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

Photronics (NASDAQ:PLABGet Rating) announced 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. The company had revenue of $229.30 million during the quarter, compared to the consensus estimate of $211.00 million. Photronics had a net margin of 14.04% and a return on equity of 11.09%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.49 earnings per share. Photronics updated its Q3 guidance to $0.48-54 EPS.

Photronics Stock Up 10.3 %

Shares of NASDAQ:PLAB opened at $20.25 on Friday. The company has a market cap of $1.27 billion, a price-to-earnings ratio of 10.18 and a beta of 1.18. Photronics has a one year low of $13.86 and a one year high of $25.81. The firm has a fifty day moving average price of $15.81 and a two-hundred day moving average price of $17.16. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.89 and a quick ratio of 3.25.

Institutional Investors Weigh In On Photronics

A number of institutional investors and hedge funds have recently made changes to their positions in PLAB. Pathstone Family Office LLC grew its position in Photronics by 8.5% during the fourth quarter. Pathstone Family Office LLC now owns 11,013 shares of the semiconductor company’s stock worth $184,000 after buying an additional 859 shares in the last quarter. Federated Hermes Inc. grew its holdings in shares of Photronics by 77.5% during the first 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 in the last quarter. Citigroup Inc. increased its position in shares of Photronics by 2.1% in the first quarter. Citigroup Inc. now owns 61,988 shares of the semiconductor company’s stock worth $1,052,000 after purchasing an additional 1,281 shares during the last quarter. Captrust Financial Advisors raised its stake in Photronics by 8.2% in the fourth quarter. Captrust Financial Advisors now owns 17,427 shares of the semiconductor company’s stock valued at $293,000 after purchasing an additional 1,319 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in Photronics by 1.2% during the second quarter. Legal & General Group Plc now owns 151,361 shares of the semiconductor company’s stock valued at $2,949,000 after purchasing an additional 1,859 shares during the last quarter. Hedge funds and other institutional investors own 90.41% of the company’s stock.

Wall Street Analyst Weigh In

PLAB has been the subject of several analyst reports. StockNews.com initiated coverage on shares of Photronics in a report on Thursday, May 18th. They issued a “buy” rating for the company. Northland Securities increased their price target on shares of Photronics from $18.00 to $21.00 in a research report on Thursday. Finally, DA Davidson restated a “buy” rating on shares of Photronics in a research report on Tuesday, April 11th.

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.

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Earnings History for Photronics (NASDAQ:PLAB)

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