Photronics (PLAB) Downgraded to “Strong Sell” at BidaskClub

BidaskClub downgraded shares of Photronics (NASDAQ:PLAB) from a sell rating to a strong sell rating in a research note published on Saturday morning.

A number of other equities research analysts also recently weighed in on PLAB. Zacks Investment Research downgraded Photronics from a hold rating to a sell rating in a research report on Tuesday, February 12th. TheStreet downgraded Photronics from a b- rating to a c rating in a research report on Friday, February 22nd. Finally, ValuEngine downgraded Photronics from a buy rating to a hold rating in a research report on Thursday, March 7th. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Photronics currently has an average rating of Hold and an average target price of $11.00.

PLAB stock opened at $9.26 on Friday. The firm has a market cap of $620.90 million, a PE ratio of 15.97, a PEG ratio of 2.36 and a beta of 0.54. Photronics has a twelve month low of $7.60 and a twelve month high of $11.58. The company has a quick ratio of 2.19, a current ratio of 2.33 and a debt-to-equity ratio of 0.03.

Photronics (NASDAQ:PLAB) last released its earnings results on Thursday, February 21st. The semiconductor company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. The company had revenue of $124.71 million during the quarter, compared to the consensus estimate of $125.10 million. Photronics had a return on equity of 4.32% and a net margin of 7.72%. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.09 earnings per share. On average, equities research analysts predict that Photronics will post 0.4 earnings per share for the current fiscal year.

In related news, insider Kang Jyh Lee sold 5,000 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $10.14, for a total value of $50,700.00. Following the completion of the sale, the insider now owns 118,175 shares in the company, valued at $1,198,294.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director George Macricostas sold 22,000 shares of the company’s stock in a transaction dated Wednesday, January 9th. The shares were sold at an average price of $10.06, for a total value of $221,320.00. Following the completion of the sale, the director now owns 44,249 shares of the company’s stock, valued at approximately $445,144.94. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 114,192 shares of company stock valued at $1,141,399. 3.58% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its holdings in Photronics by 2.3% in the third quarter. Bank of New York Mellon Corp now owns 852,537 shares of the semiconductor company’s stock valued at $8,397,000 after purchasing an additional 19,077 shares during the last quarter. Divisar Capital Management LLC bought a new stake in Photronics in the third quarter valued at about $4,625,000. TIAA CREF Investment Management LLC increased its holdings in Photronics by 49.2% in the third quarter. TIAA CREF Investment Management LLC now owns 396,169 shares of the semiconductor company’s stock valued at $3,902,000 after purchasing an additional 130,694 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Photronics by 0.4% in the third quarter. Dimensional Fund Advisors LP now owns 5,876,889 shares of the semiconductor company’s stock valued at $57,887,000 after purchasing an additional 25,519 shares during the last quarter. Finally, Chicago Equity Partners LLC bought a new stake in Photronics in the fourth quarter valued at about $414,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

About Photronics

Photronics, Inc, together with its subsidiaries, manufactures and sells photomasks in Taiwan, Korea, the United States, Europe, and internationally. The company offers photomasks, which are high precision photographic quartz or glass plates containing microscopic images of electronic circuits for use in the manufacture of semiconductors and flat panel displays (FPDs), as well as that are used as masters to transfer circuit patterns onto semiconductor wafers and flat panel display substrates during the fabrication of integrated circuits, FPDs, and other types of electrical and optical components.

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