Invesco Ltd. Trims Holdings in Photronics, Inc. (NASDAQ:PLAB)

Invesco Ltd. cut its holdings in Photronics, Inc. (NASDAQ:PLAB) by 33.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 639,307 shares of the semiconductor company’s stock after selling 328,044 shares during the quarter. Invesco Ltd. owned approximately 0.95% of Photronics worth $5,243,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale purchased a new stake in shares of Photronics in the 2nd quarter worth about $66,000. Ellington Management Group LLC purchased a new stake in shares of Photronics in the 2nd quarter worth about $123,000. Palouse Capital Management Inc. purchased a new stake in shares of Photronics in the 2nd quarter worth about $201,000. Stone Ridge Asset Management LLC grew its position in shares of Photronics by 10.2% in the 2nd quarter. Stone Ridge Asset Management LLC now owns 27,092 shares of the semiconductor company’s stock worth $222,000 after buying an additional 2,500 shares during the period. Finally, AXA purchased a new stake in shares of Photronics in the 2nd quarter worth about $231,000. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Shares of PLAB stock opened at $10.89 on Friday. Photronics, Inc. has a one year low of $7.95 and a one year high of $11.58. The company’s 50-day moving average is $10.67 and its 200 day moving average is $9.35. The company has a market capitalization of $719.68 million, a price-to-earnings ratio of 21.86 and a beta of 0.48. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.39 and a current ratio of 2.64.

Photronics (NASDAQ:PLAB) last announced its quarterly earnings data on Tuesday, August 20th. The semiconductor company reported $0.10 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.10. Photronics had a net margin of 6.04% and a return on equity of 3.60%. The company had revenue of $138.11 million for the quarter, compared to the consensus estimate of $137.13 million. During the same period in the prior year, the firm posted $0.18 EPS. Photronics’s revenue for the quarter was up 1.3% on a year-over-year basis. As a group, research analysts predict that Photronics, Inc. will post 0.45 earnings per share for the current fiscal year.

Several analysts recently commented on PLAB shares. Northland Securities set a $12.00 price objective on shares of Photronics and gave the company a “buy” rating in a research report on Wednesday, August 21st. BidaskClub raised shares of Photronics from a “hold” rating to a “buy” rating in a research report on Saturday, August 24th. Finally, Zacks Investment Research raised shares of Photronics from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research report on Friday, August 23rd. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $11.50.

In other news, Director Joseph A. Fiorita, Jr. sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $10.93, for a total transaction of $27,325.00. Following the sale, the director now owns 202,600 shares of the company’s stock, valued at approximately $2,214,418. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Kang Jyh Lee sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $9.36, for a total transaction of $28,080.00. Following the sale, the insider now directly owns 115,175 shares in the company, valued at approximately $1,078,038. The disclosure for this sale can be found here. Insiders have sold a total of 68,343 shares of company stock worth $721,956 over the last three months. 3.58% of the stock is currently owned by insiders.

Photronics Company 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 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 can cause a stock to outperform?

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Institutional Ownership by Quarter for Photronics (NASDAQ:PLAB)

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