StockNews.com Downgrades Photronics (NASDAQ:PLAB) to Hold

StockNews.com lowered shares of Photronics (NASDAQ:PLAB) from a buy rating to a hold rating in a research note issued to investors on Friday.

Photronics Stock Performance

Photronics stock opened at $23.37 on Friday. Photronics has a fifty-two week low of $18.03 and a fifty-two week high of $34.16. The stock has a market cap of $1.48 billion, a P/E ratio of 10.82 and a beta of 1.40. The firm’s fifty day moving average price is $23.96 and its 200-day moving average price is $26.06.

Photronics (NASDAQ:PLAB) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.05). The firm had revenue of $211.00 million for the quarter, compared to analysts’ expectations of $225.00 million. Photronics had a net margin of 16.22% and a return on equity of 9.46%. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.51 EPS. On average, analysts predict that Photronics will post 2.08 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. ICA Group Wealth Management LLC purchased a new stake in shares of Photronics in the 4th quarter valued at $25,000. Principal Securities Inc. purchased a new stake in Photronics during the fourth quarter valued at about $57,000. Quarry LP grew its stake in shares of Photronics by 223.4% during the second quarter. Quarry LP now owns 2,629 shares of the semiconductor company’s stock valued at $65,000 after buying an additional 1,816 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Photronics in the second quarter worth about $75,000. Finally, Palouse Capital Management Inc. bought a new stake in shares of Photronics in the 2nd quarter valued at about $75,000. 88.38% of the stock is owned by hedge funds and other institutional investors.

Photronics Company Profile

Photronics, Inc, together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, China, Korea, Europe, and internationally. It offers photomasks that are used in the manufacture of integrated circuits and flat panel displays (FPDs); and to transfer circuit patterns onto semiconductor wafers, and FDP substrates.