Photronics Inc. (NASDAQ:PLAB) has been assigned a $12.00 price objective by equities research analysts at SunTrust Banks Inc. in a report released on Tuesday. The brokerage currently has a a “buy” rating on the stock. SunTrust Banks Inc.’s price target would indicate a potential upside of 14.94% from the company’s previous close.
A number of other brokerages also recently commented on PLAB. Zacks Investment Research raised Photronics from a “sell” rating to a “hold” rating in a research report on Tuesday, September 13th. DA Davidson reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Photronics in a research report on Monday, August 22nd.
Photronics (NASDAQ:PLAB) traded up 1.44% during midday trading on Tuesday, reaching $10.59. The company’s stock had a trading volume of 109,020 shares. The company has a market capitalization of $722.09 million, a P/E ratio of 12.99 and a beta of 0.85. The company has a 50 day moving average of $9.85 and a 200-day moving average of $9.81. Photronics has a 1-year low of $8.56 and a 1-year high of $13.05.
Photronics (NASDAQ:PLAB) last released its quarterly earnings results on Thursday, August 18th. The company reported $0.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.02. Photronics had a return on equity of 6.07% and a net margin of 11.50%. The company earned $123.20 million during the quarter, compared to analyst estimates of $123.54 million. During the same period last year, the firm earned $0.17 earnings per share. The business’s revenue was down 6.5% compared to the same quarter last year. Equities research analysts anticipate that Photronics will post $0.55 earnings per share for the current fiscal year.
In other Photronics news, Director Walter M. Fiederowicz sold 21,250 shares of the business’s stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $9.95, for a total transaction of $211,437.50. Following the transaction, the director now owns 42,250 shares in the company, valued at $420,387.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Joseph A. Fiorita, Jr. sold 12,000 shares of the business’s stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $10.00, for a total value of $120,000.00. Following the transaction, the director now owns 161,100 shares in the company, valued at approximately $1,611,000. The disclosure for this sale can be found here. Company insiders own 4.12% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. National Asset Management Inc. boosted its position in shares of Photronics by 11.5% in the second quarter. National Asset Management Inc. now owns 12,044 shares of the company’s stock worth $109,000 after buying an additional 1,247 shares in the last quarter. Frontier Wealth Management LLC bought a new position in shares of Photronics during the second quarter worth approximately $110,000. Acrospire Investment Management LLC bought a new position in shares of Photronics during the first quarter worth approximately $116,000. Icon Advisers Inc. Co. bought a new position in shares of Photronics during the second quarter worth approximately $150,000. Finally, BlackRock Inc. boosted its position in shares of Photronics by 340.5% in the second quarter. BlackRock Inc. now owns 17,225 shares of the company’s stock worth $154,000 after buying an additional 13,315 shares in the last quarter. Institutional investors own 98.92% of the company’s stock.
Photronics, Inc is a manufacturer of photomasks, which are photographic quartz plates containing microscopic images of electronic circuits. The Company supports customers across the full spectrum of integrated circuit (IC) production and flat panel display (FPD) technologies by manufacturing photomasks using electron beam or optical (laser-based) systems.
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