Photronics (NASDAQ:PLAB) announced its earnings results on Wednesday. The semiconductor company reported $0.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.01, Bloomberg Earnings reports. Photronics had a return on equity of 4.38% and a net margin of 7.86%. The company had revenue of $144.70 million for the quarter, compared to analysts’ expectations of $137.20 million. During the same quarter in the previous year, the firm earned $0.08 earnings per share. Photronics’s quarterly revenue was up 19.6% on a year-over-year basis. Photronics updated its Q1 2019 guidance to $0.01-0.07 EPS and its Q1 guidance to $0.01-0.07 EPS.
PLAB stock opened at $10.02 on Friday. Photronics has a 1-year low of $7.20 and a 1-year high of $11.00. The firm has a market capitalization of $662.98 million, a price-to-earnings ratio of 17.28, a price-to-earnings-growth ratio of 1.95 and a beta of 0.67.
Several research firms have weighed in on PLAB. ValuEngine cut Photronics from a “buy” rating to a “hold” rating in a research report on Tuesday, November 6th. BidaskClub raised Photronics from a “sell” rating to a “hold” rating in a research report on Tuesday, October 16th. Zacks Investment Research cut Photronics from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 24th. Finally, TheStreet raised Photronics from a “c+” rating to a “b-” rating in a research report on Tuesday, September 11th. Four analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and a consensus target price of $11.00.
A number of hedge funds have recently bought and sold shares of PLAB. Principal Financial Group Inc. lifted its position in shares of Photronics by 3.1% during the 1st quarter. Principal Financial Group Inc. now owns 531,703 shares of the semiconductor company’s stock valued at $4,387,000 after buying an additional 15,831 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Photronics during the 2nd quarter valued at $288,000. Aperio Group LLC lifted its position in shares of Photronics by 117.7% during the 2nd quarter. Aperio Group LLC now owns 33,773 shares of the semiconductor company’s stock valued at $269,000 after buying an additional 18,256 shares during the last quarter. D.A. Davidson & CO. lifted its position in shares of Photronics by 43.5% during the 2nd quarter. D.A. Davidson & CO. now owns 77,324 shares of the semiconductor company’s stock valued at $617,000 after buying an additional 23,425 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of Photronics during the 2nd quarter valued at $118,000. 93.62% of the stock is currently owned by institutional investors and hedge funds.
Photronics declared that its board has authorized a stock buyback program on Friday, October 12th that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 3.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
Photronics Company Profile
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 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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