Photronics (NASDAQ:PLAB) Issues Earnings Results, Beats Estimates By $0.10 EPS

Photronics (NASDAQ:PLAB – Get Rating) released its quarterly earnings data on Wednesday. The semiconductor company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.10, Briefing.com reports. The business had revenue of $229.30 million during the quarter, compared to analysts’ expectations of $211.00 million. Photronics had a net margin of 14.04% and a return on equity of 11.09%. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.49 EPS. Photronics updated its Q3 guidance to $0.48-54 EPS.

Photronics Trading Up 10.3 %

PLAB opened at $20.25 on Friday. Photronics has a fifty-two week low of $13.86 and a fifty-two week high of $25.81. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.89 and a quick ratio of 3.25. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of 10.18 and a beta of 1.18. The company’s 50 day moving average price is $15.81 and its two-hundred day moving average price is $17.16.

Institutional Investors Weigh In On Photronics

Institutional investors have recently added to or reduced their stakes in the business. Covestor Ltd grew its holdings in 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 acquiring an additional 2,074 shares during the last quarter. Federated Hermes Inc. boosted its stake in shares of Photronics by 77.5% in the 1st quarter. Federated Hermes Inc. now owns 2,798 shares of the semiconductor company’s stock valued at $47,000 after purchasing an additional 1,222 shares during the last quarter. Lazard Asset Management LLC bought a new stake in shares of Photronics in the 1st quarter valued at $59,000. Point72 Hong Kong Ltd boosted its stake in shares of Photronics by 3,942.6% in the 1st quarter. Point72 Hong Kong Ltd now owns 7,398 shares of the semiconductor company’s stock valued at $126,000 after purchasing an additional 7,215 shares during the last quarter. Finally, Pathstone Family Office LLC bought a new stake in shares of Photronics in the 3rd quarter valued at $148,000. 90.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

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.