Photronics (NASDAQ:PLAB) Issues Quarterly Earnings Results

Photronics (NASDAQ:PLAB) posted its quarterly earnings data on Wednesday. The semiconductor company reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01), MarketWatch Earnings reports. Photronics had a return on equity of 10.72% and a net margin of 13.48%. The business had revenue of $224.20 million for the quarter, compared to analyst estimates of $230.00 million. During the same quarter in the prior year, the company earned $0.51 earnings per share. The company’s quarterly revenue was up 2.0% on a year-over-year basis. Photronics updated its Q4 guidance to $0.51-0.59 EPS and its Q4 2023 guidance to $0.51-$0.59 EPS.

Photronics Stock Down 5.9 %

PLAB stock opened at $20.61 on Friday. The company has a market cap of $1.29 billion, a PE ratio of 10.73 and a beta of 1.18. The company has a quick ratio of 3.59, a current ratio of 4.05 and a debt-to-equity ratio of 0.02. Photronics has a 52 week low of $13.86 and a 52 week high of $26.98. The business has a 50-day simple moving average of $24.62 and a 200 day simple moving average of $20.29.

Analysts Set New Price Targets

PLAB has been the subject of a number of recent analyst reports. StockNews.com cut shares of Photronics from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Northland Securities boosted their price target on Photronics from $18.00 to $21.00 in a research note on Thursday, May 25th.

Hedge Funds Weigh In On Photronics

Several hedge funds have recently bought and sold shares of PLAB. US Bancorp DE grew its position in Photronics by 201.5% in the second quarter. US Bancorp DE now owns 1,022 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 683 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Photronics by 3.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,768 shares of the semiconductor company’s stock valued at $613,000 after acquiring an additional 704 shares in the last quarter. Pathstone Family Office LLC raised its holdings in shares of Photronics by 8.5% during the fourth quarter. Pathstone Family Office LLC now owns 11,013 shares of the semiconductor company’s stock valued at $184,000 after purchasing an additional 859 shares during the period. Teachers Retirement System of The State of Kentucky raised its stake in Photronics by 5.7% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 20,027 shares of the semiconductor company’s stock worth $517,000 after buying an additional 1,082 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in shares of Photronics by 77.5% in the 1st quarter. Federated Hermes Inc. now owns 2,798 shares of the semiconductor company’s stock worth $47,000 after purchasing an additional 1,222 shares in the last quarter. 83.44% of the stock is owned by institutional investors.

About Photronics

Photronics, Inc, together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, China, Korea, Europe, 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 various types of electrical and optical components.