Photronics (NASDAQ:PLAB) Releases Q3 2022 Earnings Guidance

Photronics (NASDAQ:PLABGet Rating) issued an update on its third quarter 2022 earnings guidance on Wednesday morning. 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.

PLAB stock opened at $22.88 on Wednesday. The firm has a 50-day moving average price of $16.69 and a 200-day moving average price of $17.20. The stock has a market capitalization of $1.41 billion, a P/E ratio of 15.46 and a beta of 0.95. Photronics has a 12 month low of $11.65 and a 12 month high of $22.96. The company has a current ratio of 3.42, a quick ratio of 3.10 and a debt-to-equity ratio of 0.07.

Photronics (NASDAQ:PLABGet Rating) last issued its quarterly earnings data on Wednesday, May 25th. The semiconductor company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.14. The business had revenue of $204.50 million during the quarter, compared to analyst estimates 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 quarter last year, the business earned $0.17 EPS. As a group, equities analysts predict that Photronics will post 1.9 EPS for the current fiscal year.

A number of analysts have weighed in on PLAB shares. StockNews.com started coverage on shares of Photronics in a research report on Thursday, March 31st. They set a strong-buy rating for the company. Northland Securities increased their target price on shares of Photronics from $25.00 to $26.00 and gave the company an outperform 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 price objective for the company in a research report on Tuesday, May 31st. DA Davidson raised their price objective 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. Finally, Stifel Nicolaus raised their price objective on shares of Photronics from $21.00 to $23.00 in a research report on Wednesday, May 25th. Three analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Photronics currently has a consensus rating of Buy and an average price target of $25.50.

In other news, EVP Christopher J. Progler sold 11,481 shares of Photronics stock in a transaction on Monday, April 4th. The stock was sold at an average price of $16.54, for a total transaction of $189,895.74. Following the sale, the executive vice president now directly owns 159,593 shares in the company, valued at approximately $2,639,668.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mitchell G. Tyson sold 2,000 shares of Photronics stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $15.00, for a total value of $30,000.00. Following the completion of the sale, the director now directly owns 72,379 shares of the company’s stock, valued at approximately $1,085,685. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,481 shares of company stock worth $297,716. 3.70% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in PLAB. Covestor Ltd increased its stake in shares of Photronics by 587.5% during the first quarter. Covestor Ltd now owns 2,427 shares of the semiconductor company’s stock valued at $41,000 after buying an additional 2,074 shares during the period. Federated Hermes Inc. lifted its holdings in Photronics by 77.5% in the first quarter. Federated Hermes Inc. now owns 2,798 shares of the semiconductor company’s stock valued at $47,000 after acquiring an additional 1,222 shares during the period. Lazard Asset Management LLC bought a new position in Photronics in the first quarter valued at about $59,000. Point72 Hong Kong Ltd raised its stake in shares of Photronics by 3,942.6% in the first quarter. Point72 Hong Kong Ltd now owns 7,398 shares of the semiconductor company’s stock worth $126,000 after buying an additional 7,215 shares during the period. Finally, Captrust Financial Advisors raised its stake in shares of Photronics by 16.0% in the first quarter. Captrust Financial Advisors now owns 9,765 shares of the semiconductor company’s stock worth $166,000 after buying an additional 1,348 shares during the period. 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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