display substrates during the fabrication of integrated circuits, FPDs, and other types of electrical and optical components.

See Also: Hedge Funds Explained

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Institutional Ownership by Quarter for Photronics (NASDAQ:PLAB)

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