Trade Report: Today, Photronics Inc. (PLAB) Stock Rating Upgrade by The Zacks Investment Research

Today, Photronics Inc. (PLAB) Stock Rating Upgrade by The Zacks Investment Research

Photronics Inc. (NASDAQ:PLAB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.

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. “

A number of other research firms have also commented on PLAB. SunTrust Banks Inc. set a $12.00 price target on Photronics and gave the company a “buy” rating in a research report on Tuesday, October 4th. DA Davidson reiterated a “buy” rating and issued a $15.00 price target on shares of Photronics in a research report on Monday, August 22nd. Needham & Company LLC lowered Photronics from a “buy” rating to a “hold” rating in a research report on Friday, November 11th. Finally, Stifel Nicolaus lowered Photronics from a “buy” rating to a “hold” rating in a research report on Friday, November 11th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $13.00.

Shares of Photronics (NASDAQ:PLAB) opened at 10.65 on Friday. The firm has a market cap of $726.18 million, a price-to-earnings ratio of 13.07 and a beta of 0.58. Photronics has a 12 month low of $8.20 and a 12 month high of $13.05. The company has a 50-day moving average price of $10.15 and a 200-day moving average price of $9.73.

In other Photronics news, Director Walter M. Fiederowicz sold 21,250 shares of the stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $9.95, for a total value 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 filing with the SEC, which can be accessed through this hyperlink. Also, Director Joseph A. Fiorita, Jr. sold 12,000 shares of the stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $10.00, for a total value of $120,000.00. Following the completion of 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. Corporate insiders own 4.12% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in shares of Photronics by 36.1% in the third quarter. Price T Rowe Associates Inc. MD now owns 33,960 shares of the company’s stock valued at $350,000 after buying an additional 9,000 shares during the last quarter. Credit Suisse AG raised its position in shares of Photronics by 26.7% in the third quarter. Credit Suisse AG now owns 111,842 shares of the company’s stock valued at $1,152,000 after buying an additional 23,566 shares during the last quarter. Phocas Financial Corp. raised its position in shares of Photronics by 6.5% in the third quarter. Phocas Financial Corp. now owns 487,881 shares of the company’s stock valued at $5,030,000 after buying an additional 29,790 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Photronics by 107.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 130,600 shares of the company’s stock valued at $1,346,000 after buying an additional 67,700 shares during the last quarter. Finally, Clinton Group Inc. raised its position in shares of Photronics by 5.5% in the third quarter. Clinton Group Inc. now owns 54,553 shares of the company’s stock valued at $562,000 after buying an additional 2,844 shares during the last quarter. Institutional investors and hedge funds own 97.69% of the company’s stock.

Photronics Company Profile

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.

Related posts

Leave a Comment