ClariVest Asset Management LLC decreased its stake in Photronics Inc. (NASDAQ:PLAB) by 21.5% during the second quarter, Holdings Channel reports. The institutional investor owned 105,546 shares of the company’s stock after selling 28,929 shares during the period. ClariVest Asset Management LLC’s holdings in Photronics were worth $940,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Franklin Resources Inc. raised its position in Photronics by 39.9% in the first quarter. Franklin Resources Inc. now owns 5,172,100 shares of the company’s stock valued at $53,842,000 after buying an additional 1,474,100 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Photronics by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,697,653 shares of the company’s stock valued at $17,673,000 after buying an additional 6,230 shares in the last quarter. Punch & Associates Investment Management Inc. raised its position in Photronics by 14.9% in the second quarter. Punch & Associates Investment Management Inc. now owns 471,173 shares of the company’s stock valued at $4,198,000 after buying an additional 61,028 shares in the last quarter. Bank of Montreal Can acquired a new position in Photronics during the second quarter valued at $2,183,000. Finally, Prudential Financial Inc. raised its position in Photronics by 1,676.1% in the first quarter. Prudential Financial Inc. now owns 211,548 shares of the company’s stock valued at $2,202,000 after buying an additional 199,637 shares in the last quarter. Hedge funds and other institutional investors own 98.92% of the company’s stock.
Photronics Inc. (NASDAQ:PLAB) traded down 0.78% during mid-day trading on Friday, hitting $10.18. The company had a trading volume of 173,480 shares. The firm has a market capitalization of $694.13 million, a PE ratio of 12.49 and a beta of 0.85. The company’s 50 day moving average price is $10.11 and its 200-day moving average price is $9.85. Photronics Inc. has a 12-month low of $8.56 and a 12-month high of $13.05.
Photronics (NASDAQ:PLAB) last released its quarterly earnings data on Thursday, August 18th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.02. The company had revenue of $123.20 million for the quarter, compared to the consensus estimate of $123.54 million. Photronics had a return on equity of 6.07% and a net margin of 11.50%. Photronics’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same period last year, the company earned $0.17 EPS. On average, analysts forecast that Photronics Inc. will post $0.55 EPS for the current fiscal year.
Several research analysts have weighed in on PLAB shares. Zacks Investment Research upgraded Photronics from a “sell” rating to a “hold” rating in a report on Thursday, September 1st. SunTrust Banks Inc. set a $12.00 price target on Photronics and gave the company a “buy” rating in a report on Tuesday, October 4th. Finally, DA Davidson restated a “buy” rating and issued a $15.00 price target on shares of Photronics in a report on Monday, August 22nd.
In other news, Director Joseph A. Fiorita, Jr. sold 12,000 shares of the stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $10.00, for a total transaction of $120,000.00. Following the transaction, the director now 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 is available through the SEC website. Also, Director Walter M. Fiederowicz sold 21,250 shares of the stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $9.95, for a total transaction of $211,437.50. Following the transaction, the director now directly owns 42,250 shares in the company, valued at approximately $420,387.50. The disclosure for this sale can be found here. Insiders own 4.12% 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.