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

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

Photronics Stock Up 4.6 %

NASDAQ PLAB traded up $0.93 during trading hours on Friday, reaching $21.18. 252,445 shares of the company’s stock were exchanged, compared to its average volume of 535,862. The company’s 50-day moving average is $15.81 and its two-hundred day moving average is $17.16. Photronics has a one year low of $13.86 and a one year high of $25.81. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 3.89. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of 10.18 and a beta of 1.18.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Photronics

Hedge funds have recently made changes to their positions in the business. ProShare Advisors LLC bought a new position in shares of Photronics in the first quarter valued at $190,000. Advisor Partners II LLC bought a new position in shares of Photronics in the fourth quarter valued at $187,000. Pathstone Family Office LLC grew 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 valued at $184,000 after buying an additional 859 shares in the last quarter. Envestnet Asset Management Inc. bought a new position in shares of Photronics in the third quarter valued at $181,000. Finally, Cetera Advisor Networks LLC acquired a new stake in Photronics during the 4th quarter valued at $169,000. 90.41% of the stock is owned by institutional investors.

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.