Kovack Advisors Inc. boosted its position in shares of Photronics, Inc. (NASDAQ:PLAB – Free Report) by 20.3% during the 1st quarter, HoldingsChannel reports. The firm owned 29,350 shares of the semiconductor company’s stock after buying an additional 4,950 shares during the period. Kovack Advisors Inc.’s holdings in Photronics were worth $609,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Photronics by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 5,868,889 shares of the semiconductor company’s stock worth $138,271,000 after purchasing an additional 29,681 shares during the period. LSV Asset Management increased its holdings in shares of Photronics by 13.8% in the 4th quarter. LSV Asset Management now owns 2,120,319 shares of the semiconductor company’s stock valued at $49,955,000 after acquiring an additional 257,373 shares during the period. American Century Companies Inc. increased its holdings in shares of Photronics by 8.6% in the 4th quarter. American Century Companies Inc. now owns 2,018,887 shares of the semiconductor company’s stock valued at $47,565,000 after acquiring an additional 159,245 shares during the period. Geode Capital Management LLC increased its holdings in shares of Photronics by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 1,775,402 shares of the semiconductor company’s stock valued at $41,837,000 after acquiring an additional 30,237 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Photronics by 4.1% in the 4th quarter. Northern Trust Corp now owns 1,044,868 shares of the semiconductor company’s stock valued at $24,617,000 after acquiring an additional 41,487 shares during the period. 88.38% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other news, Director Mitchell G. Tyson sold 15,000 shares of the firm’s stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $19.97, for a total value of $299,550.00. Following the completion of the sale, the director owned 56,927 shares of the company’s stock, valued at $1,136,832.19. This trade represents a 20.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Constantine S. Macricostas sold 29,500 shares of the firm’s stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $20.20, for a total value of $595,900.00. Following the completion of the sale, the director directly owned 459,623 shares of the company’s stock, valued at $9,284,384.60. The trade was a 6.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,382 shares of company stock worth $985,035 over the last quarter. Company insiders own 3.20% of the company’s stock.
Photronics Price Performance
Photronics (NASDAQ:PLAB – Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.08). The business had revenue of $210.99 million during the quarter, compared to analyst estimates of $212.00 million. Photronics had a return on equity of 8.54% and a net margin of 14.00%. The firm’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.46 EPS. On average, equities research analysts anticipate that Photronics, Inc. will post 2.3 earnings per share for the current fiscal year.
Analysts Set New Price Targets
PLAB has been the topic of a number of analyst reports. DA Davidson cut their price target on Photronics from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, May 29th. Wall Street Zen downgraded Photronics from a “buy” rating to a “hold” rating in a report on Friday, May 30th. Finally, Craig Hallum initiated coverage on Photronics in a report on Wednesday, June 11th. They issued a “buy” rating and a $32.00 price target on the stock.
Read Our Latest Stock Report on PLAB
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.
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