Photronics (NASDAQ:PLAB) Updates Q3 2022 Earnings Guidance

Posted by on Jun 1st, 2022

Photronics (NASDAQ:PLAB – Get Rating) updated its third quarter 2022 earnings guidance on Wednesday. The company provided earnings per share guidance of $0.45-$0.55 for the period, compared to the consensus earnings per share estimate of $0.37. The company issued revenue guidance of $205.00 million-$215.00 million, compared to the consensus revenue estimate of $196.40 million.

A number of research analysts have recently commented on the stock. DA Davidson boosted their target price on shares of Photronics from $26.00 to $30.00 and gave the stock a buy rating in a research report on Thursday, May 26th. Zacks Investment Research raised shares of Photronics from a hold rating to a strong-buy rating and set a $23.00 target price on the stock in a research report on Tuesday. Northland Securities boosted their target price on shares of Photronics from $25.00 to $26.00 and gave the stock an outperform rating in a research report on Thursday, May 26th. Stifel Nicolaus boosted their target price on shares of Photronics from $21.00 to $23.00 in a research report on Wednesday, May 25th. Finally, StockNews.com assumed coverage on shares of Photronics in a research report on Thursday, March 31st. They set a strong-buy rating on the stock. Three investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Photronics has a consensus rating of Buy and a consensus price target of $25.50.

PLAB opened at $21.74 on Wednesday. The stock has a market capitalization of $1.34 billion, a PE ratio of 14.69 and a beta of 0.98. The firm’s fifty day moving average price is $16.25 and its 200 day moving average price is $16.91. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.42 and a quick ratio of 3.10. Photronics has a 12-month low of $11.65 and a 12-month high of $22.11.

Photronics (NASDAQ:PLAB – Get Rating) last posted its quarterly earnings results on Wednesday, May 25th. The semiconductor company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.14. The firm had revenue of $204.50 million for the quarter, compared to analysts’ expectations of $192.37 million. Photronics had a net margin of 12.03% and a return on equity of 8.45%. The firm’s quarterly revenue was up 28.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 earnings per share. On average, equities research analysts forecast that Photronics will post 1.73 earnings per share for the current fiscal year.

In other news, Director Mitchell G. Tyson sold 2,000 shares of the company’s stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $15.00, for a total transaction of $30,000.00. Following the completion of the transaction, the director now owns 72,379 shares in the company, valued at $1,085,685. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christopher J. Progler sold 11,481 shares of the company’s stock in a transaction dated Monday, April 4th. The stock was sold at an average price of $16.54, for a total transaction of $189,895.74. Following the transaction, the executive vice president now owns 159,593 shares of the company’s stock, valued at approximately $2,639,668.22. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,481 shares of company stock valued at $253,896. 3.70% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quantedge Capital Pte Ltd bought a new position in Photronics in the 1st quarter valued at about $363,000. Hsbc Holdings PLC grew its position in Photronics by 62.3% in the 1st quarter. Hsbc Holdings PLC now owns 17,945 shares of the semiconductor company’s stock valued at $308,000 after buying an additional 6,887 shares in the last quarter. Verition Fund Management LLC bought a new position in Photronics in the 1st quarter valued at about $241,000. Dynamic Technology Lab Private Ltd bought a new position in Photronics in the 1st quarter valued at about $227,000. Finally, CIBC World Markets Inc. bought a new position in Photronics in the 4th quarter valued at about $226,000. Hedge funds and other institutional investors own 88.49% of the company’s stock.

About Photronics (Get Rating)

Photronics, Inc, together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, Korea, Europe, China, and internationally. The company offers photomasks that are used in the manufacture of integrated circuits and flat panel displays (FPDs); and to transfer circuit patterns onto semiconductor wafers, FDP substrates, and other types of electrical and optical components.

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