Photronics (NASDAQ:PLAB) Posts Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Photronics (NASDAQ:PLAB – Get Rating) issued its earnings results on Wednesday. The semiconductor company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.44 by $0.10, Briefing.com reports. Photronics had a net margin of 14.04% and a return on equity of 11.09%. The company had revenue of $229.30 million for the quarter, compared to the consensus estimate of $211.00 million. During the same quarter in the previous year, the company earned $0.49 EPS. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. Photronics updated its Q3 guidance to $0.48-54 EPS.

Photronics Stock Performance

Shares of NASDAQ:PLAB opened at $20.25 on Friday. The stock has a market capitalization of $1.27 billion, a P/E ratio of 10.18 and a beta of 1.18. Photronics has a 1-year low of $13.86 and a 1-year high of $25.81. The company has a current ratio of 3.89, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. The business has a 50-day moving average price of $15.81 and a two-hundred day moving average price of $17.16.

Institutional Trading of Photronics

Several institutional investors and hedge funds have recently added to or reduced their stakes in PLAB. Covestor Ltd raised its holdings in Photronics by 587.5% during the 1st quarter. Covestor Ltd now owns 2,427 shares of the semiconductor company’s stock worth $41,000 after purchasing an additional 2,074 shares during the last quarter. Federated Hermes Inc. raised its holdings in Photronics by 77.5% during the 1st quarter. Federated Hermes Inc. now owns 2,798 shares of the semiconductor company’s stock worth $47,000 after purchasing an additional 1,222 shares during the last quarter. Lazard Asset Management LLC bought a new stake in Photronics during the 1st quarter worth about $59,000. Point72 Hong Kong Ltd increased its stake in shares of Photronics by 3,942.6% in the 1st quarter. Point72 Hong Kong Ltd now owns 7,398 shares of the semiconductor company’s stock valued at $126,000 after acquiring an additional 7,215 shares during the last quarter. Finally, Pathstone Family Office LLC bought a new stake in shares of Photronics in the 3rd quarter valued at about $148,000. 90.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on PLAB. DA Davidson reaffirmed a “buy” rating on shares of Photronics in a report on Tuesday, April 11th. StockNews.com began coverage on Photronics in a report on Thursday, May 18th. They issued a “buy” rating for the company. Finally, Northland Securities lifted their price target on Photronics from $18.00 to $21.00 in a report on Thursday.

About Photronics

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Photronics, Inc engages in the provision of photomasks. It manufactures semiconductors and flat-panel displays and is used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication of integrated circuits, a variety of FPDs and other types of electrical and optical components.