Photronics, Inc. (NASDAQ:PLAB) Short Interest Update

Photronics, Inc. (NASDAQ:PLAB) was the recipient of a significant decrease in short interest in the month of May. As of May 15th, there was short interest totalling 2,710,000 shares, a decrease of 15.6% from the April 30th total of 3,210,000 shares. Approximately 4.5% of the company’s shares are sold short. Based on an average daily volume of 677,500 shares, the days-to-cover ratio is currently 4.0 days.

Photronics Stock Up 3.8%

Photronics stock traded up $0.65 during trading on Tuesday, reaching $17.76. The stock had a trading volume of 372,261 shares, compared to its average volume of 547,368. Photronics has a 52-week low of $16.46 and a 52-week high of $31.60. The business has a 50 day moving average price of $18.91 and a 200 day moving average price of $21.74. The stock has a market cap of $1.13 billion, a PE ratio of 8.50 and a beta of 1.43.

Photronics (NASDAQ:PLAB) last posted its earnings results on Wednesday, May 28th. The semiconductor company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.08). Photronics had a return on equity of 9.10% and a net margin of 15.07%. The business had revenue of $210.99 million for the quarter, compared to analysts’ expectations of $212.00 million. During the same quarter in the previous year, the firm earned $0.46 EPS. Photronics’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, equities analysts predict that Photronics will post 2.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on PLAB shares. DA Davidson dropped their target price on Photronics from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, May 29th. Wall Street Zen downgraded shares of Photronics from a “buy” rating to a “hold” rating in a research note on Friday.

Insider Activity at Photronics

In related news, Director Walter M. Fiederowicz sold 5,000 shares of the stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of $19.16, for a total value of $95,800.00. Following the completion of the transaction, the director now directly owns 24,548 shares in the company, valued at approximately $470,339.68. This represents a 16.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Kang Jyh Lee sold 10,000 shares of Photronics stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $21.60, for a total value of $216,000.00. Following the completion of the sale, the chief executive officer now owns 542,100 shares in the company, valued at $11,709,360. This represents a 1.81% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,548 shares of company stock valued at $1,093,093. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Photronics

A number of hedge funds have recently modified their holdings of the business. Norges Bank acquired a new position in Photronics in the 4th quarter valued at $7,787,000. LSV Asset Management lifted its holdings in Photronics by 13.8% in the fourth 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. Boston Partners boosted its position in shares of Photronics by 45.3% during the 4th quarter. Boston Partners now owns 799,439 shares of the semiconductor company’s stock worth $18,893,000 after purchasing an additional 249,222 shares in the last quarter. Kestrel Investment Management Corp acquired a new position in shares of Photronics during the 4th quarter worth $5,163,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Photronics by 118.8% in the 4th quarter. JPMorgan Chase & Co. now owns 367,346 shares of the semiconductor company’s stock valued at $8,655,000 after purchasing an additional 199,490 shares in the last quarter. 88.38% of the stock is currently 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.