Bank of Montreal Can Increases Position in Photronics, Inc. (PLAB)

Bank of Montreal Can lifted its holdings in Photronics, Inc. (NASDAQ:PLAB) by 16.4% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 156,888 shares of the semiconductor company’s stock after purchasing an additional 22,152 shares during the period. Bank of Montreal Can owned approximately 0.23% of Photronics worth $1,518,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. State Board of Administration of Florida Retirement System grew its holdings in Photronics by 7.9% during the 3rd 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 in the last quarter. Founders Capital Management acquired a new position in Photronics during the 4th quarter worth approximately $68,000. Legal & General Group Plc grew its holdings in Photronics by 6.0% during the 3rd quarter. Legal & General Group Plc now owns 146,408 shares of the semiconductor company’s stock worth $1,431,000 after acquiring an additional 8,297 shares in the last quarter. Pacific Ridge Capital Partners LLC grew its holdings in Photronics by 5.5% during the 3rd quarter. Pacific Ridge Capital Partners LLC now owns 195,980 shares of the semiconductor company’s stock worth $1,930,000 after acquiring an additional 10,270 shares in the last quarter. Finally, Verition Fund Management LLC acquired a new position in Photronics during the 3rd quarter worth approximately $113,000. Hedge funds and other institutional investors own 98.09% of the company’s stock.

In other news, VP Christopher J. Progler sold 5,600 shares of the company’s stock in a transaction on Friday, February 1st. The shares were sold at an average price of $10.67, for a total value of $59,752.00. Following the completion of the transaction, the vice president now owns 118,025 shares in the company, valued at approximately $1,259,326.75. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Christopher J. Progler sold 9,475 shares of the company’s stock in a transaction on Thursday, January 3rd. The shares were sold at an average price of $9.42, for a total transaction of $89,254.50. Following the completion of the transaction, the vice president now owns 121,900 shares of the company’s stock, valued at approximately $1,148,298. The disclosure for this sale can be found here. In the last 90 days, insiders sold 97,642 shares of company stock valued at $974,068. Company insiders own 3.73% of the company’s stock.

NASDAQ PLAB opened at $11.27 on Thursday. Photronics, Inc. has a 52 week low of $7.57 and a 52 week high of $11.34. The company has a market cap of $718.13 million, a price-to-earnings ratio of 19.43, a PEG ratio of 2.26 and a beta of 0.59.

Photronics (NASDAQ:PLAB) last posted its quarterly earnings results on Wednesday, December 12th. The semiconductor company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.17 by $0.01. Photronics had a net margin of 7.86% and a return on equity of 4.38%. The company had revenue of $144.70 million during the quarter, compared to analysts’ expectations of $137.20 million. During the same quarter in the previous year, the business posted $0.08 EPS. The firm’s revenue was up 19.6% on a year-over-year basis. Equities analysts forecast that Photronics, Inc. will post 0.47 earnings per share for the current fiscal year.

PLAB has been the subject of several analyst reports. Zacks Investment Research cut shares of Photronics from a “hold” rating to a “sell” rating in a report on Tuesday, January 1st. ValuEngine cut shares of Photronics from a “buy” rating to a “hold” rating in a report on Tuesday, November 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $11.00.

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About Photronics

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 or glass 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.

Further Reading: What is a Leveraged Buyout (LBO)?

Institutional Ownership by Quarter for Photronics (NASDAQ:PLAB)

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