Photronics (NASDAQ:PLAB) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Photronics (NASDAQ:PLAB) from a hold rating to a buy rating in a research report released on Wednesday, Zacks.com reports. Zacks Investment Research currently has $9.25 target price on the semiconductor company’s stock.

According to Zacks, “Photronics is a leading worldwide manufacturer of photomasks. Photomasks are high precision quartz plates that contain microscopic images of electronic circuits. A key element in the manufacture of semiconductors and flat panel displays, photomasks are used to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication of integrated circuits, a variety of flat panel displays and, to a lesser extent, other types of electrical and optical components. They are produced in accordance with product designs provided by customers at strategically located manufacturing facilities in Asia, Europe, and North America. “

Other equities research analysts have also recently issued reports about the stock. TheStreet cut shares of Zimmer Biomet from a b- rating to a c rating in a research report on Friday, June 7th. BidaskClub upgraded shares of Zai Lab from a buy rating to a strong-buy rating in a research report on Friday, June 28th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $10.63.

Photronics stock opened at $8.75 on Wednesday. Photronics has a 12-month low of $7.95 and a 12-month high of $11.58. The firm has a market capitalization of $588.84 million, a PE ratio of 15.68, a P/E/G ratio of 2.12 and a beta of 0.60. The stock’s 50-day moving average price is $8.34. The company has a current ratio of 2.67, a quick ratio of 2.42 and a debt-to-equity ratio of 0.04.

Photronics (NASDAQ:PLAB) last released its quarterly earnings data on Wednesday, May 22nd. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.06. Photronics had a net margin of 7.30% and a return on equity of 4.10%. The firm had revenue of $131.60 million during the quarter, compared to analysts’ expectations of $130.05 million. During the same period last year, the business earned $0.15 earnings per share. Photronics’s revenue was up .6% compared to the same quarter last year. Research analysts anticipate that Photronics will post 0.42 earnings per share for the current fiscal year.

In other Photronics news, Director Walter M. Fiederowicz sold 5,000 shares of Photronics stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $8.47, for a total transaction of $42,350.00. Following the completion of the sale, the director now directly owns 53,500 shares in the company, valued at $453,145. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last quarter, insiders have sold 12,700 shares of company stock valued at $110,688. Company insiders own 3.58% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in PLAB. Texas Permanent School Fund boosted its stake in shares of Photronics by 4.0% in the fourth quarter. Texas Permanent School Fund now owns 44,752 shares of the semiconductor company’s stock valued at $433,000 after purchasing an additional 1,722 shares during the period. Brandywine Global Investment Management LLC boosted its stake in shares of Photronics by 6.3% in the fourth quarter. Brandywine Global Investment Management LLC now owns 36,670 shares of the semiconductor company’s stock valued at $355,000 after purchasing an additional 2,170 shares during the period. Stone Ridge Asset Management LLC boosted its stake in shares of Photronics by 6.2% in the fourth quarter. Stone Ridge Asset Management LLC now owns 47,926 shares of the semiconductor company’s stock valued at $464,000 after purchasing an additional 2,808 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Photronics by 0.5% in the fourth quarter. Principal Financial Group Inc. now owns 555,216 shares of the semiconductor company’s stock valued at $5,374,000 after purchasing an additional 3,028 shares during the period. Finally, Strs Ohio boosted its stake in shares of Photronics by 10.4% in the first quarter. Strs Ohio now owns 75,200 shares of the semiconductor company’s stock valued at $710,000 after purchasing an additional 7,100 shares during the period. Institutional investors and hedge funds own 97.30% 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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