Today, Photronics, Inc. (PLAB) Upgraded to Hold at The Zacks Investment Research

Today, Photronics, Inc. (PLAB) Upgraded to Hold at 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 to clients and investors 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. “

Other equities research analysts have also recently issued reports about the stock. Needham & Company LLC cut shares of Photronics from a “buy” rating to a “hold” rating in a research report on Friday, November 11th. Stifel Nicolaus cut shares of Photronics from a “buy” rating to a “hold” rating in a research report on Friday, November 11th. DA Davidson reissued a “buy” rating and issued a $15.00 price objective on shares of Photronics in a research report on Monday, August 22nd. Finally, SunTrust Banks Inc. set a $12.00 price target on shares of Photronics and gave the company a “buy” rating in a report on Tuesday, October 4th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $13.00.

Photronics (NASDAQ:PLAB) traded down 2.35% during midday trading on Friday, hitting $10.40. 26,264 shares of the stock were exchanged. The company has a market cap of $709.13 million, a PE ratio of 12.76 and a beta of 0.58. The firm’s 50 day moving average price is $10.15 and its 200 day moving average price is $9.73. Photronics has a 12 month low of $8.20 and a 12 month high of $13.05.

In other news, Director Joseph A. Fiorita, Jr. sold 12,000 shares of the company’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $10.00, for a total value of $120,000.00. Following the sale, the director now directly owns 161,100 shares of the company’s stock, valued at approximately $1,611,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Walter M. Fiederowicz sold 21,250 shares of the company’s stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $9.95, for a total transaction of $211,437.50. Following the completion of the sale, the director now directly owns 42,250 shares in the company, valued at $420,387.50. The disclosure for this sale can be found here. Corporate insiders own 4.12% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. National Asset Management Inc. increased its stake in Photronics by 11.5% in the second quarter. National Asset Management Inc. now owns 12,044 shares of the company’s stock valued at $109,000 after buying an additional 1,247 shares during the period. Frontier Wealth Management LLC acquired a new stake in Photronics during the second quarter valued at approximately $110,000. Teacher Retirement System of Texas increased its stake in Photronics by 18.5% in the third quarter. Teacher Retirement System of Texas now owns 11,236 shares of the company’s stock valued at $116,000 after buying an additional 1,755 shares during the period. Virginia Retirement Systems ET AL increased its stake in Photronics by 15.8% in the third quarter. Virginia Retirement Systems ET AL now owns 11,700 shares of the company’s stock valued at $121,000 after buying an additional 1,600 shares during the period. Finally, Icon Advisers Inc. Co. acquired a new stake in Photronics during the second quarter valued at approximately $150,000. 97.69% of the stock is currently owned by institutional investors and hedge funds.

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.

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