Photronics (NASDAQ:PLAB) Announces Quarterly Earnings Results

Photronics (NASDAQ:PLAB – Get Rating) announced its quarterly earnings data on Wednesday. The semiconductor company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.44 by $0.10, Briefing.com reports. The company had revenue of $229.30 million for the quarter, compared to the consensus estimate of $211.00 million. Photronics had a return on equity of 11.20% and a net margin of 13.26%. Photronics’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.49 EPS. Photronics updated its Q3 guidance to $0.48-54 EPS.

Photronics Price Performance

Shares of PLAB stock opened at $18.51 on Thursday. Photronics has a twelve month low of $13.86 and a twelve month high of $25.81. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 10.03 and a beta of 1.18. The stock has a fifty day simple moving average of $15.74 and a two-hundred day simple moving average of $17.13. The company has a current ratio of 3.52, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02.

Institutional Investors Weigh In On Photronics

Several hedge funds have recently made changes to their positions in PLAB. Covestor Ltd lifted its stake in shares of Photronics by 587.5% during the 1st quarter. Covestor Ltd now owns 2,427 shares of the semiconductor company’s stock worth $41,000 after purchasing an additional 2,074 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of Photronics by 77.5% during the 1st quarter. Federated Hermes Inc. now owns 2,798 shares of the semiconductor company’s stock worth $47,000 after purchasing an additional 1,222 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Photronics during the 1st quarter worth $59,000. Point72 Hong Kong Ltd lifted its stake in shares of Photronics by 3,942.6% during the 1st quarter. Point72 Hong Kong Ltd now owns 7,398 shares of the semiconductor company’s stock worth $126,000 after purchasing an additional 7,215 shares during the last quarter. Finally, Point72 Middle East FZE purchased a new stake in shares of Photronics during the 4th quarter worth $148,000. 90.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PLAB shares. Northland Securities upped their price objective on Photronics from $18.00 to $21.00 in a research report on Thursday. StockNews.com began coverage on Photronics in a report on Thursday, May 18th. They issued a “buy” rating for the company. Finally, DA Davidson reiterated a “buy” rating on shares of Photronics in a report on Tuesday, April 11th.

About Photronics

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Photronics, Inc engages in the provision of photomasks. It manufactures semiconductors and flat-panel displays and is used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication of integrated circuits, a variety of FPDs and other types of electrical and optical components.