Photronics (NASDAQ:PLAB) Releases Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Photronics (NASDAQ:PLAB – Get Rating) announced its quarterly earnings results on Wednesday. The semiconductor company reported $0.54 earnings per share (EPS) for the quarter, topping 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 company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.49 earnings per share. Photronics updated its Q3 guidance to $0.48-54 EPS.

Photronics Price Performance

Photronics stock opened at $20.25 on Friday. The stock’s 50 day moving average is $15.81 and its 200 day moving average is $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. The firm has a market cap of $1.27 billion, a P/E 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.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PLAB. StockNews.com began coverage on shares of Photronics in a report on Thursday, May 18th. They set a “buy” rating on the stock. Northland Securities boosted their target price on shares of Photronics from $18.00 to $21.00 in a report on Thursday. Finally, DA Davidson reissued a “buy” rating on shares of Photronics in a report on Tuesday, April 11th.

Hedge Funds Weigh In On Photronics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Pathstone Family Office LLC lifted its stake in shares of Photronics by 8.5% in the fourth quarter. Pathstone Family Office LLC now owns 11,013 shares of the semiconductor company’s stock worth $184,000 after acquiring an additional 859 shares during the period. Federated Hermes Inc. raised 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 valued at $47,000 after purchasing an additional 1,222 shares during the period. Citigroup Inc. raised its stake in Photronics by 2.1% during the 1st quarter. Citigroup Inc. now owns 61,988 shares of the semiconductor company’s stock worth $1,052,000 after buying an additional 1,281 shares during the period. Captrust Financial Advisors boosted its holdings in Photronics by 8.2% in the fourth quarter. Captrust Financial Advisors now owns 17,427 shares of the semiconductor company’s stock worth $293,000 after acquiring an additional 1,319 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in Photronics by 1.2% in the second quarter. Legal & General Group Plc now owns 151,361 shares of the semiconductor company’s stock valued at $2,949,000 after acquiring an additional 1,859 shares during the period. 90.41% of the stock is owned by institutional investors and hedge funds.

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.