Photronics (NASDAQ:PLAB) Announces Earnings Results

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

Photronics Stock Performance

Shares of NASDAQ PLAB traded up $0.46 during trading hours on Friday, hitting $20.71. 161,815 shares of the company’s stock were exchanged, compared to its average volume of 535,107. Photronics has a 1-year low of $13.86 and a 1-year high of $25.81. 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 stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of 10.18 and a beta of 1.18. The company’s 50-day moving average price is $15.81 and its 200-day moving average price is $17.16.

Hedge Funds Weigh In On Photronics

Several large investors have recently added to or reduced their stakes in the company. Covestor Ltd boosted its position in Photronics by 587.5% in the 1st quarter. Covestor Ltd now owns 2,427 shares of the semiconductor company’s stock valued at $41,000 after buying an additional 2,074 shares during the last quarter. Federated Hermes Inc. boosted its position in Photronics by 77.5% in the 1st quarter. Federated Hermes Inc. now owns 2,798 shares of the semiconductor company’s stock valued at $47,000 after buying an additional 1,222 shares during the last quarter. Lazard Asset Management LLC bought a new position in Photronics in the 1st quarter valued at $59,000. Point72 Hong Kong Ltd boosted its position in 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 buying an additional 7,215 shares during the last quarter. Finally, Pathstone Family Office LLC bought a new position in Photronics in the 3rd quarter valued at $148,000. Institutional investors and hedge funds own 90.41% of the company’s stock.

Analyst Upgrades and Downgrades

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

Photronics Company Profile

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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.